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WooCommerce Deposits Extension:
Subscription is a great plugin by WooCommerce for the products. It can be an excellent tool if you are selling services that need recurring payment. But what if you want to sell a physical product and want to charge your user in installments? WooCommerce as such on its own does not provide this function, and so they have come up with this Deposits Extension – WooCommerce.
It will now give you a great new way to offer your customers an excellent payment solution. Suppose you are selling some high-end items, and many of your visitors are reluctant just because of the price of the item. Now using this extension, you can offer them to buy this issue by just paying some small deposit initially and remainder in equal payments set by you. This is like bank loans or EMI. They can pay you a small down payment, and the remaining amount will be charged in equal recurring payments.
WooCommerce Deposits is a very powerful plugin, and it will give you full control over payment plans like initial deposits, payment terms, and percentage installments. And you can also add interest in the recurring payment if you wish. Plus you can select which products to have these payment plans. It completely fits with the existing WooCommerce checkout process and will guide your buyer to check out. It will also give your buyer all the required information they need.
Currently only PayPal Standard and Stripe are the payment gateways that are available with WooCommerce Deposits Extension. But in the future, many more payment gateways will be available to you for use.