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Pick the Best Payment Gateway for Your Shopify E-store

Mar 26 2021

Payment channels or gateways are an indispensable part of any e-store or online shop. Just like any physical business, an online store needs a medium to receive payments from customers. If you are thinking about opening your own online store, you must find an excellent payment gateway, that would make it easy and convenient for your customers to make payments. Take a few minutes to go through the information provided below to understand why Shopify Payments would be the best payment gateway for Shopify.

Best payment gateway offered by Shopify

Shopify offers a host of offers to e-store owners when it comes to payment solutions. The long list comprises some popular payment channels, including but not limited to, Paypal, Pinwheel, Stripe, Worldpay, Sagepay, Authorise.Net, among others.

However, when it comes to picking the best payment gateway for   Shopify, Shopify Payments Gateway Solution beats all other payment options by a mile.

Shopify Payments Gateway Solution

This payment gateway is Shopify’s very own payment option. It is the best payment gateway for Shopify e-store owners as the e-stores already come well-integrated with Shopify Payments. Hence, there is no necessity for you to go with third-party payment channels or merchant accounts on Shopify.

Below are some of the significant features of Shopify Payments Gateway:

  • After activating Shopify Payments, you can pick a plan from the various available options. Choose a plan that best suits your business operations.
  • Once you have set-up Shopify Payments, your customers will be able to transact and pay using credit cards on your e-store. Shopify Payments supports credit card payments.
  • As an e-store owner, you can also upgrade your subscription with Shopify, in order to reduce the credit card rates.
  • The moment you switch your plan, the credit card rate will be updated.

What are the advantages of using Shopify Payments?

Below are some of the advantages of using Shopify Payments. Given it’s the best payment gateway for Shopify, the list of benefits is rather long.

  • One of the major advantages of using Shopify Payments is that store-owners/businesses are not required to pay any transaction fee. They are only required to pay the subscription and the card swipe fee. 
  • Apart from credit cards, there are a host of other payment options that Shopify Payments is compatible with. So regardless of the payment application being used by the customer, Shopify Payments is able to support and accept payments instantaneously.
  • Shopify Payments allows you to accept payments both online as well as offline.
  • With Shopify Payments, you would be able to receive payments for your products within three business days.
  • Given the fact that Shopify Payments is already well-integrated with the Shopify e-store, you can directly manage orders and payments on the platform. This makes the entire process a whole lot easier and hassle-free.
  • Given the fact that Shopify Payments support and accept payments via all major payment channels, your customers can choose any of the popular payment transfer methods to pay for your products. This includes:
    • Visa,
    • Mastercard,
    • American Express,
    • Apple Pay,
    • Google Pay, among others.
  • Shopify Payments is accessible in a number of different countries, including 
    • The United States,
    • Canada,
    • The United Kingdom,
    • Ireland,
    • Singapore, 
    • Australia, 
    • New Zealand.

How to activate Shopify payments gateway solution?

The process of setting up Shopify Payments as your gateway platform is pretty straightforward. 

  • Firstly, you would have to go into Shopify settings and visit the “Payment Providers” page.
  • Secondly, you will be asked to submit the below-mentioned information:
    • Employer Identification Number (EIN)
    • Bank account information
    • The average price of the orders being placed on your e-store
    • Average shipping time of the orders being placed on your e-store

You can create an EIN online with the IRS, absolutely free of cost.

  • Once you have submitted all the relevant details requested, you can select a plan that is best suited for your business operations. As soon as you select the plan, your Shopify Payments Gateway is activated.

Factors to consider before deciding upon a payment gateway

There are numerous factors that play a role in determining the right payment option for a business. Factors such as the target audience of the business are a big one. Because in that case, the payment option that is most preferred by the target audience, should be the obvious right pick for your e-store. However, it is not that simple.

Often there are several other factors to consider. For instance, the fraud-detection capabilities of the payment option would determine how safe and secure it is for your customers to use. Similarly, if you are entering a new market, then you must embrace the local payment options to grow your business in that market. 

Takeaway

Some of the biggest cost-related considerations to keep in mind are the transaction fee and the compatibility of the platform with payment methods. Keeping the transaction costs low, you would make it lucrative for your customers to shop from you, which in turn, would help you grow your business. Similarly, if a payment gateway is compatible with all the popular payment methods being used by online consumers, it will make the shopping experience more convenient for the customers. Shopify Payments checks both of the above boxes, and therefore, it is the best payment gateway for Shopify.

As a Shopify e-store owner, you must consider all of the above-mentioned factors before deciding the best payment gateway for Shopify. Take into account all of these factors, and then arrive at a conclusion that would best benefit your online business.