As per the studies, Choosing the right payment method can boost your conversion by 71%.
Payment methods hold an important aspect when you are starting your Shopify store.
Not just you need to manage the whole checkout process but also make sure that your payment methods are easy and hassle-free for both you and the customer.
To understand how you can set your payment methods, what are the other options, and other related information to pick the right choice, this article covers most of the things for you.
How To Set Up Multiple Shopify Payment Methods For Your Store?
Once you are done with adding the products to the store, adding a theme, and now it’s time to set up the payment methods.
Well Shopify is one of the leading platforms that gained popularity due to its ease of use and flexibility
Image source: AVADAcommerce
The same thing goes for the payment methods, They have multiple options from which you can add to the store.
To add the payment method, you need to follow certain steps that will take you to the page and you can choose the payment method.
- First, you need to log in to your store on Shopify.
- Go to the setting
- Click on payments
- Choose the method you want for your store.
Factors To Consider Before You Choose The Payment Method
Choosing the payment method getaway can affect sales and customer conversions. It’s important to know that it is one of the vital parts.
Before you pick the payment methods, it’s important to look for these factors:
Target Your Market
Shopify has payment solutions but not all are suitable for everything. There are specific solutions that suit certain geographic locations.
That’s why it becomes crucial to understand your operational location. You need to pick the specific region, also make sure to choose the famous payment gateway that suits your targeted market.
For example, if your targeted market is the US but your business is based in India. Make sure you are choosing the payment options that are famous in the US market.
With this, the customer will find it much easier to do the payments. And also bring more traffic to your store.
Choose Respected Solutions
As mentioned earlier, not all payment solutions are suitable for you or your business. It’s important to focus on what type of payment gateway you are choosing.
But also focus on its performance in the particular region. Check the reviews and feedback, ask other customers, and make sure your payment gateway is suitable for the customers.
You can check social media pages to know how the payment gateway works for others.
When you are doing business on eCommerce, the biggest advantage that you can get here is the global reach. It doesn’t matter where your business is located, you can target all over the customers who are interested in your products.
When you are choosing the gateway solution and setting your payment method, be mindful of what type of options will help you in helping to reach the targeted audience.
Also, it’s important to know if you are targeted globally or locally. This includes making sure if you need an external checkout page and the type of currency you want to deal with.
Shopify has its own gateway for payment. But if you are choosing a third-party getaway, it will charge you and the rates might vary. There are some that will charge a monthly amount too.
There are lots of other fees that include when you choose the payment gateway such as chargeback fees, start-up or annual fees, anticipation fees, settlement fees, statement fees, cancellation fees, etc.
Without knowing the different types of fees that are going to add, this can affect badly on your profit margin.
Keep your payment getaway at minimal cost as much as it can possible.
Cards Types Accepting
When you are choosing the payment gateway, make sure you are getting a wide range in card acceptance on debit as well as credit cards.
This includes some of the common yet crucial ones such as Mastercard, VISA, American Express, etc.
What Are The Shopify Payment Gateways You Can Choose?
There are plenty of options that you can get when you click on payment. However different methods have their pros and cons.
Make sure you are aware of those to choose the best for you.
Paypal is one of the biggest payment options when it comes to online transactions. It takes less than one day and you can get your PayPal account ready.
Also, there are more than 220 million users actively on this platform from all around the world. Not just that Paypal is accepted in different countries and it includes 203 countries so far.
Image source: shopifycommunity
Paypal is a Spotify payment gateway platform that offers paid as well as unpaid.
The platform became famous because it also surpasses eBay, its parent company. And now it’s an individual company.
Paypal offers advance mobile checkout, acceptance of payments from international countries. And makes direct payment.
Paypal charges are divided two tiers , that includes:
- 1.9 % + 20p for per transaction
- 3.4% for all transactions + 20p
For accepting the card payment, you are going to need a third-party solution.
Sometimes it can be expensive as well as complicated if you are not aware much.
Also, Shopify has extra charges that they apply as fees on that.
If you are looking for a hassle-free solution that can eliminate the need for a third-party gateway or merchant account. You can choose Shopify payments.
Image source: manypixels
However, to set up your payment, you are going to need your banking information and your employer identification number or EIN.
To activate this payment, you can follow the same process and visit the payment page.
- From here you can go to Shopify admin and then to the setting in the Payment option.
- Click on active Shopify payments
- Here if you don’t have a credit card payment provider you click on complete account setup.
- If you have enabled a different setup for the Shopify payment gateway, you can activate the payment in the box and dialog. With this, you can remove the other payment related to credit card options out of it.
- Now you need to add the information about your banking account.
When you are using the Shopify payment, this helps you in removing the commissions that Shopify charges on other gateways.
It’s overall 2% basic Shopify, 0.5% advanced Shopify, and 1% of Shopify.
When you activate this payment option you are saving lots of money and it’s almost free.
But you have to pay the cost depending on the transactions, plan, and payment method.
However, Shopify has their own set of points that can’t be ignored as well. These can be counted as the cons side of the Shopify payments.
- The funds can get frozen suddenly while they do the investigation of errors or noted any suspicious activity.
- They have their chargeback fees. As per Shopify, they charged $15 every time the chargebacks happen.
- It also requires following the terms and conditions
- Shopify payment is not allowed or available yet in every country.
What Is The Difference Between Shopify Stores And Paypal?
The two most common and popular methods that you get on Shopify. However it’s important to compare them, so you know which one is better and for what.
First, if you compare Shopify with PayPal, you find some of the transaction fees that defers.
For the US, the transaction fee is 2.9% which adds a fixed fee and depends on the currency.
But if you are accepting payment from outside, then the price might be 4.4% along with the fixed fee.
There are few points that can help in understanding the difference between
When you are using PayPal, it’s important to understand that Paypal has fees when you convert the currencies. This is costly for those who are dealing with difficult customers in different countries.
POS payments are not supported with PayPal payments.
There is a small amount of discount when you do the transaction for NGOs or any non-profit US businesses, it includes a 2.2% fixed fee in addition.
Also when you are using Shopify Payments, your customers stay on the website. But when you have PayPal in payment method the page redirects them to a different platform. This might affect your conversion rate.
Paypal sides the customers most of the time instead of the buyers.
Also strict rules in the Paypal Buyer protection, this is not something great if you are not the buyer. It has numerous claims that customers can do which affect the merchant’s work.
Stripe is powerful and one of the popular options for payment gateway. This one is considered one of the best gateways for Shopify for the Us users.
Stripe has an integration that allows the merchant to get the easy set up with the payment for the Shopify stores. Also, this one offers hassle-free integration.
Strips have the ability to clear pricing and set up for recurring billing as well as direct debits.
Image source: stripepartners
There are some major features that stripe provides. With this getaway, all customer funds get a single merchant account before they get distributed to the bank accounts.
However, more features stripe offers :
- Stripe accepts major debit and credit including wallet payments like Apple pay and Google.
- You get credit, wire transfer, and ACH direct debit.
- They offer integration opportunities for 450 and more platforms as well as extensions. This includes Xero, BigCommerce, Freshbooks, Woocommecre, etc.
- Strips support currencies from different parts, it includes 135 currencies and international payments.
- The checkout designs can be customized depending on the device such as mobile, tablet, and desktop.
- They have a custom UI toolkit that helps in building their own payment form.
- Online invoicing can be done through stripe billing.
What are the differences between Stripe and Shopify Payment?
When you are considering what to choose, it causes major confusion. The drawback that you get here is Shopify payments are not available to certain parts of the world.
Shopify allows integrating with more than 100 Shopify payment gateways. And serve their own service.
Well, to be clear, this is powered by Stripe. The setup of Shopify payment is available in 15 different countries, but the stripe is available in 36.
With Shopify payment, you have all major payment methods allowed. This includes a mobile wallet, debit, credit card, local currencies, etc.
Also, you don’t need to manage or integrate your account through a different platform.
What Are The Other Methods For Shopify Stores?
However these are not the only options you get, there are a few more that you can consider. Well, it includes :
With accelerated checkouts, it can save the shipping information and customer payment-related data so next time, it can be much easier to proceed with the payment.
There are some methods which are dynamic checkout buttons available on the product pages. With this, customers are allowed to skip the cart and do the direct checkout form.
You get different options that you can consider for accelerated checkouts. It includes:
- ShopPay: With this, customers can save their email address, shipping, credit card, billing information, etc to keep it easier and time-saving for the next payment.
- GooglePay: the customer can pay securely and easily using the checkout process. Also, it doesn’t require them to enter the manual entering the address for shipping or credit card details.
- ApplePay: Customers can easily use Shopify stores to securely pay. With this, customers can use the Safari browser using apple devices.
- AmazonPay: One of the fast, easy and trustworthy Shopify payment gateway options that are available for accelerated checkouts. With this you can complete control over the customer relationship and the data-related product is never captured by Amazon.
Manual Payment Method
There are some customers who don’t want to use their cards for payment. So when you are adding the payment method on Shopify, make sure you are activating the manual payment method,
When customers are doing the payment, they can use the manual payment and you can arrange the receiving payment outside the store.
Image source: shopifycommunity
The most common one that you can find in the manual payment method is COD or cash on delivery. Also, it includes bank transfers and money orders.
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Cryptocurrencies are one of the options that you get when you are Shopify payment. When you are setting up this, here are the method to follow:
Go to the Shopify admin and to the setting, choose payment orders.
- You can get the choose alternate payment
- Choose the provider from the available list.
- Get the account credentials and choose the provider
- Click on the activate and your work is done.
Well if you want to deactivate the cryptocurrencies, here what you can follow:
- Go to the setting and choose the payment providers,
- Click on alternate payment
- Choose the provider from the available list
- To disable it, click on deactivate.
Well, it doesn’t matter what type or size of business you are doing. Worldpay is a user-friendly platform and its effective security. The features are reliable and they suit different types and sizes depending on the business.
Image source: shopifycommunity
When you consider this, WorldPay is the 2nd biggest platform that comes under the payment gateway in Shopify after Paypal.
They have operated from more than 120 countries. Along with efficient management and a sales team. This helps in building trust and reputation on their platform.
WorldPay has fees that they take for transaction basis on the sliding scale. Well, it depends on the owner of the store and their turnover. This allows allocating the costs of business and the performance.
Also, it takes around 3 to 5 business days and you can start your work
This one is suitable for you especially if you are looking for a Shopify payment gateway that suits different kinds of businesses including small to large.
Image source: AVADAcommerce
Also, it comes with different plans that make it the perfect selection for the role. With this, your store is allowed to accept credit card payments and e-check. This includes JCB, Mastercard, Visa, Diner’s Club, American Express, etc.
With their easy payment and management, they provide owners to activate a seamless, affordable, and secure checkout process.
They feature tokenization, the e- checkout process, and customer profiles. Also, it supports different payment options such as Visa checkout, Paypal, and Apple pay.
Frequently Asked Questions ( FAQs)
The payments that Shopify accepts include getting paid, PayPal, accelerated checkouts, third-party provider, manual payments, payment authorization, and payment authorization.
Shopify payment is seamless integration, removes extra transaction fees, and can be used by payment providers,
There are no transaction fees but if you are using an external payment gateway, it has additional fees of 2%, 1%, or o.5%. These are divided into basic Shopify, advanced Shopify, and Shopify.