Are you excited to create your eCommerce store with Shopify? Then this article will be of great assistance to you. Here, we will discuss payment gateways, one of the most crucial aspects of operating an eCommerce store. Choosing the appropriate payment gateway is crucial for any business. Let’s start by discussing Shopify payment gateways, functionality, and the best payment methods.
What Are Shopify Payment Gateways?
Shopify Payment Gateways are the payment solutions that enable your customers to make payments on Shopify when they purchase a product. These payment gateways guarantee you will obtain the transaction amount securely and conveniently. This procedure begins when a client initiates a transaction on your Shopify store to purchase a product. The gateway then transmits the buyer’s confidential information to the bank used to make the purchase. The bank returns to the gateway with a successful or unsuccessful payment response.
How Does Shopify Payment Gateways Work?
The ‘Stripe Processing System’ is the backend mechanism by which payment processing in Shopify. Your payments are processed in real-time and reflected on the Shopify dashboard. This enables you to view the status of your payments on Shopify’s dashboard without having to opt into an external platform such as Braintree or Authorize.net.
Depending on the country, the Shopify Payment provider deposits the payment into the seller’s account within a few business days following a fraud check on the initiated payment. The transfer takes approximately two days in the United States, while in Sweden, it takes approximately four business days. However, if the payment transfer takes longer than usual, you should promptly resolve the issue and report it. This enables you to avoid payment delays or fraud.
What Makes A Good Shopify Payment Gateway?
You want to notice all crucial details when choosing a Shopify payment provider, which is a crucial choice to make. Add the following factors to your checklist when searching for a Shopify payment gateway.
Your Type Of Business
Decide on the terms of sales and the currency you are prepared to accept payments in before selecting the payment method for Shopify.
Accepted Cards
To simplify payment options for your customers, ensure your Shopify payment provider accepts all prevalent card types. VISA, MasterCard, American Express, and RuPay are prevalent payment options.
Target Market
Check their availability in your target market’s geographic region before selecting a Shopify payment method. PayPal is unavailable in countries such as Iran, Afghanistan, and Bangladesh.
Security
Choose a Shopify payment method that offers a secure transaction experience and robust fraud detection features to protect yourself and your customers.
User Shopping Experience
Enhancing the purchasing experience for your customers requires seamless, secure, and smooth payments. A positive experience on your platform will result in consumer retention and recurrent purchases.
Transaction Cost
The cost per transaction or annual fees levied by a Shopify payment app is crucial when selecting one. On this basis, you will decide your selling price and profit margins. In addition to the settlement, chargeback, statement, cancellation, anticipation, and any annual fees, you must also consider settlement, chargeback, statement, cancellation, and any.
Best Shopify Payment Gateways
The best Shopify Payment Gateways are.
1. PayFast
PayFast is a Shopify payment gateway that enables you to receive and manage financial transactions directly from your dashboard. You can view your recent transactions, account balance, request payments, and generate reports using the dashboard. Even if you do not have an eCommerce website, PayFast allows you to request payments via an email link.
2. Shopify Payments
Check out Shopify’s payment gateway, Shopify Payments, on its website. Shopify Payments enables businesses to set up a payment system within the Shopify store, which is quite convenient.
3. Braintree
Braintree, which PayPal acquired in 2013, offers a combination of innovation, experience, and scalability. The PayPal network of 130+ currencies and 45+ countries enables you to expand into new markets and tap into new revenue streams. Also, you can boost your sales and conversion rates with Braintree’s modern payment experience.
4. Stripe
Stripe Payment Gateway is a Shopify payment provider suitable for businesses of all sizes, from entrepreneurs to multinational corporations. The Stripe payment systems are based on machine learning models that increase revenue and business conversions. It’s constantly evolving features guarantee that your transactions are free of fraud.
5. Square
Square enables you to accept payments from both online and offline retailers. The Square, a payment provider that is PCI compliant, offers robust dispute management and fraud prevention. It also offers a comprehensive suite of API-based business solutions for managing orders, teams, inventory, product catalogs, etc.
6. PayPal
PayPal Payment Processor is one of the most well-known and reliable methods for global transactions. Using PayPal, you can transact in 100+ different currencies on 200+ global markets. To ensure customer loyalty, PayPal provides a streamlined purchasing experience with PayPal alternatives for accepting locally pertinent online payment methods.
7. Skrill
Skrill, a Shopify payment provider, offers a multi-currency account enabling your business to conduct transactions in over 40 currencies. It offers a PCI-compliant payment gateway that assures high fraud and risk management standards. In addition, Skrill’s world-class technical support is available in your preferred language, regardless of your location.
8. Amazon Pay
Shopify is one of Amazon Pay’s premier collaborators. Amazon Pay, the Shopify payment provider, is accessible in over 170 countries and claims to process transactions 49% faster than your standard checkouts.
9. WorldPay
The WorldPay payment gateway enables your Shopify business to accept payments in over 120 currencies. It simplifies order and account management with features such as webhooks, order administration, and real-time alerts.
10. Authorize.Net
As a prominent Shopify payment provider, Authorize.Net enables you to accept payments anywhere, anytime. It simplifies transactions for both businesses and customers while enhancing the terminal experience. This Shopify payment app improves the purchasing experience of repeat customers by facilitating the processing of installment and recurring payments.
11. Klarna
Klarna, Shopify’s payment provider, is a market leader in the ‘Buy Now, Pay Later’ services category. Along with providing contemporary payment options, Klarna ensures a streamlined checkout that prioritizes enhancing the customer’s purchasing experience.
12. Adyen
Adyen offers comprehensive payment solutions and aids in the financial management of your business. In addition, it enables you to accept global payments and expand your customer base and business globally.
13. Verifone
Verifone, formerly known as 2Chekout, accepts all main varieties of advanced eCommerce payment methods. This Shopify payment provider has effectively processed transactions totaling over $440 billion through its global payment gateway. Verifone also facilitates the creation of reports for data-driven decision making.
14. PayGate
PayGate can be incorporated at any stage into your business. The payment gateway enables you to accept international card, Master Passport, Zapper, etc. payments. This payment gateway is PCI DSS Level1 Compliant, GDPR Ready, and has secure transaction monitoring to protect your transactions from fraud.
FAQs:
What’s The Best Shopify Payment Gateway?
Due to their extensive global reach, the best Shopify payment gateways are PayPal, Shopify Payments, Stripe, and Skrill.
Can Shopify Accommodate A Separate Payment Gateway?
Yes, Shopify supports the integration of third-party payment gateways. Check out some of the options that offer seamless and rapid integration, such as Verifone, AmazonPay, and WorldPay.
Is Shopify A Gateway For Payments?
Yes, Shopify offers Shopify Payments, its built-in payment method. You can add it to your business with a straightforward setup and a transaction fee.
How Can A Payment Gateway Be Added To Shopify?
To add a payment gateway to Shopify, please follow the below steps.
- Go to ‘Payment Providers’ under ‘Settings’ in Shopify.
- Tap ‘Accept Payments’ followed by ‘Add a Provider.’
- Enable the option and then click ‘Continue.’
- Select ‘Complete Account Setup’ from the menu.
- Next, you will be redirected to an online form where you will be prompted to input all pertinent information before clicking ‘Complete Account Setup.’
Which Payment Provider Does Shopify Support?
Shopify has a built-in payment provider called Shopify Payments. Additionally, it integrates with multiple third-party providers, such as AmazonPay, Klarna, Square, etc.
Is Really Shopify Payment Free?
The Shopify Payments platform is free, as no transaction fees are charged. However, any other Shopify-supported third-party payment provider will assess a transaction fee.
Conclusion:
There are numerous Shopify payment gateways available. However, before selecting one, you should consider your geographic target market to select the one most suitable for your business type. Additionally, we strongly advise reviewing their security licenses and reviews.
