Wallet System

Wallet System for Magento 2

Wallet System extension for Magento 2 provides a convenient and secure way for customers to store funds in their wallet and use them for purchases. Customers can recharge their wallet using supported payment methods, pay for orders using their available balance, track wallet transactions, and request transfers of their wallet balance to their bank account.

For store administrators, the extension provides complete control over wallet operations. Admins can manage customer wallet balances, process refunds, review transaction history, and manage bank transfer requests directly from the Magento Admin Panel.

With flexible configuration options for recharge limits, payment methods, customer groups, refunds, and bank transfers, the Wallet System helps simplify payments while improving customer engagement and repeat purchases.

Business Value

Wallet System extension helps merchants create a more flexible and convenient payment experience while encouraging customers to keep funds within their store ecosystem.

By allowing customers to maintain a wallet balance, merchants can:

• Encourage repeat purchases by making funds readily available for future orders.
• Improve customer retention through a convenient store wallet experience.
• Simplify refunds by offering refunds directly to customer wallets.
• Reduce friction during checkout by allowing customers to use their wallet balance for payments.
• Control wallet usage through configurable customer groups and transaction limits.
• Streamline wallet administration with centralized balance and transaction management.
• Maintain clear and organized records of wallet recharges, payments, refunds, and transfers.

Features

Customer Wallet

• Enable Wallet: Enable the wallet functionality and display it in the customer account.
• Wallet Recharge: Allow customers to add funds to their wallet.
• Recharge Limits: Configure minimum and maximum recharge amounts for individual transactions.
• Multiple Recharge Payment Methods: Select the payment methods customers can use to recharge their wallet.
• Customer Group Restrictions: Restrict wallet functionality to selected customer groups.
• Wallet Balance & Transaction History: Allow customers to view their available balance and wallet transaction records.
• Wallet Payments: Allow customers to pay for orders using their wallet balance, either fully or partially.

Wallet Recharge Configuration

• Wallet Recharge Product Name: Configure the product name displayed during wallet recharge in the cart and checkout.
• Wallet Recharge Product Image: Upload a custom image for the wallet recharge product. The default image is used when no custom image is configured.

Refund Management

• Refund to Wallet: Enable merchants to refund eligible orders directly to the customer's wallet.
• Refund Payment Methods: Configure the payment methods eligible for wallet refunds.

Bank Transfer

• Enable Bank Transfer: Allow customers to request transfers of their wallet balance to their bank account.
• Minimum Transfer Amount: Define the minimum wallet balance required to submit a bank transfer request.
• Transfer Request Notifications: Configure the email address that receives wallet-to-bank transfer requests.
• Admin Bank Transfer Management: Review, approve, and update bank transfer requests from the Magento Admin Panel.

Admin Wallet Management

• Customer Wallet Management: Admins can add, deduct, or refund funds directly from the Admin Panel.
• Customer Wallet Details: View customer wallet balances and complete transaction histories.
• Transaction Management: Keep track of wallet recharges, payments, refunds, deductions, and other wallet-related transactions.

How Does It Work?

Step 1: Enable the Wallet

The admin enables the Wallet System extension from the Magento configuration and defines the customer groups that can use the wallet functionality.

Step 2: Configure Wallet Settings

The admin configures wallet recharge limits, supported payment methods, refund options, bank transfer settings, and other wallet-related preferences.

Step 3: Customer Adds Funds

Customers can access their wallet from their account and use the Add Money to Wallet option to recharge their balance. They select an available payment method and enter an amount within the configured recharge limits.

Step 4: Customer Uses Wallet Balance

Once funds are available, customers can use their wallet balance to pay for purchases. Depending on the available balance, they can either pay the full order amount using the wallet or combine wallet funds with another supported payment method.

Step 5: Refund Funds to Wallet

When wallet refunds are enabled, eligible refunds can be credited directly to the customer's wallet, allowing the customer to use the refunded amount for future purchases.

Step 6: Customer Requests Bank Transfer

If bank transfers are enabled, customers can request to transfer eligible wallet funds to their bank account, subject to the configured minimum transfer amount.

Step 7: Admin Manages Wallet Operations

The admin can review customer wallet balances, manage wallet transactions, process adjustments and refunds, and handle bank transfer requests from the Magento Admin Panel.

Benefits for Admin

• Centralized Wallet Management: Manage customer wallet balances and transactions from a single location.
• Greater Control: Configure recharge limits, payment methods, customer groups, refunds, and bank transfer settings according to business requirements.
• Easy Balance Adjustments: Add or deduct wallet funds manually when required.
• Simplified Refund Management: Credit eligible refunds directly to customer wallets.
• Bank Transfer Management: Review and manage customer requests to transfer wallet funds to their bank accounts.
• Improved Customer Retention: Encourage repeat purchases by allowing customers to maintain funds within their store wallet.
• Better Transaction Visibility: Access customer wallet balances and transaction history for easier monitoring and management.
• Flexible Payment Experience: Give customers more payment options without changing the existing checkout workflow.

Benefits for Customers

• Convenient Payments: Use wallet funds to make purchases quickly and conveniently.
• Flexible Wallet Recharge: Add funds using supported payment methods.
• Full or Partial Wallet Payments: Use the wallet balance to pay for an entire order or combine it with another payment method when needed.
• Easy Balance Tracking: View available wallet balance directly from the customer account.
• Transaction History: Keep track of wallet recharges, payments, refunds, and other wallet transactions.
• Convenient Refunds: Receive eligible refunds directly into the wallet for future purchases.
• Bank Transfer Option: Request a transfer of eligible wallet funds to a bank account when the feature is enabled by the merchant.
• Secure & Organized Funds Management: Keep store-related funds organized within a dedicated customer wallet.

Support

For assistance with the Wallet System extension, configuration, or any related queries, feel free to reach out to our support team.

Email: sales@ecarter.co