WooCommerce wallet is like a multi-utility knife, allowing you to slash through sluggish payments, frauds, high customer attrition rates, and tedious calculations of transaction fees.
It is a digital wallet that works exclusively inside a WooCommerce store. A closed-loop payment system if you will. So, your customers can use it to shop for goods & services and complete orders in the blink of an eye. (Yeah it is that fast!!)
The stats speak of digital Wallet supremacy. It is the most used eCommerce payment method according to WorldPay Global Payment Report 2021.
The pandemic has only furthered the use of digital wallets.
So, an in-store WooCommerce digital wallet is quite a practical payment solution, offering ultimate usability & user comfort to users.
Also, they don’t need to carry credit cards or use net banking services for online shopping. Your store becomes their wallet i.e reliable substitute for conventional payment methods.
Table of Contents
What is WooCommerce Wallet System? What are its Major Features?
Wallet System for WooCommerce plugin helps you add a digital wallet system to your store and essentially introduces the best payment method on the best eCommerce platform. It allows registered customers to purchase products & services in a few simple clicks.
Features of Wallet System for WooCommerce
- Both users & admins can recharge their wallets through available payment methods
- View wallet transactions (credit/debit).
- Transfer wallet amount to other users.
- Earn wallet cashback on purchases.
- Receive notifications on wallet top-up, wallet credit, and wallet amount deduction.
- Make withdrawal requests to merchants.
- It works as a complete and partial payment method.
- Use the shortcode [wps-wallet] to display the user’s wallet.
- Restrict wallet functionalities for users.
- View the wallet balance and the transaction history of all the users.
- Add or remove funds from all users in bulk or individually.
- View all wallet recharge orders in a separate order list in the WooCommerce section.
- Compatibility with
- Multi-Vendor Marketplace Solution for WooCommerce
- WPML
- WordPress Multisite Network
- Subscription for WooCommerce
- RMA for WooCommerce
- Multi-Currency Switcher
As you can see, this plugin is beneficial for your WooCommerce store and its customers.
It improves your payment process, security, and overall user experience. If you want more features, then you have to get the Wallet System for WooCommerce Pro.
The free version has a plethora of amazing features. But the pro version takes it up a notch —
- Show wallet balance widget
- Offer credits to users for favorable actions
- Create wallet recharge coupons
- Invite users to join the wallet system
- Admin can export transactions history in a .csv or Excel format
- Set the maximum/minimum limit on wallet recharge by users
So, let’s dive into the setup process.
Add the WooCommerce Wallet Plugin
How to Setup Wallet System for WooCommerce
The Wallet System for WooCommerce is a free plugin, but it’s by far the best digital wallet for WooCommerce.
Installation
As the ‘Wallet System for WooCommerce’ plugin is free, you can go to WP Swings’ WordPress.org page to download it.
The steps are as follows:
- Download our WooCommerce wallet plugin.
- Now, go to WordPress Dashboard > Plugins and click Add New.
- Click the Browse button, upload the plugin, and click on Install.
- Hit Activate and you’re all set to use Wallet System For WooCommerce.
Manual Installation: Upload the Wallet System For WooCommerce folder to the /wp-content/plugins/ directory and activate the plugin through the ‘Plugins’ menu in WordPress.
What Can You Do Utilizing the Digital Wallet for WooCommerce?
The first step is to Enable the ‘Wallet system for WooCommerce’ from the general settings. Afterward, you can proceed to configure the various features.
1. Setup Topup Subscription
Wallet plugin offers much-needed automation with a recharge subscription. You can set the subscription interval and its expiry date, and customers can choose the auto top-up amount. This will result in users always having money to spend in their WooCommerce wallets.
2. Partial Payment Options for Wallet Users
Select the partial payment option to submit the partial deposit when the order value is larger than the wallet balance. To save your changes, click on the Save Settings button.
Case A: If the WooCommerce wallet balance exceeds the total order value, it will work as a payment option.
Case B: If the WooCommerce wallet balance is lower than the total order value, it works as a partial payment method.
3. Edit Your Customers’ Wallet Amount
The ease with which the admin can update there is something to marvel at. You have multiple ways to edit (debit and credit) the users’ wallets:
Follow these steps to edit the wallet balance of your customers:
a) Debit or Credit the wallet of all users in one go.
b) Import wallet balance from a CSV file. It allows you to selectively edit the wallet value.
C). Edit the wallet balance individually from the user table. Moreover, you can use the View button to see the transaction history of the wallet users.
4. Downloading the Transaction History
Even after the greater usability of the WooCommerce wallet, not all users will shift their payment habits. But you still need to record the transaction data of wallet users. To do that, you can export the transaction history of all users in a PDF file.
4. Limit the Access of Users to Wallet Features
With all payment systems, security is a significant concern because not all users on your online store are going to play well.
The wallet system lets you restrict their access to all features and secure your online payments. The following features are inaccessible:
- After restriction
- Add Balance
- Wallet Transfer
- Wallet Withdrawal Request
The restricted user can only view wallet transactions and use the remaining balance to make purchases.
5. Manage Withdrawal Requests of Your Customers
All major digital wallets allow their users to withdraw money back into their bank accounts. It is crucial as people feel much safer putting their money in a digital wallet if they can easily extract it at any time.
Considering this, the Wallet system for WooCommerce allows your customers to file a withdrawal request to transfer money from their wallet accounts into their bank account or any other payment app.
In the Withdrawal Request tab, you can view and manage all withdrawal requests in a tabular format and filter them according to Keywords and Status.
In the Withdrawal Request tab, you can Approve, Reject or choose to keep the request Pending.
Note: You have to resolve each withdrawal request manually.
6. Improve Custome Loyalty With Wallet Cashbacks
WooCommerce Wallet system is essentially a payment option, but it carries out the functions of a loyalty program too. You can offer cashback rewards (Percentage and Fixed) to wallet users directly into the users’ wallets irrespective of the payment method used.
Moreover, there are two kinds of cashback rules:-
Cart-Wise Rule: This cashback rule applies to the first product of each product type added to the cart.
It shows a cashback reward notification to the users.
Category-Wise: This cashback rule applies to the product categories eligible for the wallet cashback offer.
Per-Category Wise Cashback: With the pro version of Wallet System for WooCommerce, you can also set cashback for individual categories.
7. Improve Custome Loyalty With Wallet Cashbacks
Positive reinforcement is widely applied in eCommerce to make desirable shopping behaviors reoccur. Using the same method in our wallet system, you can offer rewards to customers for the following actions:
- Credit Amount On User Daily Visit
- Credit Amount On New User Registration
- Credit Amount On Comment
It effectively creates a WooCommerce Credit system to increase user engagement, userbase, and utilization of user-generated content.
7. Connect the Digital Wallet for WooCommerce With External Apps
The REST API tab enables you to generate API keys for WooCommerce Wallet System. You can use those API keys to allow external apps to view and manage wallets.
The generated API Keys allow you to execute the following functions:
- Authentication
- Recover Users
- Retrieve particular user wallet amount
- Retrieve particular user wallet transactions
- Update the wallet of users
8. Generate Wallet QR code
The users can generate and share QR codes for their wallets. An individual user can scan the wallet QR code of other users and recharge their wallets.
9. Invite Others to Join Wallet System
The wallet users can send email invitations to individuals outside the wallet system to join it.
10. Create Coupons With Wallet Coupon Organizer
WooCommerce wallet system allows you to create wallet coupons that customers can redeem to add balance to their accounts.
Send these wallet coupons to your leads and customers through social media, live chat, email, SMS, etc.
To use these coupons, the user has to go to My Account > Wallet > Wallet Coupon Redeem, enter the coupon code, and click on Redeem Coupon.
11. Extend the WooCommerce Wallet System With Added Functionalities
The Wallet System for WooCommerce is sufficient on its own. However, it is compatible with other plugins, allowing you to extend its features.
a) Currency Switcher for WooCommerce: The dollar is not a universal currency online. And people do prefer shopping in their local currency. That’s why the wallet system is compatible with the Currency Switcher plugin.
It enables you to switch the working currency of your wallet to any other currency you prefer. The currency conversion is limited in the free version to two, but with the pro version, you can switch to any of the currencies operational in the world.
b) Compatibility with Subscriptions For WooCommerce: The compatibility allows the customers to use the Wallet partial payment feature to pay for subscription products.
Subscriptions for WooCommerce
c) Compatibility with RMA for WooCommerce: The Wallet System for WooCommerce is compatible with RMA Return Refund & Exchange For WooCommerce Pro. In this compatibility, the users can request the refund amount to be transferred directly to their wallets.
c) Compatible with the WPML: The Wallet System For WooCommerce is compatible with the WordPress Multilingual (WPML) plugin for language localization of the wallet system plugin’s strings.
d) Multivendor Marketplace Solution for WooCommerce: Our WooCommerce wallet is compatible with the Multi-Vendor Marketplace Solution for the WooCommerce plugin.
These are the compatibility we offer with our WooCommerce wallet system. But we can establish compatibility and make customizations according to your business requirements. So, feel free to contact us.
There you have it, folks — the premium and freemium features of the WooCommerce wallet plugin.
The setup process is simple. Even if you’re new, configuring the settings won’t be much of a hassle as most of them are self-explanatory. For a more detailed explanation of the setup process, please refer to the documentation.
A Digital Wallet for WooCommerce Customers
This plugin adds the wallet tab to the WooCommerce account of your customer. In this tab, your customers can see their current wallet balance. To use the wallet, customers have to create an account on your WooCommerce store and go to My Account > Wallet.
The wallet tab contains the following features:
- Add Balance
- Transfer
- Wallet Withdrawal Request
- Transaction History
1. Add Balance
Customers can recharge their WooCommerce wallets with the available payment methods in your store.
2. Wallet Transfer
Customers can transfer their wallet amounts to other wallet users on your WooCommerce store. They have to enter the email address of the receiver, transfer amount, and state the reason for transferring the amount.
3. Wallet Withdrawal Request
Customers can withdraw money from their wallets by filing withdrawal requests. They have to enter their withdrawal amount in the amount box and provide bank account or other payment details in the note field.
4. Transactions
Here, the wallet users can view their wallet transaction history and monitor their spending. The transaction list contains entries for wallet recharge, debit, credit, transfer, and withdrawal, and the email addresses of the creditor and debtor.
As you can see, the design is simple, clean, and minimalist. This digital wallet for WooCommerce is easy to use and provides a flexible payment option to your customers.
The best part is that you can have all wallet plugin features and benefits for FREE.
Benefits of the Digital Wallet for WooCommerce
WooCommerce wallet is a much-needed addition to your store. It helps you avoid transaction fees, builds a fast checkout process, increased security, and more.
Above all, it is the perfect plugin for established businesses & growing startups — a surefire way to provide a reliable alternative to traditional payment methods
1. Minimize Transaction Fees
Merchants have to pay transaction fees to process payments from their customers. The processing fees can vary depending on the processing service.
Although the transaction fees take a small percentage of the payments, it takes nonetheless. To reduce this additional cost, merchants rely on a closed-loop payment system where transactions are processed internally.
For budding start-ups that already run on a shoestring budget, using different payment integrations is not feasible.
So, they can keep a limited number of payment services on their store and use WooCommerce wallet to carry out most of the transactions.
Customers only have to use other payment methods to recharge their wallets once in a while, and after that, they can use the wallet amount to shop in your store.
They can also choose a top-up subscription to automate the recharge process and always have wallet cash to spend on your store.
2. Streamlines the Checkout Process
One of the most crucial factors to assure a successful purchase is a streamlined checkout process. And hindrances in this process become the biggest deal-breakers.
Fun Fact: The average documented online shopping cart abandonment rate across all industries is 69.80%.
There are several reasons why customers abandon their carts, but speed is the primary one.
Filling too many form fields during checkout also contributes to cart abandonment as it lengthens the checkout process.
It is tiring to enter your credit card or net banking details for each purchase. Sometimes people don’t get their net banking password right, or they may have to look for their credit card.
Button line: Entering payment information is a chore.
And it is most difficult for mobile users. According to a report, 39% of mobile users abandoned their carts because it is difficult to enter their personal information.
Digital Wallet for WooCommerce eliminates the need to enter payment information to complete the checkout process. Your customers can purchase products and pay the amount using their wallet balance with a few simple clicks.
3. Wallet for WooCommerce Enhances Payment Security And Maintaining Chargeback Ratio
Online payments are safer than offline ones, but they aren’t entirely secure either. Digital payment methods are prone to fraud, glitches, and hacking attempts.
I already have a detailed article on WooCommerce fraud prevention. So, please give it a read to learn the fraud prevention methods.
Now, there are three possible scenarios where a wallet system is helpful:
- Customers lose their money due to glitches in the payment process.
- Compromised payment gateways.
- Hackers steal the credit card details of your customers.
- Illegitimate chargebacks
WooCommerce Wallet establishes a closed-loop payment system. So, no payment gateways and banks are involved in the purchase process.
Therefore, it is better and safer for customers to use their wallet balance for purchasing your products & services. In this way, WooCommerce Wallet eliminates the need to save credit card details or any other sensitive payment information on your WooCommerce store.
Wallet for WooCommerce also helps to directly transfer chargebacks, refunds, and cashback into customers’ wallets, which reduces the risks involved in traditional methods such as high chargeback ratio and refund processing.
Again, It is a startup-friendly software as you’re getting so many options to secure your WooCommerce store without paying a penny.
4. Improving User Experience
Customers might not always have access to their credit card, net banking service, or mobile payment options due to various reasons. In such situations, the WooCommerce wallet comes in handy.
Customers have to log in to their WooCommerce account and purchase your products using their wallet balance.
The Digital Wallet for WooCommerce increases the ease of the payment process and enhances the security of your online store. Both of which are standards for improving user experience.
Hopefully, you now understand the benefits of using a digital wallet for WooCommerce. It’s time to give rest to the discussions and jump right into the implementation.
On a Final Note
Digital wallets are becoming increasingly popular because they are safer and easier to use for people of all ages.
Most importantly, it is an optimal payment solution for existing online businesses and budding startups as it improves security, speeds up the checkout process, and enhances the overall user experience.
In this article, I have explained the benefits of the digital wallet for WooCommerce stores. Also, I’ve shown you how to set up the wallet system.
The Wallet System for WooCommerce enables you to implement a digital wallet on your online store and provides the most reliable substitute payment method.
And hey, check out our blogs If you want to learn more about best eCommerce practices.
About the Author: Aditya Srivastava
