Shopify is a highly scalable platform for e-commerce businesses of all sizes. As a cloud-based solution, Shopify can handle the increased traffic and sales volume of growth. The platform’s infrastructure is designed to be highly available and reliable, and it can accommodate large volumes of transactions without slowing down or crashing.
Shopify Payments is Shopify’s payment processing system, which uses payment gateways to securely process and authorize transactions. Shopify Payments supports multiple payment gateways, including major credit cards such as Visa, Mastercard, and American Express and other payment methods such as PayPal and Apple Pay. The payment gateway used depends on the payment method the customer selects during checkout.
Shopify offers various plans catering to different business sizes and needs. Shopify development company suggest that as a business grows, it can easily upgrade to a higher plan to access additional features and functionality, such as more staff accounts, robust reporting, and advanced shipping options. Additionally, Shopify’s app store provides access to thousands of third-party integrations and add-ons, allowing businesses to customize further and scale their online stores.
What factors influence the choice of a payment gateway?
Transaction fees
Look at the fees the payment gateway charges for each transaction, including any monthly or setup fees. You want to choose a payment gateway offering reasonable transaction fees that won’t affect your profits.
Security and Fraud Protection
Security is paramount in any online business. Look for a payment gateway with robust security measures to protect against fraud and unauthorized transactions. This can include fraud management services and prevention tools, 3D secure authentication, and SSL encryption.
Payment methods
Consider the payment methods that the payment gateway supports. Look for a gateway that supports multiple payment methods, including credit cards, debit cards, and digital wallets like PayPal, Apple Pay, or Google Pay.
Integration with Shopify
Look for a payment gateway that integrates seamlessly with Shopify. This can make it easier to manage your payments and track your sales.
Customer support
Choose a payment gateway that offers excellent customer support. You want to be able to get help quickly if you encounter any issues with your payments. Some Shopify development companies also hire candidate who want to become a virtual assistant and provide them to help you promptly handle your customer queries.
Reputation and reviews
Research the reputation of the payment gateway you’re considering. Look for reviews from other Shopify store owners and check out the gateway’s rating on independent review sites.
Compatibility with your target market
Ensure the payment gateway you choose supports the currencies and languages relevant to your target market. Some of the best Shopify development companies integrate payment methods only after a detailed analysis of your target market and audience.
What are some of the Payment Gateways for Shopify Payments?
PayPal
PayPal is one of the most commonly used Payment options, and it works for small to medium-sized companies. PayPal currently supports 25 currencies and more than 200 locations. While it offers a globally recognized payment processor with robust security measures and a strong customer support system, it also comes with certain cons.
Pros
- PayPal is a globally recognized and trusted payment processor, so customers may feel more comfortable using it to pay for purchases on your Shopify store.
- Integrating PayPal with Shopify is relatively straightforward and can be done quickly and easily without technical skills.
- PayPal accepts payments in multiple currencies, which is helpful if you have an international customer base.
Cons
- PayPal charges fees for each transaction, which can be higher than other payment processors, especially for international transactions.
- PayPal may hold funds for new or high-risk merchants, which can impact cash flow.
- Shopify’s checkout process is highly customizable, but PayPal checkout can be more limited in branding and design customization.
Stripe
Shopify integrates with Stripe as one of its payment processing options, meaning that businesses can use Stripe to process payments made by customers on their Shopify store.
The combination of Shopify and Stripe provides businesses with a powerful e-commerce solution that makes it easy to set up an online store and accept payments securely and efficiently.
Pros
- Stripe is known for its easy-to-use interface, making it simple for merchants to set up and accept payments quickly.
- Stripe offers various payment options, including credit and debit cards, Apple Pay, and Google Pay.
- Stripe is a highly secure payment gateway that uses advanced fraud detection and prevention measures to protect merchants and customers.
Cons
- Stripe’s chargeback protection is limited compared to some other payment gateways. Merchants may be responsible for chargeback fees and disputes.
- Stripe does not support all currencies, which may limit its usefulness for merchants in multiple countries.
- Stripe does not offer phone support, which can be frustrating for merchants who prefer to speak to a live customer service representative.
Opayo
Opayo (formerly Sage Pay) is a payment gateway that can be integrated with Shopify as a customer payment option. Opayo provides advanced fraud screening tools and 3D Secure authentication to protect merchants from chargebacks and fraudulent transactions.
Pros
- Opayo offers a range of payment options, including credit and debit cards, PayPal, and other digital wallets, giving customers the flexibility to pay in the way that suits them best.
- Opayo is Level 1 PCI DSS compliant, which means it meets the highest industry security and data protection standards.
- Opayo supports transactions in over 25 currencies, making it easier for merchants to sell to customers globally.
Cons
- The setup process for Opayo can be more complex than other payment gateways, which may be difficult for some merchants.
- Some merchants have noted that Opayo doesn’t offer as many features as other payment gateways, which may be a downside for some businesses.
- While Opayo is a good option for UK-based merchants, it may not be the best choice for businesses that primarily sell outside of the UK.
Various other Payment Methods can be used with Shopify:
- Authorize.net
- 2Checkout
- Braintree
- Amazon Pay
- Apple Pay
- Google Pay
Final Word
It is a pride for e-commerce stores to have smooth checkout processes, which specifically depend on the payment method you integrate with your e-commerce store. The best payment method will also depend on your business type; all you need to do is take a comparative analysis of the payment methods available for your business, and you are good to go.
You can also hire Shopify experts to help you guide for end-end services on the Shopify platform. An expert will help you make an informed decision based on market research.
