When setting up an e-commerce store, most merchants are amazed by the numerous platforms and their features. But Shopify is one of the most profitable e-commerce platforms that is vibrant and helps in improving the market presence. The platform is suitable for everyone from average to high-end businesses.
Another good reason for the popularity of this platform is that it can be used for selling physical products and drop-shipped products. Are you planning to hire Shopify developers to create your online store? A successful online store needs robust payment gateway solutions. With Shopify payments, you have a payment gateway that is easy to create and use. Wondering if Shopify Payments is the best choice with hundreds of payment options being offered to users. Should you also be looking into other gateway solutions?
What are Shopify Payments?
The very own payment gateway from Shopify helps in managing the steps in online transactions seamlessly. Being the default payment gateway, you won’t need third-party payment services, and allows you to accept money through gift cards, credit and debit cards, Amazon Pay, and Apple Pay.
There is a list of supported countries that avail the services of Shopify Payments. Businesses in different industries can rely on this gateway solution except for selling e-cigarettes, weapons, explosives, or gambling. With professional assistance from a Shopify store developer, the integration becomes more convenient. You just have to make up your mind about which payment gateway to use.
When connecting the service with your bank account, it needs to fulfill the following criteria:
- You need to have a full checking account
- The account needs to leverage on your region’s or country’s payout currency
- The account must accept electronic money transfers
Besides the above mentioned criteria, your bank account needs to satisfy the region-based requirements as well.
Shopify fees
What charges must you pay for accepting payments through this gateway? Here is what you need to pay:
- Processing fee for payments made with credit card
This is the fee you pay for different steps involved in a credit card transaction like data transfer between the seller, buyer, issuing, and acquiring bank. Overall, the processing charges depend on the plan, the value, and the sales volume.
- Transaction fee
The transaction fee is what you need to pay for in-store monetary transactions. However, you need not pay this fee once you activate Shopify Payments.
Here is why Shopify Payments is the best bet and benefits your business:
- Fast and complete integration
With Shopify Payments, your customers can stay on the website when purchasing from the store. On the other hand, using other gateway solutions may redirect to a third-party platform, taking up a lot of time. While this can be a cause of annoyance for several purchasers, people who aren’t tech-savvy may not find enough reason to spend a lot of time.
The Shopify gateway is more convenient and helps you track the payments and orders directly from the dashboard. It is a seamless method wherein you can check the amount you earn for each order when the money is paid through Shopify Payments. If you have plans to save money on creating a Shopify-based website, hire Shopify developers in India and integrate the payment gateway successfully.
- Flexibility of payment
Do you think Shopify payments are the only method your customers can use? You are wrong. Customers can choose from a wide range of payment methods. With that amount of flexibility, customers can choose any payment provider even if you set up your store with Shopify Payments.
- Fraud protection
With features like AVS fraud filters and CVV, your store stays protected against scams in payments.
- Get rid of transaction fees
When using Shopify Payments as your service provider, you won’t pay transaction fees just like the other payment providers.
- Manage offline sales
Shopify Payments is connected with POS. Therefore, you can manage online and offline sales and also enable offline sales, which is absent in other payment platforms.
Creating a Shopify store that thrives won’t be easy. That is why you need to hire a web development outsourcing company to do the honors. By integrating the Shopify-based payment gateway, you may find a logical way to keep expenses down and prevent fraud. It is free and easy to set up. As it is integrated into Shopify, you can keep track of everything and simplify business operations.
About Author: Mitali Purkait Ghosh is the CEO and the Co-Founder of Digital Concepts an end-to-end digital marketing company. A tech savvy individual she has seen digital marketing services evolve up close and loves writing about the latest trends in this market. As a digital entrepreneur she heads a team of passionate individuals who have been exploring new digital marketing services and catering to the niche needs of their users.