In a podcast episode, we chatted with Matt Gerri about buying and selling WooCommerce plugins. One question was specifically interesting based on something you should be thinking about early in the game.
Prepping Your WooCommerce Plugin to Sell
The question wasn’t so much based on knowing you would sell your plugin, but instead being prepared. Matt advised that it is always a good thing to keep in mind when you’re building a plugin. In terms of actual real world advice, it’s things like when you build the plugin and it’s got its own domain, have a separate Gmail account for the plugin. You should have systems in place for handling support. Have separate accounts for the software that you use for that plugin because you never know if you are going to sell it.
A Real World Example
As an example of this, he shared something that happened with the most recent plugin he had purchased.
A lot of plugins that you would look to purchase if you’re in the market for buying a plugin monetize themselves using early subscriptions. Plugins would usually use either PayPal or Stripe to be able to collect money.
With PayPal, specifically, it’s actually impossible to be able to transfer that subscription from one account to another so when you go and you buy the plugin from the person who is selling it, there’s no way that you’re going to be able to transfer that recurring revenue from the seller to yourself.
It’s a good idea that if you’re building a plugin and you’re building it to sell, even though you may not sell it, is to setup a separate PayPal account just for the business and the same goes for Stripe. Stripe is a lot more accommodating than PayPal in terms of transferring subscriptions but they don’t, for instance, allow cross-border subscription transfers where if you’ve got a US Stripe account and somebody else, maybe the seller was processing transactions using an Australian account, they won’t let you transfer the subscriptions from the Australian account to the US account.
You definitely want to setup separate accounts. You don’t want to process multiple different plugins through a single Stripe account. Create multiple different Stripe accounts for each of your plugins.
Dedicate Accounts to the Business
You want to make sure that accounts that you setup are nice and clean and dedicated to the business versus the temptation sometimes just mix all the streams together. It’s easy when you’re building plugins to take the quick path and just to have everything through a single Gmail account or to not have two separate processing accounts but those are the kinds of things that come and bite you in the butt later down the line.