Shopify Payments is a payment gateway that can compete with many providers within the target scope. Established in 2013, the company was "the first and only eCommerce platform to offer the fully integrated payment solution for the online stores."
Today, Shopify payment provider features plenty of lucrative advantages for the eCommerce business. Flexible subscription plans and competitive transaction fees, certified security standards, and 3D secure checkouts – no wonder the system is trusted by more than 2,500,000 merchants in over 175 countries across the globe.
A reliable transaction processing system is one of the key processes to consider once launching a Shopify eCommerce store. Though it seems pretty challenging at first, the properly selected payment processor can impact the business performance and its revenues, ensuring a fast and secure experience for both clients and business owners.
In this article, we’ll explain the basics of implementing Shopify payment methods, including how to choose the right payment processing solution and effectively integrate it into your platform.
Additionally, GenovaWebArt experts will introduce the major alternatives to Shopify payments, as well as how to get the system set quickly, efficiently, and without compromising your business.
Frequently Asked Questions
How to improve the customer experience in the Shopify store using the payment method?
There are multiple ways to improve the conversion funnel with payment processing. First, implement different payment options of the client’s choice and reduce the number of steps in the checkout process. Additionally, allow payments without requiring an account and ask for the essential information only. Regardless of the payment method used, make sure to provide guarantees on the payment security and privacy to gain your client's trust.
How do payment methods in the Shopify store affect sales growth?
Using convenient payment options on a Shopify website can significantly reduce the wait time, minimize the cart abandonment rate and increase customer satisfaction. In turn, business owners can gain better revenues and more cost-efficient platform maintenance. The last advantage is mainly caused by implementing the Shopify payment platform with the most profitable charging fees and flexible subscription plans.
Do I need Stripe if I have Shopify?
Shopify has a native payment processing solution – Shopify Payments – which is powered by its alternative, Stripe. When launching a Shopify store, business owners are free to use any preferable option. However, if using the third-party payment gateway, Shopify will charge extra fees for connecting to the processor, such as, for instance, PayPal or Stripe.
Are Shopify Payments better than PayPal or Stripe?
Shopify Payments can be an excellent option for business owners who already use Shopify as an eCommerce platform, as it allows avoiding the extra fees of 1% to 2% per transaction. Additionally, unlike the over options, Shopify has a wide range of different subscription plans, which adds to the flexibility and scalability of your eCommerce business. Finally, this payment system allows tracking transaction processing in real-time, which is not supported by PayPal and Stripe.
Is it worth implementing the Shopify payment method?
Except for the chargeback fee, Shopify itself doesn’t charge any add-on monthly fees, payment security fees, hidden fees, or setup fees on its payments service. This makes it an attractive option among the payment processing solutions offered on the market.