Our Payment Method Pricing Extension gives you the ability to customize your product pricing and promotions based upon the payment method that your customers choose during checkout. While in their cart, they choose which payment method they want to use and then watch their cart totals update, according to their payment method choice. This extension was designed with commodity brokers in mind. It gives you the ability to cover your costs when your margins are thin.
The Best Way To Charge Accurately During Checkout
The Payment Method Pricing is a Magento extension that allows you to set prices based on the type of payment method that the client uses. For example, if the user wants to pay with a Wire Transfer, there would be no cost to you so you can sell the product at a lower price. Conversely, if the user wants to pay with a credit card or PayPal, you would incur a fee, so you may want to adjust the pricing for that product.
Our Payment Method Pricing Extension is great for individuals selling products with a small profit margin. For example, someone in the precious metals industry faces competitive prices. Customers looking to purchase silver want to pay market value for it, thereby restricting the product's sale price. This makes the decreasing of any fees associated with the purchase so important. For example, a customer purchases $1000 for a silver bar, and your margin is $30. However, merchant processing fees amount to $30 as well, therefore eliminating any profit.
With our extension, you can set the price of your product based on the customer's payment method The first step of this process is to create payment groups. You could set up a debit card group and a offline group. The debit card group would include all transactions with Paypal, Authorize.net, Stripe, anything that includes accepting payment with a debit / credit card. Next, in the offline payment group, would include transactions such as wire transfers and checks. These payment groups are using during the checkout process.
These groups are necessary to alter the price depending on the payment group selected. Checks and wire transfers don't have any fees, allowing you to offer a price of $1000. If the customer chooses to pay with a debit card, you have to charge $1100, in order to pay the merchant fees. In summary, the payment groups allow you to change the product's price depending on the payment method, allowing you to still make a profit.
In addition, tiered pricing is a feature included with this extension. It's effective for you to offer 1 silver bar for $1000 and 2 silver bars for $1800. It helps you attract more business with better deals the more the customer purchases.
The Customer's Process
When a customer is looking on the product page for your silver bar, he will see your cheapest pricing and payment method table. On the product page, it will automatically display the cheapest price of the product, $1150. Additionally, the customer will see the tiered pricing table showing:
|1 Silver Bar||$1000|
|2 Silver Bars||$1800|
The customer chooses the product quantity and continues to the checkout page. This is the stage when customers will choose their payment group (debit card group or the offline group). Depending on the payment method, the price will be adjusted.
|Created On||Jun 7, 2016|
|Last Updated||Jun 7, 2016|
|CE Compatibility||1.5, 1.5.1, 1.6, 1.6.1, 1.6.2, 1.7, 1.8, 1.8.1, 1.9, 1.9.1, 1.9.2, 1.9.3|
|EE Compatibility||1.10, 1.11, 1.12, 1.13, 1.13.1, 1.14, 1.14.1, 1.14.2, 1.14.3|
|Compatible Magento Versions||Magento CE, 1.5.x – 1.9.3.x
Magento EE, 1.10.x – 1.14.3.x
|Compatible Browsers||IE6, IE7, IE8, IE9, IE10, IE11, Firefox, Safari, Opera, Chrome, Edge|
|Features||Pricing, Payments, Orders|
|Backend Demo Url||http://m1-payment-method-pricing.mageplugins.net/admin|
|Backend Demo Username||demo|
|Backend Demo Password||Demo123|
|Frontend Demo Url||http://m1-payment-method-pricing.mageplugins.net|
|Frontend Demo Username||N/A|
|Frontend Demo Password||N/A|