Partial Payment EMI

Stripe is a payment method or process. It can involve separating or splitting a payment into separate parts, which is frequently done to expedite specific financial activities or to manage expenses. 

Partial Payment EMI  would provide features related to partial payment and equated monthly installments (EMI) for orders made through the Magento 2 online store.  

Customers might use such an extension to make purchases by paying a fraction of the total price upfront as a partial payment and then splitting the remaining amount into equal monthly installments. Customers can save money on larger purchases by spreading the expense out over time.

Business value 

Your website was built using Magento 2, and you want to give customers the option to pay for select products using Partial Payment EMI (Equated Monthly Installment). Customers can use this option to pay for products in installments rather than paying in advance.

Partial Payment EMI module significant commercial value to your online store. By including this feature, you give customers more options for purchasing expensive products, which leads to increased sales and customer satisfaction. 

Customers can spread out their payments over time with Partial Payment EMI, making products that would have been financially hard more available to a wider audience. 

Account & Pricing

An additional Stripe account is needed to use this extension. The account can be created free of cost. There is no setup, monthly, or hidden fees.

• For signing up for the Stripe account click here.
• If you are already having an account, then click here to log in.
• Stripe has pay-as-you-go pricing, which you can check from here. 
• You can contact sales team for more information.

Features List 

• The admin can configure specific Magento 2 payment methods to accept payments.
• Customers can pay in easy monthly installments.
• The admin can set installment, downpayment, and installment periods from the backend.
• Down Payment and partial payment fees can be set by the admin.
• It allows the admin to pay the customer's EMI from the backend.
• The admin can allow partial payments for specific customer groups and payment types.
• Partially paying EMIs can be enabled or disabled based on categories.
• The Partial Payment EMI option can be enabled or disabled separately for the product by the admin from the backend.

How Does The Extension Work?

Stripe's API

Under the settings, the admin can change the title of the Gateway, enter the API Publish Key and API Secret Key, and add an image.

Applicable Countries

The admin can choose whether to accept payments from all countries or specific ones. The admin can also choose certain countries.

Order Total

The minimum and maximum order amounts that can be paid for through the payment gateway can also be chosen by the admin.

The admin can then configure the number of installments, frequency, Calculate Downpayment, and Charge Partial Payment Fee options.

Payment Calculation

The admin can then configure the amount of installments, frequency, Calculate Downpayment, and Charge Partial Payment Fee options.

Select Payment Type

The customer selects the product that they want to purchase on partial payment and then selects the Payment Type as full payment or installments.

Card Information

After selecting the Stripe Payment Gateway, customers will be taken to the Stripe Payment Page, where they will enter their credit card information.

Checkout - Stripe

On the checkout page, buyers can choose the Stripe payment gateway to make their first installment payment. 

The customer can review order information by selecting the view in the Action column, and then selecting the payment method and Pay EMI.

Partial Payment Order

The customer can review order information by selecting the view in the Action column, and then select the payment method and Pay EMI.

It analyzes the integration method and advises the customer on which PCI form to use and how to reduce your compliance burden. For large merchants (Level 1), we provide a PCI packet that can reduce PCI validation time from months to days. You can find more on Stripe. 

Security & PCI Compliance

The Stripe Checkout and Stripe Elements use a hosted payment field for handling all payment card data, so the cardholder enters all sensitive payment information in a payment field. Also, that originates directly from our PCI DSS validated servers.

It analyzes the integration method and advises the customer on which PCI form to use and how to reduce your compliance burden. For large merchants (Level 1), we provide a PCI-packet that can reduce PCI validation time from months to days. You can find more on Stripe PCI Compliance, Integration Security, and Privacy Policy.

Benefits 

For Store Admin

1. Sales and conversion rates have both increased.
2. The EMI option results in higher average order values.
3. Competitive advantage by catering to diverse budgets.
4. Customer loyalty and referrals have improved.
5. Improved cash flow due to EMI upfront payment.

For Customers

1. Financial flexibility to afford products.
2. Affordability through manageable installments.
3. Purchase power for higher-value things is increased.
4. Payment planning is made easy with an EMI breakdown.
5. To save money, you might use no/low interest EMI deals.

Live Demo

You can check the live demo from here.

Support Policy

• You get free 3 months of technical support included.
• You can buy 6 or 12 months extended support agreement.
• For issues, please create a ticket or send email to support@webkul.com
• Free lifetime updates of the module.