Finance

Shopify Payment Gateway

Shopify payment getaways are electronic payment solutions that allow your customers to pay for whatever they’re purchasing from your e-commerce site. This is a very important thing when you’re running an online store.

The payment getaway solution must be user-friendly or you’ll lose your customers for good. Any sketchy looking thing in the payment process can make the customer go away from your site for good. Therefore, make sure to have a user-friendly payment for your customers to place their orders.

Best Shopify Payment Gateway

Shopify has its own payment gateway called Shopify Payments. It is already blended into your store. So you don’t necessarily have to set up a different payment gateway. However, the platform supports many payment gateway solutions. It is best to have multiple payment gateways so there is a wider range of ways that your customers can make payments.

Once you set up the Shopify Payment on your store, customers can make payments using their credit or debit cards. Compared to other third-party payment gateways, Shopify Payment Gateway has the lowest transaction fees.

While some payment processors charge a monthly amount, you wouldn’t want that when you’re just starting. Because you don’t know the potential and the likelihood that you’re going to make sales up to a certain amount, being charged a small amount for every of your transaction is going to be much better. However, you can always check the other payment processor’s transaction fees to find the one that suits your interests the best.

All and all though, we recommend Shopify’s own payment gateway.

Activating Shopify Payment Gateway

Step 1: Head over to Payment Providers page in Shopify settings. On this page, you will need to enter the following information to activate Shopify Payments.

Step 2: Enter your Employer Identification Number, average shipping time of your orders, average price of your orders and lastly, enter your banking information.

Step 3: Choose the plan that suits you the best.

Other Payment Gateways

Other than Shopify’s its own payment processor, you can choose a large number of payment processors. This is a good thing especially if you’re trying to reach a wider audience. We recommend Shopify Paypal as Paypal is one of the most commonly used payment processors worldwide. Aside from these, the following payment processors are all popular but you should pick the one that fits your customers the best.

  • SagePay
  • Authorize.net
  • Stripe
  • PayFast
  • Worldpay
  • 2Checkout
  • PayGate

Another payment processor you should set up on your Shopify e-commerce business is PayFast. Nothing fancy about it but it is the only payment processor that accepts Bitcoin. Since more and more people are keeping their assets in cryptocurrencies, you wouldn’t want to miss customers that are looking to pay Bitcoin.

William Mayer

Hello, I'm William! I mostly write about financial topics such as stocks, investments, and small business ideas. I like to cover the hot entrepreneurship subjects where you and I can look forward to the future.

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