Magento 2 Store Credit Extension: Top 6 Extensions

• How To Manage & Redeem Store Credit Transactions In Magento 2?

• Benefits Of Using Store Credit For Magento 2

• Store Credit Vs. Gift Cards

• Top 6 Store Credit Extensions In Magento 2

• Why Store Credit Works Better Than Cash Refund?

• Troubleshooting Common Store Credit Issues In Magento 2

• FAQs

• Summary

How To Manage & Redeem Store Credit Transactions In Magento 2?

1. View and update customer store credit balances

Administrators can view and manually update a customer's credit balance. You can add or subtract credit amounts and include comments for each transaction. Configure this setting from the customer account page in the Magento admin panel.

2. Set up automatic refunds to store credit

Configure the system to refund orders to store credit automatically. Instead of issuing cash refunds, keep money in the store for future purchases.

3. View transaction history

Store Administrators can view the full transaction history for store credits. Customers can also see their store credit history from the customer account page. Examples include additions, subtractions, and usage.

4. Manage store credit through the admin grid

Use the admin grid to view and manage all store credit transactions across customers. You can filter, sort, and export transaction data as needed.

5. Set minimum and maximum credit limits

Configure settings to control the minimum and maximum amounts of orders using store credit. Set up automated email notifications to inform customers about store credit balance updates.

Benefits Of Using Store Credit For Magento 2

1. Enhanced Customer Loyalty

When customers receive store credits, they feel valued and have a tangible reason to return to your Magento store. You can use store credits to get a discount. It creates a positive emotional association with your brand. Additionally, you can earn more credits with every purchase and reinforce a cycle of repeat business. This system can be gamified to motivate customers to earn more credits.

For Example, you can reward purchases with credits. Implement them during sales or special promotions with your own 'store currency'.

2. Flexible Partial Payment Options

Store credit helps you to use your store credit balance for full or partial payments. It makes it easier to manage their spending for both online and in-store purchases. It provides a "cashless" option for customers who prefer not to use credit cards online. Store credit also enables micro-transactions. It allows small amounts of credit to be used for minor purchases without minimum spending requirements. Furthermore, credits can be gifted to other customers during the checkout.

For Example, you can allow credits to offset purchase costs and expand payment options.

3. Streamlined Refund Process

Instead of dealing with cash refunds, you can issue refunds as store credits. It eliminates the need for payment reversals through gateways. Also, It reduces the administrative work involved in managing cash refunds or reissuing checks. Automating the refund process allows credits to be instantly applied to customer accounts. It saves time and reduces cash flow disruptions.

For Example, you can convert refunds into store credits to allocate them to customer accounts.

4. Improved Customer Experience

Credits can also be marketed as an exclusive perk for loyal customers. It simplifies returns, eliminating concerns about refund processing times. Unlike rebates, credits are immediately available. Customers can easily track their credit balance and use it for purchases.

For Example, you can track purchases to checkout to provide transparency and convenience.

Store Credit Vs. Gift Cards

Feature	Store Credit	Gift Cards
Definition	Value stored in customer account	Prepaid card with a set value
Issue	Issued by store to customer	Purchased by customers
Usage	Can be used partially across multiple orders	Usually used in full in one transaction
Expiration	Can be set to expire or not expire	Generally, have expiration dates
Personalization	Limited personalization options	Can be personalized with messages/designs
Refunds	Often used for refunds instead of cash	Not regularly used for refunds
Balance tracking	Tracked in the customer account	Tracked by gift card code
Transferability	Usually, non-transferable	Can be given as gifts to others
Marketing potential	Used for loyalty programs/promotions	Used as gift options and promotions
Back-end management	Managed in customer accounts	Managed as separate entities
Default availability	Available in Magento Commerce	Requires extension in Magento Open Source

Top 6 Store Credit Extensions In Magento 2

1. Store Credit Magento Extensions by BSS Commerce

BSS Commerce's Store Credit Magento Extensions refunds store credits directly to customers' accounts. It allows you to review detailed credit transaction histories. It is compatible with default and integrated payment methods:

• PayPal Express

• Klarna, Braintree

• Stripe

Features

• Support GraphQL and REST APIs .

• Work with Porto theme, Codazon's Fastest, and Infinit themes.

• Provide a visible page for customers to track their credit wallet.

• Compatible with Hyva Theme and Hyva Checkout.

• Support multiple currencies and websites.

• Work with Magento 2.4.7 and PHP 8.2.

Pricing

$119.00

2. Store Credit Magento 2 Extension by MageAnts

MageAnts Store Credit Magento 2 Extension enables store owners to automate the credits and refund process using virtual store credits. Customers can conveniently manage and redeem their store credit balance.

Features

• Add and subtract store credit.

• Check store credit balances and refund histories.

• Enables the use of store credit at checkout.

• Apply store credit to pay taxes.

• Automatically notify customers by sending email notifications.

• Award credits to customers.

Pricing

• Community Edition + Free 3-Month Support + Installation- $138.00

• Enterprise Edition + 12-Month Support + Installation- $307.00

3. Store Credit Extension for Magento 2 Extension by Aitoc

Aitoc Store Credit Extension for Magento 2 retains more funds in customer accounts. It provides a complete transaction history. It allows both customers and administrators to track changes in the store credit balance.

Features

• Receive automatic refunds directly to store credit.

• Obtain updates on credit balance.

• Monitor transparent credit movements.

• Convert any refund into a new purchase.

Pricing

• Self Installation + No Extended Support- $125.00

• PRO Installation + Extended 1-Year Support- $263.00

4. Magento 2 Store Credit & Refund Extension by Mirasvit

Mirasvit Magento 2 Store Credit and Refund Extension allows customers to use store credit for refunds. During checkout, customers can select store credit as a payment option.

Features

• Implement credit programs in your store.

• Turn refunds into new purchases.

• Utilize the extension during exchanges.

• PWA ready with GraphQL support.

Pricing

• Open Source (CE) + Free Installation- $149.00

• Commerce (EE) + Free Installation- $368.00

• Commerce on Cloud (ECE) + Free Installation- $418.00

5. Refund Request Extension for Magento 2 by AheadWorks

AheadWorks Refund Request Extension for Magento 2 converts refunds into revenue. Easily manage returns by providing store credits instead of cash refunds. Also, create new sales opportunities and retain funds within the store.

Features

• Add promotional credits with discounted product prices.

• Offer transparent tracking of credit movements.

• Integrate with M2 Smart One Step Checkout, Web API, and GraphQL.

• Compatible with Hyvä.

Pricing

• Open Source Edition- $127.00

• Commerce Edition- $254.00

6. Magento 2 Refund Request Extension by Amasty

Amasty Magento 2 Refund Request Extension transforms returns into revenue. Retain funds within the store while showing appreciation to customers. You can build loyalty by awarding shoppers extra credits.

Features

• Display a clear explanation of discounts.

• Refund to store credits with one click.

• Compatible with Hyvä-ready storefront and Hyvä Checkout.

Pricing

• Community Edition- $169.00

• Enterprise Edition- $469.00

• Magento Cloud Edition- $769.00

Why Store Credit Works Better Than Cash Refund?

1. Keeps money in the store

Store credit ensures the refunded amount stays within your business. It ensures your business does not get lost with a cash refund. This way, it increases the likelihood of future purchases.

2. Encourages repeat purchases

Customers with store credit are incentivized to return. It makes additional purchases to use its credit balance. This boosts customer retention and repeat business.

3. Increases average order value

Shoppers tend to spend more than their store credit amount. This leads to higher average order values.

4. Simplifies the refund process

Issuing store credit is faster and easier than processing cash refunds. It reduces administrative work.

5. Builds customer loyalty

Offering store credit as a refund option shows flexibility and goodwill. It enhances the customer experience and fosters loyalty.

6. Reduces return fraud

Store credit is less prone to fraudulent returns compared to cash refunds. You can use this to re-engage customers through targeted promotions and reminders.

Troubleshooting Common Store Credit Issues In Magento 2

Issue	Cause	Solution
Store credit not deducted on reorder from admin	Bug in the order creation process	Check and update the order creation controller (e.g., Magento\Sales\Controller\Adminhtml\Order\Create\Save.php) to handle store credit deduction.
"Please enter positive number" error when creating refund	Bug in Magento 2.4.3 refund totals	Update to the latest Magento version or apply a patch to fix the refund calculation
$0 credit memo amount	Custom order editor module interfering with invoice data	Modify the custom module to handle invoice data and status updates properly
Double store credit refunds	Race conditions in the refund process	Implement proper locking or transaction handling in the refund process
Store credit balance not updating	Caching issue	Clear Magento cache and reindex after store credit transactions
Store credit not available as payment method	Configuration issue	Check and enable store credit in payment method settings
Incorrect store credit balance displayed	Data inconsistency	Reconcile store credit balance data and update customer accounts
Unable to apply store credit at checkout	JavaScript or template issue	Debug and fix the store credit application code on the checkout page
Email notifications not sent for balance updates	Email configuration issue	Check and update store credit email notification settings
Store credit not visible in customer account	Permissions or layout issues	Verify customer account layout and permissions for store credit display

FAQs

1. How can customers use their store credit in a Magento 2 online store?

Customers can apply for their available store credit during checkout. Select the store credit checkbox to use all or part of their credit to pay for their purchase.

2. Can store credits be issued in different store currencies?

Store credits are issued in the store's base currency. However, they can be automatically converted when used in stores with different currencies.

3. Can store credits expire?

Store administrators can configure expiration settings in the Magento 2 backend. Examples include setting expiration dates or making them non-expiring.

4. Can I transfer store credit between customers?

By default, store credits are non-transferable. However, custom extensions can be developed to allow credit transfers between customers.

5. How does store credit affect cash flow for the business?

Store credit keeps money within the store ecosystem. It improves customer loyalty but requires careful management of cash flow.

6. Can customers use store credit for orders placed through mobile devices?

Yes, the store credit option is available across all devices. They can use the store credit functionality to refund requests in Magento 2 via their mobile too.

7. Is the store credit feature compatible with both Magento 2 and Adobe Commerce?

Yes. The store credit functionality is compatible with Magento 2 and Adobe Commerce platforms. Customers can use their credit to pay for orders using store credit in the Magento backend.

Summary

Magento 2 Store Credit Module allows store owners to issue store credits for purchases. It helps you to:

• Boost customer loyalty and simplify the refund process.

• Provide flexible and convenient payment options.

• Monitor optimal usage and regular updates.

• Enhance customer loyalty and streamline shopping in your store.

Consider using Magento hosting services to buy store credit points and purchases with store credit.