YITH Account Funds allows all users to have a virtual wallet on your site. They can make a deposit, so the deposited amount can be used as credit for purchases on the site.
The integration with YITH Account Funds allows you to issue vendors’ payouts into their digital wallet.
Additionally, if you also install YITH PayPal Payouts, your vendors can request a payment of their store credit into their PayPal account.
On this page, we’ll go through the following topics.
- Activate Account Funds gateway – and get vendors commission credited to a virtual wallet
- Extra options for vendors using YITH Account Funds – included redeeming funds with PayPal
1. Activate Account Funds gateway
To enable YITH Account Funds as a gateway and credit vendors’ commissions to their virtual wallet on your site, you just have to make sure that both plugins are installed and enabled from the Plugins page.
Then, enable the Account Funds payment method in YITH > Multi Vendor > Commissions > Gateways.
Now, if you want to pay commissions to vendors automatically during the checkout through YITH Account Funds, go back to the Commissions Settings section, and select it as default payment.
This is the gateway that will be used by default for automatic payments of vendors commissions. Yet, you can also pay the commissions manually through Account Funds as explained here.
The vendor will be able to see a report of all payments in My Account > Income/Expenditure History.
For more details about the configuration of YITH Account Funds, please, refer to the full documentation here.
2. Extra options for vendors
Whenever you activate Multi Vendor and Account funds, you will be able to see a dedicated tab in the plugin settings YITH > Account Funds > Vendors & Funds. This tab includes two sections, the General settings and the Redeem funds one.
2.1 General settings
- The vendor can charge funds: this option allows your vendors to deposit 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.
2.2 Redeem funds with PayPal Payouts
The second section, instead, allows you to configure how vendors can Redeem their collected funds.
Please, note that this specific option requires an additional plugin to be installed, so you’ll need all the three plugins below:
- YITH Account Funds
- YITH Multi Vendor
- YITH PayPal Payouts
Why should I use this combination of plugins instead of using only YITH PayPal Payouts?
- If you want to reduce the number of transactions via PayPal and any possible issues with them or with expensive fees.
- If you want to incentivate your vendors to purchase from your store using their credit, so you both can save on transaction fees.
- Vendor can redeem: make sure you enable this option to let vendors redeem their available funds.
- 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.
Now you can choose whether to redeem them automatically or manually.
- 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 > Income/Expenditure History.
2.2.2 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 Income/Expenditure History.
For more details about the configuration of YITH PayPal Payouts, please, refer to the full documentation here.