Did you know that PayWhirl gives you the ability to offer installment payments using payment plans for Shopify? Customers on Shopify can select a payment schedule that works for their budget and timeline. With Shopify + PayWhirl customers can easily break purchases up into a predefined number of installments.
One popular use for PayWhirl on Shopify is to set up layaway payment plans for expensive products or services. This gives your customers the option to purchase an item by making several payments over a period of time, until the item is completely paid.
In PayWhirl, when you create a payment plan, you specify the charge AMOUNT, FREQUENCY, and the number of INSTALLMENTS (aka payments) the plan should process before PayWhirl places an order in Shopify. Orders can also be placed after the first, last or all successful installment payments.
Lets cover an example…
4 Installments of $25 processed weekly
Suppose you are selling a product for $100 with Shopify. Instead of only giving your customers the option to pay in full, you can offer them payment options using PayWhirl to break the order up into smaller installment payments.
On PayWhirl you can setup as many plan(s) as you need to create different payment options for your Shopify customers. It’s common to setup multiple payment plans for each product so your customers have options. In our example below we’ll create a single payment plan option that gives customers the option to pay with 4 weekly installments of $25 instead of having to pay $100 to checkout in your shop.
PayWhirl Installment Plan Settings
- Charge: $25
- Frequency: Every 1 Week
- Installments: 4 Payments
Once you select save, a new section titled “Integration Settings” will appear and “Shopify Settings” will show up below the main plan settings in an accordion.
Since you are integrated with Shopify, you can configure the order frequency settings for the plan after it’s been saved.
In our example, the customer will not finish paying for the item until all the installments have been paid in full. Therefore, we will need to make sure orders are only placed after the LAST successful installment has been paid.
Next, we will save our settings, and will have created a layaway plan for customers that will bill them $25, once a week, for 4 total installment payments.
The last steps are to add the payment plan to a WIDGET in PayWhirl, and then embed the widget (copy/paste) it into a Shopify product page or a traditional Shopify page.
When a customer selects this plan on the product page the system will collect the payments automatically, and the customer will be billed according to the plan settings we configured in PayWhirl. After the last installment of the layaway plan is paid PayWhirl will place an order and cancel the payment plan.
More reasons to offer installment plans to Shopify customers >
If you have any questions on how you offer layaway payments or other types of installment payments on Shopify, we’re here to help.
