Apart from marketing, merchandising, and inventory management, automated payment is the outstanding point that boosts Shopify’s efficiency. There are several Shopify payment gateways that are tailor-made to serve customers within different geographical locations.
As a business owner, you should choose the best payment gateway for Shopify, which is widely popular and acceptable within your places of operation.
In this article, we‘ll be sharing some suitable payment gateways that have been trusted by thousands of Shopify stores.
When you buy from a brick-and-mortar store, you have to pay for the purchased item to the cashier. In a similar way, when you buy from an e-commerce store, you pay through payment gateway solutions.
A payment gateway is an online merchant service software application in which the provider can authorize a credit card or pay directly. This allows seamless and secure online transactions between a variety of different buyers and sellers.
When it comes to several payment gateways, the difference between good and bad ones is satisfied or frustrated customers.
Below are some features of a “good” payment gateway for the Shopify store:
Let’s take a look at the best payment gateways for Shopify!
The great benefit of setting up your Shopify store with Shopify payment gateway is that it is quick and easy to set up.
To activate your Shopify Payments, you can simply go to the “Payment Providers” page in settings. After filling in the required details and selecting a plan that suits your business, your account will be activated! The advantage of using Shopify Payments is that online merchants are only charged for the subscription fee in addition to the card swipe fee, but they won’t be charged a transaction fee.
Shopify Payments is available in countries, including the US, Canada, United Kingdom, Singapore, Australia, Ireland, and New Zealand.
Stripe was founded in 2010. It provides software and APIs to accept payments, send payments, and manage businesses online through various other applications. Stripe is available in 40+ countries and supports 135+ currencies.
While some other payment gateways use a cookie-cutter method to add payment buttons to your website, Stripe is more personalized. It is aimed at and attractive to large companies and developers who are looking for many different APIs and tools to customize payment solutions.
Stripe can handle all major payment methods for online and face-to-face retailers, subscription businesses, software platforms, and markets. This payment gateway also comes with amazing features: sending invoices, issuing virtual & physical cards, obtaining financing, managing business expenses, and more. In addition, Stripe provides Radar to help detect and prevent any type of business fraud. This is a built-in feature of Stripe and does not require any additional settings to start.
There is a flat-rate fee structure of 2.9% plus $.30 for every credit card transaction and 2.7% plus $.30 for every in-person credit card transaction using a Stripe terminal.
PayPal is one of the most well-known names in payment gateway for Shopify. It was established in 1998 and went public in 2002. However, because it was acquired by eBay and later used by 70% of eBay purchases, it became a household name. In 2015, PayPal was split into its own entity, valued at US$4.66 billion. It is this familiarity between the business/supplier and the customer. Paypal is a great choice for customers who want a truly simple and concise payment button that everyone feels comfortable to use.
With a strong and responsive support team that is available with any of the Shopify packages, it also comes with minimum fees between 1.9% and 3.4% of all transactions. PayPal charges are based on your account type and the number/volume of sales you make. This makes a great impact on your business, and you would want to review them beforehand.
Authorize.Net is the next Payment Gateway in our list of best payment gateways for the Shopify store. It was established in 1996. After a series of acquisitions, Authorize.Net and its parent company Cyber Source were acquired by Visa, Inc. in 2010.
What makes Authorize.Net different from Strip or PayPal is that it does not have free basic options for its suppliers. Instead, use its payment gateway to pay $25 a month. However, its transaction fee is relatively low, only $0.10. This is a good choice for suppliers with a large transaction volume, where you can save a lot of transaction fees.
Like other payment gateways, it has an online customer information manager that can automatically issue and issue invoices on a regular basis. It also provides advanced fraud detection capabilities.
But its highlight lies in its versatility and customization. It has a developer API and multiple integrations. It allows maximum customization to suit your website design and payment needs. With Authorize.Net, you can accept all major credit cards, debit cards, and other digital payment methods. It also accepts electronic checks and foreign payments in most countries. It supports digital payment services such as PayPal, Apple Pay, and Visa Checkout.
The most significant limitation of Authorize.Net is that your business must be registered in the US, UK, Canada, Europe, or Australia to use its payment gateway service.
Last but not least, our top 5 ranking is 2Checkout, which started in 2006. Compared with other providers, its biggest advantage is its global availability-it can be used in more than 200 countries.
Like other payment gateways for Shopify, it allows you to integrate the checkout page on your website. You can also set up repeat transactions and access detailed dashboards of customers and transactions. It also has advanced fraud protection features.
2Checkout provides an API to customize your website according to your needs. They also provide tools that help increase purchase conversion rates and manage subscriptions.
Transaction and other fees – There are different pricing plans the same as other providers, and the price per transaction is 2.9% + $ 0.30. No setup, termination, or monthly fee.
Choosing the best payment gateways for Shopify is one of the most critical decisions you’ll ever make for your business. The right selection will make the payment process seamless for your customers and affordable for your online store.
Also, a good payment gateway will increase the operational reliability of your website while making it more secure.
After you select the suitable Shopify payment gateway, you can install effective apps to increase productivity and boost your store sales.