How to Enable Custom pricing In the Marketplace?
Go to your admin panel.
Open the “Listing Fields & Filters” under the Listing Settings
3. Click the “Add New Field” button.
4. Provide a field name and description of it.
5. Select the field type “Price”
6. You’ll see the various fields like Minimum, Maximum, Optional Pricing, Include Buyer Fee, Include Seller Fee, Mandatory, Is Decimal, and Display Filter.
a. Minimum, Maximum - If you want custom pricing between a certain range, then mention the range in the minimum and maximum tab.
b. Optional Pricing - Provide the buyer to have a choice whether they need this custom pricing or not, by enabling the toggle near optional pricing.
c. Include Buyer Fee - If you need to include the buyer platform fee enable the respective field. Upon enabling the buyer fee mentioned in the order type will be included for this price field.
d. Include Seller Fee - If you need to include the seller platform fee enable the respective field. Upon enabling the seller fee mentioned in the order type will be included for this price field.
e. Mandatory - Upon enabling this, the seller must fill in the custom pricing field when posting a listing.
f. Is Decimal - Enable this option if the custom pricing can include decimal values. This is useful for products or services where pricing can be fractional.
g. Display Filter - Enable this option if you want this custom pricing field to be used as a filter in the marketplace's search functionality. This allows buyers to filter listings based on the custom pricing criteria.
7. Select the listing categories where the fields are used.
8. Now you have successfully added the custom pricing.
How Does Custom Pricing Work?
Let’s learn how custom pricing works with an example.
Scenario 1: Custom Pricing Without Platform Fee
For example, if the base fee is $100 per day, and the buyer books for 10 days and adds a $50 amenities fee.
The buyer pays the base fee plus the Custom fees, so $1000 (base) + $50 (Custom) = $1050.
Note: In the below 3 scenarios the buyer and seller fee is from the Order Type. To learn more about providing buyer and seller fees check this link.
Scenario 2: Custom Pricing With Buyer Platform Fee
The same scenario with a buyer platform fee of 10%.
The buyer pays the base fee plus the Custom fees, so $1000 (base) + $50 (Custom) + $105 (Buyer Platform Fee) = $1155 (Total).
The marketplace owner then takes a commission from this total, and the seller gets the rest.
Scenario 3: Custom Pricing With Seller Platform Fee
The same scenario with a seller platform fee of 10%.
The buyer pays the base fee plus the Custom fees, so $1000 (base) + $50 (Custom) = $1050.
Here seller earns $1050, now the seller will pay the seller fee, so $1050 - $105 (Seller Platform Fee) = $945
The marketplace then takes a commission of $105 from the seller.
Scenario 4: Custom Pricing With Buyer and Seller Platform Fee
The same scenario with a buyer platform fee of 10% and a seller platform fee of 10%.
The buyer pays the base fee plus the Custom fees plus the buyer fee, so $1000 (base) + $50 (Custom) + $105 (Buyer Platform Fee) = $1155.
Here seller earns $1050, now the seller will pay the seller fee, so $1050 - $105 (Seller Platform Fee) = $945
The marketplace owner will earn $210 in total.
These scenarios show how the final price for the buyer and earnings for the seller is determined in custom pricing situations, with and without platform fees.