The payout/withdrawal feature is a powerful way to engage customers, referrers and influencers. It lets them earn money they can retrieve to their bank account. With many ways to earn money, it’s more effective than an affiliates program. Here’s how it looks depending on the point of view
Customer/Referrer/Influencer’s point of view
First, I need to earn somer credit:
- from WooRewards, by my actions, as points,
- from Virtual Wallet as Gems or virtual money cashback,
- from Referral Codes since customers used my code during checkout.
Then, it’s time to collect the money!
- I log into the website and visit the My Account → Withdrawals page.
- Here I can see the available amount (converted from points, gems, etc.).
- If I didn’t already, I add my payout information (for example, my PayPal email).
- Then, I click on Request a Withdrawal, input the amount I want and submit the form.
- Now I wait for my request to be validated by the administrator (the amount will appear on my PayPal account). I will receive an email when done. Until then, I can see the status of my request in the history table of the My Account → Withdrawals page.
Administrator point of view
My goal is to reward my customers/referrers/influencers for their actions. I add different ways for them to earn credit.
After that, I define a conversion rate for one of them (e.g. they can exchange 10 gems for $1) and connect my PayPal API since I want to use it for transfers (forces my customers to use PayPal too).
My website is now running and customers/referrers/influencers start to earn credits. I periodically check for requests (a flag appears in the admin side bar next to the Payout item).
Since I have connected my PayPal account, I simply click on the automatic transfer button and voilà! (if I authorized the bank transfer, it is my responsibility to process the transfer manually by whatever means and report the request as completed after that).
If I wish, I can export the requests as an Excel file for my personal statistics.