YITH Multi Vendor allows turning your shop into a marketplace like Amazon or Etsy. Let users apply as vendors, and manage their own products, orders, coupons and sales reports in exchange of a provision on each sale. It’s a win-to-win solution for both the admin and the vendors.
The integration with YITH Account Funds allows you to issue vendors’ payouts into their digital wallet, by simply crediting the amount in their account funds.
To enable this integration, you just have to make sure that both plugins are installed and enabled from the Plugins page.
Then, make sure you enable the Account Funds payment method in YITH > Multi Vendor > Gateways > Account Funds
And you will see this gateway enabled in Gateways > General settings.
Now, if you want to automatically credit the vendors’ commissions to their account funds, please, make sure you select it as the default gateway in Gateways > General settings > Pay commissions to vendors during checkout.
If, on the other side, you don’t want this to be the default method, but use it manually, you can simply leave those settings unchanged. When you have to issue a vendor’s payout to the account funds, you can do that from the Commissions page, by simply clicking on the Account Funds button next to it.
Once processed, it will appear in the Paid list.
Vendors & Funds
Whenever you activate the two plugins, you will be able to see a dedicated tab in the plugin settings YITH > Account Funds > Vendors & Funds.
This tab includes two sections.
1. General settings
The first one is about the General settings, where you can enable the following options:
- The vendor can charge funds: this option allows your vendors to charge funds in their online wallet like any other customer.
- The vendor can use funds: this option allows your vendors to use their funds to purchase products of your shop.
2. Redeem funds
The second section, instead, allows you to configure how vendors can Redeem their funds.
Please, note that all the following features are only available if you are using:
Your vendors will be able to withdraw their commissions’ credit and get paid to their PayPal account. You can enable both automatic payments and/or payments on request.
Let’s start with the first option that apply to both automatic and manual redemption that are listed below:
- Vendor can redeem: make sure you enable this option to let vendors redeem their available funds. Choose below if you want to enable the automatic or manual redemption or both of them.
- Minimum funds to redeem: set the minimum balance necessary for a vendor to redeem funds.
- Maximum funds to redeem: set the maximum funds that can be redeemed in a transaction, leave empty to disable this restriction.
- Gateway Method: set the gateway to use for transferring funds from the site to the vendor. At the moment only PayPal Payouts is available and it requires YITH PayPal Payouts For WooCommerce Premium 1.0.12 to use this feature. Please, note that you will pay a fee to transfer money from the site to PayPal.
1. Automatic payment
Again in YITH > Account Funds > Vendors & Funds, you have to set up the following option to enable the automatic payment.
- Automatic Redeem Type: this option allows you to let vendors be paid automatically instead of submitting a payment request every time.
- None: select this if you want to keep the automatic feature disabled. Make sure you select the manual redeem below to let your vendors submit a request at any time from My Account page (see below).
- Automatically when the minimum threshold is reached: this way you can issue automatic payments as soon as the minimum amount set above is reached.
- Automatically, on a specific day and when the minimum threshold is reached: this way you can issue automatic payments on the 1st of the month (or any other day you set) but only for vendors’ accounts that have reached the minimum amount set above. Vendors can however submit a payment request manually if the ‘Manual redeem’ option below is enabled.
- Redeem Day: choose the day on which issuing the automatic payment, i.e. enter 1 to issue payments automatically on the first of every month.
All transactions will be visible to the vendor in My Account > Transaction History.
And the status of the transaction can be checked in My Account > Payouts.
2. Manual redemption
Alternatively or in addition to the automatic payment, you can also let vendors redeem their available funds manually on request.
Below in YITH > Account Funds > Vendors & Funds, these are the options that you have to configure:
- Manual Redeem: enable this option if you want to allow also manual redemption and submit a request from My Account. By enabling this option, you will also be able to customize the button text and colour.
- Redeem Button: customize the label of the button shown in My Account here.
- Redeem Button Text Color
- Redeem Button Color
If you enable this option, your vendors will be able to see a dedicated section in My Account > Redeem funds, from where they can submit a request and being paid immediately.
They can enter a custom amount (between the minimum and maximum allowed if you’ve set up these values in the settings) and as soon as they send the request the payment will be processed through the gateway that you’ve selected (only YITH PayPal Payouts available at the moment).
The payment will be will be recorded in the Transactions History.
The transaction status will be available in My Account > Payouts and the admin can check the transaction in PayPal Payouts > Payouts List > Details.
For more details about the configuration of YITH PayPal Payouts, please, refer to the full documentation here.