MagePlugins

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Live Demo

Frontend Demo

The offline payment methods of "Check or Money Order" are the only payment methods activated for the demo. This way you don't have to enter any test credit or debit card data, making it easier for you to demo the software.


Backend Demo

  • User: demo
  • Pass: Demo123

Overview

The Payment Method Pricing is a Magento extension that allows you to set prices based on the type of payment method that the client uses. For example, if the user wants to pay with a Wire Transfer, there would be no cost to you so you can sell the product at a lower price. Conversely, if the user wants to pay with a credit card or PayPal, you would incur a fee, so you may want to adjust the pricing for that product.

This extension is great for individuals selling products with a small profit margin. For example, someone in the precious metals industry faces competitive prices. Customers looking to purchase silver want to pay market value for it, thereby restricting the product's sale price. This makes any decreasing any fees associated with the purchase so important. For example, a customer purchases $1000 for a silver bar, and your margin is $30. However, merchant processing fees amount to $30 as well, therefore eliminating any profit.

With our extension, you can set the price of your product based on the customer's payment method. The first step of this process is to create payment groups. You could set up a debit card group and a offline group. The debit card group would include all transactions with Paypal, Authorize.net, Stripe, anything that includes accepting payment with a debit / credit card. Next, in the offline payment group, would include transactions such as wire transfers and checks. These payment groups are using during the checkout process.

These groups are necessary to alter the price depending on the payment group selected. Checks and wire transfers don't have any fees, allowing you to offer a price of $1000. If the customer chooses to pay with a debit card, you have to charge $1100, in order to pay the merchant fees. In summary, the payment groups allow you to change the product's price depending on the payment method, allowing you to still make a profit.

In addition, tiered pricing is a feature included with this extension. It's effective for you to offer 1 silver bar for $1000 and 2 silver bars for $1800. It helps you attract more business with better deals the more the customer purchases.

The Customer's Process

When a customer is looking on the product page for your silver bar, he will see your cheapest pricing and payment method table. On the product page, it will automatically display the cheapest price of the product, $1150. Additionally, the customer will see the tiered pricing table showing:

Product Price
1 Silver Bar $1000
2 Silver Bar $1800

The customer chooses the product quantity and continues to the checkout page. This is the stage when customers will choose their payment group (debit card group or the offline group). Depending on the payment method, the price will be adjusted.

Configuration

To set up the Payment Methods you want to accept on your site navigate here: Admin -> System -> Configuration -> Sales -> Payment Methods. On this page, add all the Payment Methods you would like to use:

Set up your payment groups and assign payment methods to your groups:

Here, you create your Pricing Groups. Inside of each Pricing Group, there are Payment Methods. For example, I have the Payment Groups: Offline Payment & Debit Card:

Next, set the specific Payment Methods for that Payment Group. For example, you would put Cash on Delivery and/or No Payment Information Required for the Offline Payment Group. Simply hold Ctrl and click the Payment Methods you want. You can specify the Position for each Payment Group 1 or 2, it doesn't affect anything.

Once your payment groups are ready, set your products prices as needed. On this page, you set the Price, Payment Group Price, Payment Group Special Prices and Tiered Prices.

  • Special Price = When you feature a product for a set period of time
  • Tiered Pricing = When you offer better prices for a customer that purchases a higher volume of the product

Make sure to select "Save" once you're finished. Once you do that, you'll see a green alert message saying, "The product has been saved".

On the product's front end, the payment group prices will be displayed. The product, Plaid Cotton Shirt - Royal Blue -L, displays the Payment Method Pricing and the Tiered Pricing on the product page.

In the cart, users can select the payment methods they want to use and the prices will reflect their selected payment method:

As you can see, the total price adjusts per payment method selected. Below we have examples of when Authorize.net is chosen and when Cash on Delivery is chosen:

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