Top 5 Best WooCommerce Wallet Plugins
WooCommerce Wallet Plugin also known as Store Credit can offer your customers a quick way to complete their purchase on your WooCommerce Shop. Some of the best WooCommerce Wallet Plugins are developed by WEBKUL, WooCommerce and YITH.
What is a WooCommerce Wallet or Store Credit
A WooCommerce Wallet or Store Credit allows your customers to load Funds into their account. Which can be used for making purchases in future.
Workflow of a WooCommerce Wallet
Adding Funds to Wallet
- The customer enters the amount which they wish to add to their Wallet balance
- Once they proceed to the payment page, a product will be added to their cart. The customer entered price will be set as the price of the product.
- The customer has to complete the purchase by making the payment
- Once the payment is complete and wallet balance will be updated with the newly added Funds
Using the Wallet Funds
- The customer adds some products to the cart and proceeds to the checkout page
- On the checkout page, the available payment methods will be displayed. Along with that a Wallet Payment Gateway will be displayed.
- If the user places the order using the Wallet payment gateway, then the order total will be deducted from the user’s available wallet balance.
Workflow of a WooCommerce Store Credit
- The Site Admin can manually add store credits to their customer’s accounts
- Customers can use this store credits to get discount for their future purchases
- The Store credit can be used until it expires
Benefits of Wallet Plugin in WooCommerce Shop
1. QUICK CHECKOUT EXPERIENCE
- Purchasing items through a Wallet will reduce the time.This is possible because customers may have already deposited the funds to their wallet.
- The Customers just need to place the order using Wallet Payment gateway.
2. MORE SALES DURING DISCOUNT CAMPAIGNS
- One of the main issue faced by the customer is, they were unable to purchase products during the campaign.
- The main reason behind the issue is, most of the sites run discount campaigns for a very short time. Customers should have access to their payment sources like credit cards, banking credentials, etc.
- If the customers have sufficient funds in their wallet,they can purchase the products on discount campaigns without any issues.
3. REDUCES CART ABANDONMENT
- Customers often wish to complete their purchase more quickly
- A normal payment gateway forces the customer to enter their payment credentials for every purchase. This often leads to Cart Abandonment.
- A Wallet system will help you overcome Cart Abandonment issue
4. HELPS CUSTOMERS TO PLAN THEIR PURCHASES WELL IN ADVANCE
- A Wallet system allows the frequent buyers to plan their purchases. So that, they can load their Wallet whenever they receive funds which can be used for a future purchase.
5. INSIGHTS ON FUTURE SALES
- Site Admin can get an overview of how many sales can happen in future based on the Wallet balance of their users
Solutions Available for Setting Up a Wallet System in a WooCommerce Shop
1. Wallet for WooCommerce
Price : $79
Wallet for WooCommerce is a premium WoooCommerce plugin developed by FantasticPlugins. This plugin allows your users to quickly complete their purchase by adding funds to their wallet and using them for future purchases.
- A Separate wallet Payment gateway for placing the orders
- Users can Transfer Funds / Request to other users on the site
- Users can auto top-up their wallet when it drops below a specified threshold
- Admin can generate wallet balance as Gift Voucher in bulk and distribute it to their users. When the users redeem the Gift Voucher, the associated wallet balance will be added to the user’s wallet.
- Site admin can optionally set an expiry date for wallet balance
- Site admin can issue wallet balance to their users as a gift when they signup for an account on the site
2. WooCommerce Store Credit
Price : $29
WooCommerce Store Credit is a premium WooCommerce Plugin which is developed by WooCommerce. This plugin allows you to generate a credit coupon and email it to the customer by entering their email address along with the credit amount. Customers can make use of the Store Credit to make more purchases / Get a Discount in the future purchase.
For example, You have used $50 store credit coupon at checkout for a $30 purchase. You can use the remaining $20 in a future purchase/until the coupon expires.
3. YITH WooCommerce Account Funds
YITH WooCommerce Account Funds is a premium WooCommerce plugin developed by YITH. This plugin allows your customers to add funds to their account and those funds can be used for purchasing any product on the site.
Key Features Offered
- Customer can add Funds to the account
- Deposit amount can be pre-configured
- Separate Wallet Payment Gateway
- Automatic email notifications to customer when their Wallet balance falls below the threshold amount
- Discounts for users who pay using Wallet
- Transaction report for Customer in My account Page
- Deposits to Wallet can be restricted to specific Payment Gateways
- Shortcodes to display the Button which can be used to add funds to the wallet
4. Hoicker WooCommerce Wallet
Hoicker WooCommerce Wallet is a module in HOICKER plugin developed by HOICKER. Hoicker WooCommerce Wallet allows your customers to add funds to their Wallet and make payments for their orders using their Wallet balance.
- Users can Add Funds to their Wallet
- Site Admin can Credit/Debit Wallet Funds for any User
- Partial Wallet usage is Supported
- Email Notifications can be sent for the Wallet Transactions
- All the Wallet Transactions will be Recorded
- Expiry for Wallet can be set
- Maximum Wallet Balance per user can be set
- Wallet Usage can be Restricted to specific Products/Categories
- Wallet Usage can be Restricted to specific Users/User Roles
- Admin can Lock/Unlock Wallet of any User
5. Wallet System Plugin For WordPress WooCommerce
Wallet System Plugin for WordPress WooCommerce is a premium WooCommerce plugin developed by WEBKUL. This plugin allows your customers to make payment for the products/services purchased from your shop using their Wallet Funds. Customers can add funds to their wallet whenever needed. Orders can be placed using the Wallet Payment Gateway.
- Customer can easily add funds to their Wallet
- Separate Wallet Payment Gateway to place the orders
- Partial Usage of Wallet Balance is supported
- Separate Wallet transaction log for each customer on their My Account page
- Site Admin can View / Manage the Wallet balance of all Users on their site
- Site Admin can Add / Remove Wallet Balance of any User in the Site