Digital Wallets are gaining popularity in recent times as they are more convenient for making online payments.

Offering a Digital Wallet as one of the Payment Methods in your WooCommerce Shop has the following Benefits,
1. Customers can quickly complete their purchase in your shop.
2. Customers need not have to carry their cards / Input their payment credentials every time they purchase in your shop.
3. You can get an Insight of future sales which can happen in your site.

Wallet Fund Transfer
For a digital wallet to be usable, the wallet should have sufficient funds. The most common way for a wallet to have funds is by using Wallet Top-up. During Wallet Top-up, the user will decide the amount which they wish to add to their wallet.

Another way to add funds to the Wallet is through Wallet Fund Transfer. In Wallet Fund Transfer, one user can transfer their Wallet Balance to another user within the same site.

Fund Transfer using Hoicker WooCommerce Wallet Plugin
Wallet Fund Transfer is one of the many modules available within Hoicker WooCommerce Wallet plugin.

Features available in Hoicker WooCommerce Wallet – Fund Transfer Module
– Any user with a valid Wallet Balance can transfer their wallet balance to other users in the site.
– Any user can request for Wallet Funds to other users in the site.
– A separate section within the wallet Dashboard for the users to manage the Fund Transfers
– Fund Transfers history will be displayed in Threaded view for users
– Users can Transfer Funds without admin approval through OTP
– Minimum and Maximum amount for Fund Transfer can be set
– You can charge a Fee for Fund Transfer
– Fund Transfer fee can be set as Fixed/Percentage

How To Transfer Funds to a user using Hoicker WooCommerce Wallet Plugin?
– Only registered users with a valid wallet balance can Transfer Funds to other users in the site.
– To transfer funds, the user should access the Fund Transfer option in Fund Transfer/Request section on the Wallet Dashboard.

– A user should be selected in the User Selection option.
– The amount to be transferred has to be entered in Amount to Transfer option
– The reason field is optional.
– Once the Transfer button is clicked, the user will be forced to enter the OTP.
– By default, OTP will be sent only via email. When SMS module is integrated, OTP can be received via SMS.

– When Fund Transfer Fee is enabled, the user will be charged an additional amount for transferring the Wallet Balance.

How To Request for Funds from a user using Hoicker WooCommerce Wallet Plugin?
– Only registered users can request for funds in the site
– To request for funds, the user should access the Fund Request option in Fund Transfer/Request section on the Wallet Dashboard.

– A user should be selected in the User Selection option.
– The amount to be transferred has to be entered in Amount to Request option
– The reason field is optional.
– Once the request is submitted, the other user(User to whom funds has been requested) will be notified by email.

– This user can Accept/Reject the Request
– If the user accepts the request, the user will be redirected to the next step where they will have to enter the OTP.
– Once the OTP has been entered, the requested amount will be debited from the sender’s account to the receiver’s account.
– If fund Transfer fee is enabled, the sender will be charged an extra fee for transferring funds.

How to setup Fund Transfer Hoicker WooCommerce Wallet

Fund Transfer Module in Hoicker wallet system
To access the Fund Transfer Settings go to Wallet Premium -> Modules -> Fund Transfer

Settings

(i) Fund Transfer Settings
– Enable the Enable Fund Transfer checkbox. This option allows any user with a valid Wallet Balance to transfer their Wallet balance.
– You can set the restrictions in the options below.
– If you want to charge a Transfer fee, enable the Charge Wallet Transfer Fee option and set the fee.
– The fee can be set as a Fixed value / Percentage of the Transfer amount.

(ii) Fund Request Settings
– If you want to allow users to request for Wallet funds, then enable the “Enable Fund Request” checkbox in Fund Request Settings section.
– You can also set restrictions on Fund Request
– You can also set user restrictions for Fund Transfer/Request in Restriction Settings section.

Conclusion
To know more details and to purchase please check out the Hoicker WooCommerce Wallet Plugin.

You may find this artice helpful How to Offer Cashback in your WooCommerce Shop.