How Shopify Payments Work - iBusinessFormula

Shopify payment is a way for businesses to process payments on their Shopify store.

How Does Shopify Payments Work?

• credit and debit cards,
• as well as other payment methods such as PayPal.

To use Shopify payments, businesses must first sign up for a Shopify account and enable Shopify payments on their store. Once enabled, businesses can start accepting payments from customers.

Shopify payment gateway

There are a few different ways to set up Shopify payment gateway. The most common and straightforward way is to use the very own Shopify Web Development company  payment gateway, which is available in all countries.

First go to Shopify Sign up to use this gateway (this is free, you can do so by clicking here). Then go to the ‘Payments’ section of your admin panel. From there, you can choose your preferred method of payment and Shopify signup details.

Shopify payment is powered by Stripe. Stripe is available in over 25 countries and allows you to accept credit and debit cards, as well as many other payment methods. Stripe is adding new ways to accept payments very regularly.

Fees for using Shopify payments

If you’re using Shopify Payments, there are no additional transaction fees. You will pay the standard from 1.75% + $0.30 fee (note – depending on the country you are based in, your transaction percentage may differ) for each credit card transaction and any applicable third-party payment processor fees.

Pros and cons of using Shopify payments

There are some pros and cons to using Shopify Payments that you should be aware of before deciding if it’s the right solution for your business.

PROS:

• Shopify Payments is easy to set up and use.
• All of your payments will be processed in one place, which can make accounting and bookkeeping simpler.
• Shopify Payments has lower transaction fees than some other popular payment gateways. Shopify Payments is available to all merchants on the Basic Shopify plan.
• Shopify Payments allow the merchant to accept payment in a retail store – in other words, it is not just limited to online stores.
• You can customise your checkout page to include the payment details you want to display.

CONS:

• If you use another payment gateway in addition to Shopify Payments, you’ll have to pay extra transaction fees.
• Shopify Payment does not allow you to accept payments from certain countries, such as China and Russia.
• You can only use Shopify Payments if you have a Shopify store.

Shopify Payments come as a default payment gateway with Shopify. It’s easy to set up and low in fees.
To open a FREE Shopify account, click here.