In the eCommerce market, flexibility in payment methods is crucial. One payment method that has stood the test of time, especially in B2B transactions, is the invoice payment option. But how do you set this up in WooCommerce? Whether you’re looking for a quick plugin-based solution or want to dive into some coding, this guide will walk you through the process.
What is an invoice?
An invoice is a formal document that outlines the details of a transaction, including the products or services provided, the parties involved, and the agreed-upon price. Typically, invoices are issued either before or after payment is made, serving as an official record of the sale.
An invoice not only provides proof of the transaction between the seller and buyer but also functions as a legal document when necessary.
Every invoice should include key elements such as the seller’s and buyer’s contact information, the payment due date, payment method, order and invoice numbers, a breakdown of the purchased items or services, and the total amount owed.
Setting Up Invoice Payment Option in WooCommerce
Wondering how to add an invoice payment method to your WooCommerce store? Whether you want to offer flexible payment terms to your customers or need a custom solution for specific orders, adding an invoice payment option can be a great option for your WooCommerce store. We’ll walk you through the process of setting up the WooCommerce Invoice Payment Option using the Addify plugin complete with personalized configurations and rules.
- WooCommerce Invoice Payment Option by Addify
1. WooCommerce Invoice Payment Option by Addify
WooCommerce Invoice Payment Option by Addify allows you to create a “Pay by Invoice” method with customizable features.
Key Features of the Plugin:
- Automatic Payment Method Creation: Instantly generate a “Pay by Invoice” option upon activation.
- Customizable Settings: Modify the payment method’s title, description, and default order status to fit your store’s needs.
- Rule-Based Payment Visibility: Control when the invoice payment method is available based on various criteria such as:
- Shipping Method: Display the invoice option only with selected shipping methods.
- Customer Roles: Restrict the invoice payment method to specific user roles or individual customers.
- Product Selection: Show or hide the payment option based on selected products, categories, or tags.
- Order Parameters: Set minimum and maximum order quantities or amounts to determine payment method availability.
- Location-Specific Rules: Enable or disable the payment option based on country, state, city, or zip code.
- PDF Invoice Attachment: Automatically attach a PDF invoice to order confirmation emails.
- Custom Email Notifications: Send custom email notifications to both customers and admin whenever an order is placed using the invoice payment method.
Pricing: The plugin is available for $4.92 per month, billed annually at $59.
Step 1. Installation
- Purchase and download the WooCommerce Invoice Payment Option by Addify from your WooCommerce account.
- Navigate to your WordPress Admin dashboard.
- Go to Plugins > Add New.
- Click Upload Plugin and select the .zip file you downloaded.
- Click Install Now and then Activate.
Step 2. Locate the Plugin Settings
- After activation, find the “Invoice Payment Option” section in your WordPress admin menu.
- An invoice payment method will also appear under WooCommerce > Settings > Payments.
Step 3. Enable Invoice Payment Option
Go to WooCommerce > Settings > Payments.
Find the newly created “Invoice Payment” method.
Enable it and configure the following options:
- Change the payment method name/label.
- Add a description and instructions.
- Select the default order status when this payment method is used.
Step 4. Set Up Rules to Restrict Invoice Payment
Create New Rules:
- Go to WooCommerce > Invoice Payment > Add New.
- Enter a unique title for your rule.
Define Conditions:
- Location-Based Rules: Select specific countries, states, cities, or zip codes where the invoice payment option should be available.
- Cart-Based Rules: Set a range for cart amounts and quantities. This determines when the invoice payment method is shown or hidden.
- Product-Based Rules: Choose specific products, categories, or tags that will trigger the invoice payment option.
- User Roles: Enable the invoice payment option for specific customers or user roles.
- Shipping Methods: Display the invoice payment method based on selected shipping methods like Flat Rate, Free Shipping, or Local Pickup.
Step 5: Configure PDF Settings for Invoices
Enable PDF Generation:
- Go to WooCommerce > Settings > Invoice Payment Options.
- Enable PDF invoice generation.
Customize PDF Templates:
- Choose from three pre-designed PDF templates.
- Personalize the template by adding your company logo, customizing the color scheme, and inserting terms and conditions.
- Add any additional notes to the footer of the PDF.
Set Up Custom Emails:
- For Customers: Enable a separate email that will be sent to customers when they place an order using the invoice payment method. Customize this email template under WooCommerce > Settings > Emails > Addify Invoice Email for Customer.
- For Admins: Similarly, enable and customize a separate email for store admins under WooCommerce > Settings > Emails > Addify Invoice Email for Admin.
By following these steps, you’ll have a fully functional invoice payment option in your WooCommerce store, complete with custom rules and personalized invoice templates.
Benefits of Using Invoice Payment Option
Using an invoice payment option in WooCommerce offers numerous advantages for both your business and your customers. From boosting trust to streamlining operations, this payment method can significantly enhance the overall shopping experience.
Enhancing Customer Trust
Introducing an invoice payment option signals to your customers that your business is trustworthy and committed to building long-term relationships. By offering the flexibility to pay after receiving goods or services, you demonstrate confidence in your customers’ ability to fulfill their payment obligations.
Flexibility in Payments
Invoice payments allow customers to manage their finances more effectively by offering the flexibility to pay at a later date. This option is especially valuable for businesses operating on a net-30 or net-60 payment term basis, where payments are due 30 or 60 days after the invoice date. By providing this payment option, you accommodate customers who may prefer to pay after their own cash flow improves.
Ideal for B2B Transactions
In the B2B (business-to-business) sector, invoicing is often the preferred or required method of payment due to the nature of business operations. Offering an invoice payment option on your WooCommerce store makes it easier for other businesses to purchase from you, as it aligns with their standard operating procedures. By catering to the specific needs of B2B customers, you make your store more attractive and relevant to this market. This approach not only simplifies the purchasing process for B2B clients but also strengthens your store’s position in the competitive market.
Streamlining Accounting Processes
Integrating invoice payments into your WooCommerce store can significantly streamline your accounting processes. By automating invoicing and payment tracking, you reduce the risk of manual errors that can occur when handling large volumes of transactions. This automation allows you to maintain better control over your cash flow and reduce the likelihood of payment delays. Additionally, it simplifies the process of reconciling accounts.
Improving Cash Flow and Professionalism
Accepting invoice payments is a strategic way to enhance cash flow management and project a professional image for your online store. By providing detailed invoices and clear payment terms, you ensure that your customers know exactly what they owe and when it’s due. This clarity helps in getting paid on time and maintaining a steady cash flow, which is essential for the smooth operation of your business. Moreover, offering an invoice payment option can elevate your store’s professionalism and make it more appealing to customers who value structured and transparent business practices.
Boosting Sales and Reducing Errors
Invoice payments can directly contribute to boosting your sales and revenue. By reducing the chances of customers forgetting to make a payment or making mistakes during the payment process, you create a smoother checkout experience that encourages more purchases. This payment method also minimizes the risk of discrepancies, such as customers sending the wrong amount, which can lead to delays and complications.
Increasing Customer Satisfaction
Implementing an invoice payment option can significantly enhance customer satisfaction by making the payment process more convenient and user-friendly. Customers appreciate the ability to pay directly from your WooCommerce store without the need to switch between different platforms or banking apps. This payment experience reduces friction during checkout and makes it more likely that customers will return to your store for future purchases.
Convenience for Buyers
For buyers, invoice payments offer a high level of convenience by allowing them to make payments at their own pace and according to their financial schedules. This flexibility is particularly beneficial for customers who may need to wait until they receive their next paycheck or transfer funds between accounts. By providing this option, you reduce the pressure on buyers to pay immediately. This convenience can lead to increased customer satisfaction and encourage more frequent purchases.
Conclusion
Setting up an invoice payment option in WooCommerce can be done either through a plugin. The Addify plugin offers a quick and easy solution with plenty of features, while the programmatic approach gives you full control over how the payment option is implemented. Choose the method that best fits your needs and start offering invoice payments to your customers today.
FAQs
Q1. What is the best plugin for invoice payments in WooCommerce?
Ans. The WooCommerce Invoice Payment Option by Addify is highly recommended for its ease of use and customizable features.
Q2. Can I offer invoice payments for specific customers only?
Ans. Yes, you can configure the invoice payment option to be available only to certain user roles, such as wholesale customers.
Q3. How do I ensure the security of invoice payments in WooCommerce?
Ans. Ensure your WooCommerce site is secure by using SSL, keeping plugins updated, and regularly backing up your data.
Q4. What are the advantages of programmatically adding invoice payments in WooCommerce?Ans. Programmatically adding invoice payments allows for greater customization and flexibility. You can customize the payment process to your specific business needs.
