How To Install A ‘Company Credit System’ To Your B2B WooCommerce Store

How To Install A ‘Company Credit System’ To Your B2B WooCommerce Store

The process of collecting payments is straightforward if you run a B2C business. Customer pays and you accept. 

But when it comes to business-to-business transactions, there are plenty of things that you need to take into consideration, for instance, 

What happens if a customer requires a line of credit? Which procedures do you use to manage accounts receivable? How do you manage the collection of past-due payments for delinquent accounts?

Integrating a company credit system to your B2B WooCommerce store can streamline the entire transactions process for you. In each transaction between businesses, the seller and the buyer are both looking for the most efficient method to conduct business. That may entail one company granting loans to another in certain circumstances.

Offering credit system functionality to your B2B buyers is an essential consideration for your store. With a WooCommerce credit system, you can assign credit to your customers, create plans for late payments, customer defaults, etc.

The concept is straightforward for new businesses. All you need is a credit system to receive payments. When it comes to business-to-business transactions, the story changes. A comprehensive company credit system is required. 

To truly streamline the buying process for your B2B customers, you need to make sure to have a proper B2B credit management system that aligns with the way your buyers do business.

In this post, we’ll show demonstrate how you can install credit system on your WooCommerce B2B store 

However to incorporate a credit management system to your store, you need B2B Roles and Permission for WooCommerce plugin. It is one intuitive plugin that can help you to add companies to your online store and allows you to set credit limits for that company.

Roles and Permission Pluign

Click here to purchase the plugin right away.

Roles and Permission plugin for WooCommerce – An overview

Apart from allowing you to set WooCommerce credit limit to your WooCommerce B2B store, Roles and Permission plugin offers plenty of useful features and functionalities.

Let’s take a look at some of the features you can avail if you use the plugin:

Adding Company Accounts 

The plugin enables you to add company accounts to your store. It allows you to assign the role of company owner to an individual customer. The owner of the company will have the permit to add other users to the account. Also, you can view credit limits, and assign different roles to other users.

Accounts

Adding Multiple User Per Account

With the Roles and Permission plugin, you can allow the admin and Company Owner to add their teammates to their account. The owner has the permission to create user profiles for each of his teammates. Moreover, owner can assign different user roles to them.

multiple accounts

A purchasing officer, for example, is assigned the role to make purchases on behalf of the company.

Assigning Permissions to Users

This powerful, intuitive WooCommerce plugin comes with a set of robust features and assigning permissions to users is one of them. It gives the ability to the owner to assign role-based permission to teammates. 

assigned permissions

For instance, the purchasing officer will have the permission to purchase products but does not have the permission to view purchase analytics.  

The plugin ensures each added member is limited to their respective user roles. The only individual who dominates this hierarchy is the Company Owner.

Assigning Custom User Roles

The plugin allows you as well as the Company admin to create customizable user roles and give them any name they want. It’s an excellent feature that allows you to create a personalized workflow to make it easier to manage.

Sharing Carts

You can automate and speed up the order approval process for your buyers by using the cart sharing feature. Buying teams can share carts with their teammates – if approved, teammates can immediately load the cart and complete the checkout process.

Sharing carts

By using our robust B2B account management plugin, you can quickly and easily integrate wholesale to WooCommerce. Also, provide your customers with a seamless, self-service experience that they have been clamouring for.

Using a Company Credit System – An overview

Before we demonstrate the company credit system installation process, let’s first learn about the fundamentals. 

As per our research, the most common questions eCommerce users who are unfamiliar with credit systems ask, What is store credit? How does It works? 

The answer is very simple. Store credit is basically the amount that is added to a customer account. Customers can use their store credits to pay for their purchases.

When dealing with B2B buyers, you must be aware of the fact that most of the B2B don’t have cash to pay for the orders. Instead, they use store credits to make a purchase which makes it easier for them to pay before getting paid by end-customers.

With the Roles and Permission plugin, you can not only add companies to your site but offer them store credits to make it easier for them to make a purchase.

How to Install a Company Credit System to your B2B WooCommerce Store

By default, WooCommerce doesn’t offer this functionality. To install a company credit system to your online store you first need to install the  ‘Roles and Permission for WooCommerce’ plugin.

Once you’ve installed the plugin, you’ll see a new section ‘Companies’ added to your WordPress dashboard. Now you can add companies and install a B2B credit management system to your store.

Before installing a credit system, you first need to add companies before adding customers to your eCommerce store. As we have discussed previously, the plugin allows you to permit the company owner to have all the permission he requires to administer his company.

To add a Company account, head to your WordPress Dashboard > Companies and simply click on Add New to add a new company account. Give the added company account any name you like. 

company credit system

Once you have added the company, now you can offer store credits to it. 

How to provide store credits to your B2B buyers

Apart from other plenty of useful features, it allows you to offer store credits to your B2B buyers. 

To offer credits, head to WordPress Dashboard > Companies. Click on any company to whom you want to offer store credits. 

store credits

On the extreme right you’ll find a section named ‘Company Credit Options’ .

Company Credit Options’

Below you find the option ‘Give Credit To Company’. Enable the option to give credit to the company. 

Company Credit Options’

Once you’ve enabled the option, click on the bar below to enter the credits. 

Company Credit Options’

After entering the credits, head to the last section named ‘Publish’. Now click on the ‘Publish’ button to save the changes.

Using Roles and Permissions plugin to set credit limits

Offering credits, on the other hand, can be the biggest risk you’ll ever take. Sometimes, wholesalers are unable to pay for various reasons. It can impact your business massively, and you might end up in severe trouble. Therefore, it’s necessary to set credit limits when offering store credit limits.

With the Roles and Permission plugin, you get the option to set credit limits for companies. The credit you offer to that company is the credit limit. You can also view credit logs to see how many credits have been consumed by the company so far. 

credit limit

You can also replenish their credit in their account if it has been depleted.The plugin will prevent the company from making any additional purchases on credit if they have exhausted all of their available credit in their account.

The credit limit is a fantastic source of leverage for consumers because it forces them to make more frequent or higher-value payments in order to stay under their credit limit.

Limiting your customers’ credit will keep as much money from becoming a bad debt as possible.It is possible to have no credit limit and yet have your credit rise and rise without receiving payment, ultimately leading to the worst possible outcome, which is leaving you with an amount of bad debt that you can’t afford.

All in all, it’s an outstanding feature to maintain a competitive edge in this industry.

Conclusion

With our Roles and Permissions plugin, you can not only set a WooCommerce credit system on your B2B WooCommerce store but set credit limits to avoid unfavourable consequences in future.

To recapitulate, it’s an intuitive B2B WooCommerce specific plugin that allows you to offer a frictionless, self-service user-experience to your consumers efficiently.

Technical writer by profession. Hijab Fatima is a digital native who loves to explore the WordPress Development Space and is always enthusiastic to learn more about the Ecommerce Marketing world.

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