Magento Partial Payment and Layaway

How buyer places an order?

• Buyer can choose if they want to buy a product with full payment or installments. Admin can decide if the buyer can have this option.
• Installment payment plan is explained well in to an attractive tip box.
• A user can select the partial payment option from product view page or cart page as configured in Magento backend.
• Buyer will see the down payment amount and remaining amount on the cart page and checkout page.

How buyers pay installments?

• Customers can keep track of paid & pending installments from the "My Account" Section and can pay Installments from there.
• Installments can be marked as paid by the admin from Magento backend.
• Capture installments automatically on a scheduled date (Auto Version Only).
• Prepayment and advance payment of installment is possible.

Order status and invoice management

• Admin can manage all the partial payment orders in a grid at the backend.
• See all paid and pending installments of an order in to same order.
• Partial payment extension does not change or make any difference to default Magento order status management.
• Invoice will be generated at the time of order placement and will show amount paid and to be paid later. Same invoice will be updated every time when an Installment is paid.

Applying Partial payment

• Select the products on which you want to apply partial payment.
• All products
• Specific products
• On the whole cart
• Pre-order products only (Out of stock products)
• Partial payment calculations can be defined in to global configuration or individually for each product.

Setting up partial payment plan

• Define following for each product separately or same for all in configuration.
• Total number of installments in which buyer has to complete the payment. (Mini version allows two installments only).
• Down payment as a fixed amount (e.g $50) or % value (e.g 20% of price).
• Select a fixed installment plan or a flexi layaway plan. (This option is not available in Mini version)
• Set the schedule of installments in terms of days/weeks/months.

Admin has control over the following

• Set credit limit and alert message for customers so they would not be able to have total installment amount pending, beyond that limit.
• Limit partial payment facility to certain user groups and products only.
• Enable partial payment options for admin ONLY, if required.
• Specify minimum order amount to avail installment facility.
• Allow guest buyers to place partial payment orders.

Surcharge, discounts, tax & shipping

• A surcharge is like “Partial payment facility fee”. Seller can add surcharge for allowing users to pay in parts. This becomes additional revenue for the store.
• The surcharge can be set as fixed value (e.g $40) or % value (e.g 5%).
• The surcharge can be same for each installment or can be different for all.
• Discounts can be offered for buying pre-order products with down payment.
• Discount, shipping, and taxes can be applied to down payment or can be distributed in remaining installments equally.

Email notifications

• Following emails notifications can be sent to customers.
• Order confirmation.
• Installment payment confirmation & Installment payment failure.
• Notify buyer “x” days before the installment payment due date.
• Auto-capture payment confirmation.
• Auto-capture payment failure.
• Notify buyer “x” days before auto-capture due date.
• Stock availability email.