When you run a physical store, it’s straightforward to charge your customers right after each purchase they make. This process is totally different compared to running an online store, particularly on the Shopify platform. Your customers need another method to check out for their purchases and you need to know how to receive these payments. That’s why if you’re looking to set up an online store, one of the most important decisions you’ll make is choosing the best payment method for your store. Shopify is an excellent eCommerce platform that offers many payment gateway options, including Shopify Payments, PayPal, Stripe, and more. But with so many options to choose from, it can be challenging to know which one is the best fit for your business needs. In this article, we’ll explore the best Shopify store payment methods that can help you increase sales and drive growth for your eCommerce business.
What Are Shopify Store Payment Methods?
Shopify payment methods are the various options that customers can use to pay for products or services purchased from an online store hosted on the Shopify platform. These payment methods allow customers to make secure transactions using various payment gateways supported by Shopify.
When customers initiate payment for products they purchase from your Shopify store, the payment provider starts processing the transaction. This involves sending the confidential details of the paying customer to the bank issuer for the card used for the transaction. The payment provider then receives a response to confirm if the transaction has been successful or if it has failed.
For larger transactions, the Shopify payment provider employs more stringent measures to verify the customer’s account before processing the transaction. This can include security procedures such as Address Verification System (AVS) checks and velocity pattern analysis. Additionally, some Shopify store payment methods are able to calculate the payable tax on transactions you have received.
10+ Best Shopify Payment Methods
As an eCommerce platform, Shopify offers various payment options that online merchants can integrate into their stores, including Shopify Payments, PayPal, Stripe, Apple Pay, and Google Pay… Each of these payment methods has its own set of advantages and disadvantages, depending on the needs of the online store.
Shopify Payments
If you’re looking for a payment method for your Shopify store, it sounds reasonable when we start with the built-in payment tool owned by this powerful eCommerce platform. Shopify Payments is the default payment provider for Shopify stores, offering an all-in-one solution for processing payments online. With Shopify Payments, merchants can accept payments from customers using various payment methods, including major credit and debit cards, digital wallets, and even local payment methods.
One of the benefits of using Shopify Payments is that it seamlessly integrates with your Shopify store, allowing you to manage orders, payments, and payouts all from one place. Additionally, Shopify Payments provides a straightforward pricing structure, with no setup fees, transaction fees, or hidden costs. When customers make a payment using the card reader, the transaction typically takes up to 3 business days to reflect in the merchant’s bank account. While this may not be as fast as some other payment methods, it is a reasonable timeframe for most merchants.
Another advantage of using Shopify Payments is the ability to offer customers a seamless checkout experience. When customers make a purchase on your Shopify store, they can complete the payment process without being redirected to a third-party payment gateway. Shopify Payments also uses industry-standard encryption to protect sensitive customer information, helping to prevent fraud and unauthorized transactions. Shopify Payments also offers chargeback protection and fraud analysis to help merchants identify and resolve suspicious activity.
While Shopify Payments is a great option for many Shopify merchants, there are some limitations to be aware of. For example, Shopify Payments is not available in all countries, so merchants operating in certain regions may need to use alternative payment providers.
PayPal
PayPal is a popular payment method used by millions of people worldwide. It is a trusted and secure way to accept payments online, and it is also a widely accepted payment method among customers. As a Shopify store owner, you can easily integrate PayPal as a payment option on your website.
One of the key benefits of using PayPal is that it offers a fast, easy, and secure checkout process. Customers can quickly enter their payment details and complete their transactions without having to enter their shipping and billing information again. PayPal uses advanced encryption and fraud detection technology to protect your customers’ financial information. This helps to reduce the risk of fraud and chargebacks, which can be costly for merchants.
PayPal offers both free and paid plans for Shopify store owners. With any of these plans, you can access PayPal’s support team, which can help you resolve any issues or questions you may have. The basic plan starts at 2.9% + $0.30 per transaction, which is competitive compared to other payment gateways. This plan is suitable for businesses that process a moderate volume of transactions. For large-scale businesses, PayPal offers the Pro plan, which costs $30/month. This plan comes with advanced features such as a virtual terminal, fraud protection, and the ability to customize your checkout page.
Additionally, PayPal offers a dispute resolution process that helps to resolve issues between customers and merchants. This provides an added layer of protection for both parties and can help to avoid negative feedback or reviews.
Stripe
Stripe is a widely used payment gateway that integrates seamlessly with Shopify. It offers a user-friendly interface, competitive pricing, and advanced features that make it a top choice for Shopify store owners, especially big eCommerce enterprises.
One of the notable features of Stripe is its ability to support a wide range of payment methods, including credit and debit cards, Apple Pay, Google Pay, and more. This makes it easy for customers to make payments using their preferred method, which can improve the overall shopping experience.
Another feature that makes Stripe popular is its advanced fraud prevention tools. Stripe uses machine learning algorithms to detect and prevent fraudulent transactions, protecting your business and your customers. Stripe also offers customizable checkout forms, which allow you to create a checkout experience that matches your brand’s look and feel. This can help improve customer trust and confidence in your store.
You can create and send invoices to your customers, as well as set up recurring subscriptions using Stripe. With Stripe, you efficiently track your sales and minimize your operational costs. The Stripe support service is excellent through various channels, including phone, email, and live chat. This ensures that you can get help quickly and easily if you encounter any issues with your payments.
When it comes to pricing, this payment brand also offers competitive pricing, with a transaction fee of 2.9% + 30 cents per transaction. For large eCommerce businesses, Stripe offers customized pricing quotes upon request. If you require instant payouts to your bank account, Stripe charges a fee of 1%. If the payment originates from overseas, an additional fee of 1% is applied.
Read more: https://magenest.com/en/shopify-store-payment-methods/
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