As an eCommerce business owner on Shopify Plus, managing custom payment terms can be an efficient way to attract and retain customers. This feature allows you to offer your customers various payment options and flexibility, which ultimately increases customer satisfaction and improves your business’s cash flow.

First, it is important to note that Shopify Plus offers an intuitive and user-friendly interface for managing payment terms. To get started, you can create custom payment terms by going to “Settings” and selecting “Payment Providers.” In the “Manual Payments” section, you can add payment methods such as “Orders” or “Lay-Buy” and set specific terms for each. You can then assign these payment types to specific customers. You can do this by going to the customer’s profile and clicking the “Edit” button next to their name. In the “Payment” section, you can select the custom payment method you created for the specific customer. This means that the customer will only see the payment options associated with them during checkout.

One of the main benefits of managing custom payment terms on Shopify Plus is the increased flexibility it provides your customers. Each customer has their own individual preferences and by offering them multiple payment options, they can choose what works best for them. For example, customers who prefer to pay by order may not be able to shop on your website if this option is not available. By offering this option, you may be able to attract and retain customers who were previously put off by a lack of flexibility in payment methods.

Another benefit is improved cash flow for your business. With custom payment terms, you can offer incentives such as a discount for customers who choose to pay up front or a longer payment period for those who choose a buy now option. This can help spread your business’s income and expenses over a longer period of time and ultimately improve cash flow management.

Managing custom payment terms on Shopify Plus can benefit both your customers and your business. By offering flexible payment options, you can attract and retain customers while ensuring a steady revenue stream for your business. Take advantage of this feature and see the positive impact it has on your online store.