Step 2 – Pricing configuration: choose the currency, type, payment scheme and manage your dynamic settings
In this section you will define all the payment settings affecting your product and your future customers’ experience – currency, pricing type, payment options and applicable dynamic settings.
Currency: select the currency in which your customers will see the product price and define the base pricing currency which will be used to make future pricing calculations.
Regional pricing: if you decide to host a promotion for your product in a specific country or region, you can also define the currency in which you wish to display the price for customers from that specific country or region, instead of allowing the price to be calculated individually, in the backend. This feature allows you to control and fix your prices, regardless of the currency.
Charging type: select between One time fee (product payment is made only once, covering the entire cost of the product) and Subscription plan (product payment is distributed among several recurring payments, at a value and frequency defined by you).
Selecting Subscription plan will open a wide range of settings to customize your Subscription product:
- Renewal (Auto or Manual): define the way your product’s subscription will be renewed: automatically or manually. Based on your settings, the way your customers’ will control their product subscription will vary.
- Billing cycle: define the frequency rate of your product’s payment and the unit of measure (days, weeks, months, years)
- Trial period: define the duration of your product’s trial period, setting the number and unit measure of the trial period (days, weeks, months, years). During this period the customer can test your product for free, prior to his card/ payment method being charged for a potential purchase.
- Grace period: define the duration of your customer’s grace period, setting the number and unit measure of the grace period (days, weeks, months, years). During the grace period, your paying customer is awarded time to address potential issues with his payment method, before you restrict the customer’s access to your product.
- Number of billing cycles: set this value to define the total duration of your product’s subscription cycle (ex. 12 billing cycles with a duration of 1 months per billing cycle, meaning 1 year of subscription payments for your product)
Selecting Auto Renewal will open an optional checkbox that allows you to define a different/ higher value for the first payment, compared to the following, recurring payments.
Dynamic settings type: this option allows you to enable dynamic pricing for your product without affecting the original product settings. You can define whether these changes should apply to a single product, a product group or a product with multiple options. You can also choose between using encrypted or non-encrypted dynamic settings.
Other setup: set the minimum and maximum allowed purchase quantities for the current product. Use this option to limit access to a special offer, promotion or campaign based on a specific purchase amount for your product, subscription or bundle.
Smart price rounding: define how your product price will be rounded – manually set a certain value or choose to automatically round up the price (ex. your price can show 10.99Euro instead of 9.99Euro, after price conversion calculations are performed country by country).
Use Absorb Tax: if you want to keep your price at the same level for all countries & regions (globally), this option will allow you to do just that. Be advised that this is a marketing strategy generally used to stimulate large volume sales and gain market share, by allowing buyers to purchase at the advertised price of the product, without any supplementary taxes or fees. Ex: Buyers from European countries are generally affected by variable VAT levels (applicable to their country or residence). Activating Absorb Tax will provide the same price to all customers from Europe, regardless of local taxes.
Pricing scheme: choose between “Standard ” pricing or “Multiple options ” and decide whether you wish to offer discounts for volume sales and to use SKUs (Stock Keeping Units) in your operations.
Setting a “Standard ” pricing scheme means that your product will have a single price. This option also allows you to set “Volume discount ” rules for this product. When checked, you will have access to an additional table with “Volume ranges ”, which needs to be set up in order for the volume discount to work.
“Volume Discount Scheme ” offers regular and progressive preferences and value or percentage-based discount types.
Selecting “Multiple options ” will open a new subsection – “Option Groups ”, from which you can either select a previously defined option group or generate a new one. To start setting up, click on . Option Groups can be based on either “Selections ” or “Combinations ”.
Using this type of option group gives you the great benefit of completely automating and gaining full control over the manner in which the prices for your products are set, giving buyers freedom of choice when combining product modules during checkout. For example, you can set up your pricing scheme based on a type of product license, billing plan, support services or other options your shopper selects while purchasing. These options can be viewed by your customer as either dropdown lists or radio buttons.
Now you can offer customers modular products effortlessly, with minimum time consumed when setting your prices. More information about setting up prices for combinations can be found in the next section.
Selecting “Combinations ” further gives you the option to select from 2 types of combinations: “Value ” or “Volume Discount ”. If you select the “Value” type you may then define your preferred value display type: Dropdown or Radio button.
The concept behind this type of option group is to give your customers the ability to choose additional modules at the checkout stage, with the preset price.
Just like in “Combinations ”, price variations can occur based on a certain value or on a percentage (the price of a “Selection ” is determined as a percentage of previously selected combination of modules) and the display methods vary between drop-down lists, radio buttons and checkboxes.
The system allows you to create as many “Option groups ” as you want which gives you complete flexibility over pricing, endless opportunities to implement your sales strategies and ease-of-use for your customers.
To add previously defined option groups you can also “Import/Export ” your templates. Clicking “Download ” lets you download this information as a spreadsheet, to use in your internal business administration. You can also “Select file ” to upload your product category data pricing.
Selecting “Save ” takes you to step 3 of 5. “Prices ”, where you can now start to define the prices for you product(s).