“Why can’t we pay all in one time?” was the question that triggered the overall idea behind prepaid Subscription payment feature. Adding this amazing feature for WooCommerce subscriptions plugin, we bet the plugin has got itself upgraded. Hear what, your customers are going to love it too!
One time subscription payment aka prepaid subscription is the feature that enables the option to pay the monthly recurring payments in one go.
To my fellow WooCommerce community out there reading this, why is there such a big talk for one time subscription payment?
Prepaid subscription is one feature where both WooCommerce store owners and WooCommerce customers are on the same page.
Deals are made simple with a customary handshake. Isn’t it?
Advantages of Prepaid Subscription method
What’s always been a winning eCommerce strategy?
Give your customers what they want.
Now, moving on to the pro’s of one time subscription payment, what are all the advantages to your customers.
1. Customer can gift Subscriptions
Let’s say your WooCommerce store sells subscriptions for comics. A customer buys and gifts a one year subscription. Take prepaid subscription out of context and see What happens? The customer needs to pay the recurring bill for the subscription period. No customer will wish to pay on the recurring basis for the subscription that is gifted.
One time subscription payment reduces the work of customers to check for subscription renewal and payments.
2. Customer will never miss a Subscription
if there is a failure in paying the recurring payment. Many times the customer might not remember payment renewals which can lead to cancellation of the subscription products and services.
How is one time payment for monthly subscription advantageous to us- WooCommerce store owners?
3. WooCommerce store Revenue Increases
What happens when a customer subscribes for any WooCommerce memberships and pays all the recurring payments in one time. The complete payment for the entire subscription period is received all in one shot. What happens to the store revenue? Probably will increase, I suppose. That also makes minimum churn rate.
4. Minimum Churn rate
Customer purchases a WooCommerce subscription for one year period but opts to move out of the subscription plan in 3 months. You’ve probably lost that customer and this is termed churn rate- jargonically. The churn rate goes minimum if the customer gets to pay using one time subscription payment.
5. Maximum Customer engagement
The most difficult asset to achieve using common marketing strategies is Customer Engagement. But, WooCommerce prepaid subscription helps your store to get maximum customer engagement. i.e the customer will definitely be engaged and updated about the brand throughout the subscription tenure.
Seems the way to go! Right?
Backed up with so many advantages how do you set up one time subscription payment in WooCommerce Subscriptions?
Well, it can’t be done all alone by WooCommerce subscriptions. The plugin needs an upgrade and glad there exists a way through- WooCommerce Pre-paid Subscriptions. Let’s scroll to see how simple it is to create the most customer engaging marketing strategy,
How to set up one time subscription payment in Woocommerce Subscriptions?
Whatever be said? How easy be said? Nothing gets done unless you get your hands some doing. Let’s try the free demo in setting up this one time payment for monthly subscriptions.
Doing 1- Installation of Plugins
Install both WooCommerce Subscriptions and WooCommerce Prepaid subscriptions to your WooCommerce dashboard.
Doing 2- Creating and Configuring the Subscription product
Say, your store is selling Marvel and DC comics. Let the subscription period be 12 months with a $30 (Sale price) recurring bill.
Click on ‘Add New’ products option on the top of your WooCommerce dashboard.
It opens ‘Add New Product’ screen. The creation and configuration of the subscription happens in this space,
- Product Name- Enter the Subscription products name
- Product Data- Choose ‘Simple Subscription’ from the product data field drop box
The Virtual checkbox allows the comic to be only read. If you want to offer downloads to customers, Downloadable checkbox also needs to be checked.
- Subscription Price- For the scenario in hand, the subscription price is $35 for every month
- Subscription Length- The entire tenure for the plan is 12 months. Make sure you check this field because plan ‘Never expires’ is the default option.
- Sign-Up Fee- The store is not charging any sign-up fee for this product subscription scenario.
- Free trial- A free trial for 7 days is offered to the customers by entering the condition in their respective fields. #Insight - Always offer your customers with some free trial period. It will make a good overview of the subscription plan a customer has got to choose with.
- Sale Price- The sale price is what that shows the customer the advantage in choosing a subscription plan. The sale price should always be less than the actual subscription price.
- Download Features-
These download features get enabled only if you check the ‘Downloadable’ checkbox adjacent to ‘Product data’ field.
Download Files- Add the URL of the file available for the download
Download limit- It’s important to set a limit on the download else the customer gets unlimited download times by default
Download expiry- This field can mostly be ‘ZERO’ because you may not be sure when the customer downloads the content. Restricting access based on expiry date is not recommended.
Doing 3- Setting up ‘Payment Upfront option’
The feature you’ve been scrolling for- Upfront payment option aka one time subscription payment aka Prepaid Subscription in WooCommerce Subscriptions.
Click on the ‘Allow Upfront Payment’ and you can see two available drop down options.
- Allow only Upfront Payment- If this is selected, the only available payment method for the subscription is ‘upfront payment’ i.e, paying all recurring billing in a single shot.
- Allow Upfront payment and recurring payment (customers to choose)- This option gives the customers to choose between recurring bill and Upfront payment option.
#Insight- Healthy customer rapport is achieved when customers are given the liberty of choice.
The subscription tenure is again checked. This is the second time you get to enter the subscription period. Make sure you the same time period as in the earlier ‘Subscription length’ field.
Ask me anytime- Discounts are the stairway to sell more.
Discount type- gives the options to have a fixed price discount or percentage discount.
Discount amount- Enter the value of discounts you would like to offer your customers if they choose Upfront payment method.
Also, use the ‘Upfront additional message’ text box to greater effect. Try pitching your Prepaid Subscription plan with discounts.
Play the Words!
Click on ‘Publish’ button available on the right side of your dashboard screen to make your subscription plan active for the customers.
That’s all of it- 3 simple steps to create the best payment method with WooCommerce subscriptions. My dear fellow WooCommster, don’t push your thoughts too much. Setting up one time payment for monthly subscription in WooCommerce isn’t possible using any other extensions.
Toast for WooCommerce!