Monday, 08 May 2023 09:45

Understand Shopify Payments and Find Payments Gateways Suited for Your Business

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The right paying Shopify methods can help to ensure that your customers have an enjoyable and hassle-free shopping experience. Operating safe and secure payment processing also helps to get trust from your customers and give them peace of mind when making purchases through your store.

 

Shopify's own Payment gateway provides an easy and straightforward how to handle payments made online but it's not always the best option for every ecommerce business. That's why it's worth exploring additional installment doors that coordinate with Shopify to give you access to the best choice of payment methods, tailored specifically to your store's needs. For businesses that need more scalability, consider migrating to Shopify Plus for more robust features.

How do Shopify Payments work?

A technology known as a payment gateway lets you securely process a variety of payment methods by reading and transferring information about payments made by your customers to your bank account.

The eCommerce platform's integrated payment gateway, Shopify Payments, enables businesses to accept digital payments. Those storekeepers that utilize Shopify Installment in its default format don't require to set up any third-party payment provider. 

As customers usually analyze the payment methods a store offers when looking to purchase, it is essential to be prepared and ready to accommodate as many diverse payment options as possible. Mobile payments, cash on delivery (COD), online bank transfer, debit cards, and even credit cards are all examples of these.

The costs associated with Shopify Payments are reflective of the subscription plan your Shopify store holds. Depending on your plan, your credit card payment rates may vary which means Shopify will add a small fee for each credit card transaction, allowing you to accept payments from the major card providers across the world.

There are no fees for setup, third-party transactions, or any potential hidden fees. With the help of two different payment gateways, you can rest assured knowing you will never be charged twice for the same payment. For example, when utilizing both Shopify Payments and PayPal Express, you only have to pay the charge associated with the payment processor your customer chooses during the checkout process.

Currently, Shopify Payments is available in 17 countries and supports 130 different currencies. If, unfortunately, you do not live in a country with Shopify Payments services, there are numerous third-party providers available to you as Shopify store owners that offer exclusive benefits and rewards.

The advantages of utilizing Shopify's payment gateways

If you are an owner or recently-opened Shopify store in an eligible country or region, Shopify Installments can be an amazing choice to make. It provides a number of advantages that make it stand out compared to third-party payment gateway service providers. To find out if your store is eligible to use Shopify Payments, you should be on the lookout for updates regarding supported countries. If you are using a third-party service, you might want to consider shifting to Shopify Payments due to the incredible range of benefits it offers.

Human-friendly

Shopify Payments is the most effortless and speedy way to process online payments. As soon as a business owner creates their store, they can enable this convenient feature, enabling them to avoid any extra exchange expenses that Shopify charges for outsider arrangements.

Shopify Payments is a great combination of ease-of-use and efficiency. It is completely integrated within the dashboard, allowing merchants to monitor active sales and inventory - all in one place.

What's even more impressive is Shopify's impressive payout speed. In most cases for US-based stores, merchants get paid within two business day. And, to top it off, extremely friendly customer service is just a phone call or live chat away - with a team of helpful agents available at all hours.

Easy Integration of Cart

Selecting a payment method is an integral part of the Shopify experience, so it’s important to pick the option that is most popular with your customer base. Shopify Payments provide a multitude of payment gateway options, which provide customers with a selection of payment options that best suits them. 

The advantages of using Shopify Payments are numerous. Not only does the integration with Shop Pay simplify the payment process, but it also stores customer payment information for future purchases. Furthermore, research suggests that stores that use Shopify Pay have a significantly higher conversion rate of 1.72x when compared to those using other payment services. Boosting customer experience and increasing profit margin, Shopify’s payment system is an ideal solution for businesses.

Fraud Protection

When you are deciding on a payment gateway for your store, one of the most important features to consider is its ability in detecting and controlling fraudulent activities. Shopify payments are powered with fraud protection solutions that allow you to review any potentially suspicious or high-risk orders, cancel orders with confirmed fraudulent activities and defend you from chargebacks. 

Moreover, Shopify Payments also offers a fraud analysis system, as well as Fraud Protect - an added layer of security for your Shopify Payments orders. There is a small fee associated with using these protected plans, but the overall assurance of not being a fraud victim makes it worth it. 

Now, let us dive deeper into the essential components that will help you to choose the best payment gateway for your store.

Things to Think About When Choosing a Shopify Payment Gateway

When setting up your Shopify store, two of the most crucial aspects to take into consideration are accessing the best carriers and making sure that returns run smoothly. Additionally, if you want to keep your conversion rates high and attract customers, you need a Shopify payment gateway that is dependable. Customers need the assurance that their payment information is secure, which boosts the trust they have in your brand and increases your store’s conversion rate. Many payment providers offer customisation options to make sure their payment page accurately reflects your brand identity. Ultimately, finding the right payment solution for your business requires you to consider a few key factors such as ease of use, cost, security, and maybe even extra features for a more customer-centric shopping experience.

Location

While breaking down which installment option is the best for the Shopify platform, it’s essential to take into account the payment methods that are widely used in the region where you are targeting. The more payment options that you offer for your customers, the better the overall online shopping experience is. For instance, Mastercard is widely accepted all over the world, but if you are mainly based in the United States, customers are more likely to expect alternative methods such as American Express. 

Another thing to think about is the availability of Shopify Payments. Currently, this solution is available only in seventeen countries: Ireland, Canada, Australia, the United Kingdom, and New Zealand, to name a few. If your country is not on the list of supported countries, you should look for third-party payment providers that can help you to process payments in the desired region.

Business Size

When considering the best payment option for your Shopify store, it really comes down to what works best in terms of your needs and needs of your business. For instance, if you desire to reach a larger, global market, then it is crucial to select a payment system that can adapt to your expanding business and accept various credit and debit card transactions in multiple currencies. 

Smaller online stores may benefit from using a hosted or self-hosted payment gateway; meaning clients are redirected off the shop's website to the payment gateway, prior to being taken to the site's post-checkout page. Of course, larger stores may be able to splurge on a non-hosted payment alternative, which will require the extra technical labor and upkeep that comes with it.

Pricing

When choosing a gateway for your store's payments, the cost of payment services is crucial. Carefully examine the pricing models for any hidden fees.

Fees for transactions

When considering transaction fees, you'll generally be looking at two possible options: a fixed fee and a percentage fee. Depending on the payment processor you choose, the exact cost of the transactions may vary. As an example, if you decide to upgrade your plan with Shopify Payments, it won't just come with subscription transaction fee waivers, you'll also have access to reduced rates on any credit and debit card transactions.

Types of payment cards

If you're planning on extending your business to other countries or going global, it's important to verify your payment processor's support for various payment card types as well as various currencies. Make sure that both you and your customers are comfortable with the financial cost of processing international payments.

Now that we've discussed how to choose the right payment option for your online store with Shopify, let's take a look at some of the most popular payment methods utilized by Shopify merchants today.

Conclusion

In conclusion, having a suitable payment gateway is crucial for Shopify store owners to provide a positive online shopping experience and build trust with their customers. Shopify Payments is the built-in payment gateway for Shopify stores that is user-friendly, easy to integrate, and offers fraud protection. However, it is not available in all countries, and store owners should consider third-party payment gateways that integrate with Shopify. When choosing a payment gateway, store owners should consider factors such as location, popular payment methods, and customization options to provide a seamless checkout experience for their customers. Overall, a reliable payment gateway ensures that your customers can easily and securely make online payments, leading to higher conversion rates and ultimately, more sales.

 
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