Payment gateways are an essential part of every e-commerce business. Setting smooth payment methods on Shopify can increase sales. A safe and secure process will also retain customers in your online store.
But business owners often get overwhelmed while selecting a Gateway method. Numerous options are available and each has a different charge. So which one to select?
If you are also stuck then this article will help you find a solution. Here is a list of the top 5 Shopify Payment Gateway methods with complete detail of Shopify payment gateway API, charges, taxes, payment mode, and other relevant information.
Before selecting a Shopify Payment Gateway Keep this in mind
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Geographical location
While selecting an eCommerce gateway, geographical location plays a key role. Location will decide the currency and can affect your sales rate if you do not find a suitable method for there.
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Cards accepted
It must be suitable for your preferred card payment method.
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Security Concerns
No invoice method can be better than one that ensures proper security while doing transactions. Your Shopify payment gateway integration must ensure end-to-end encrypted methods.
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Target client
Your e-commerce invoice method must be suitable for your client base. For instance, if your potential customers are simple homemakers then a Shopify gateway accepting cryptocurrency won’t be of any use.
But if your target audience is related to the digital currency field then this will be the best for your e-commerce store.
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Shopping Experience
Your e-commerce Gateway must ensure smooth transactions. This will help in ensuring a good shopping experience for the customers.
1. Shopify payment
Shopify payment is already included in the account of this e-commerce platform. This is one of the best methods for digital invoices as it allows both online and physical payment through a Free card reader.
You can manage your orders, payments, and payouts directly from your merchant account. The payment will usually take 3 business days to reach your account. The built-in risk tool will identify suspicious orders and will eliminate them from your system.
Upgrading to premium plans will reduce the basic transaction charge which is 2.2%. You can easily activate your payment option by Payment Providers in the settings. Fill in the necessary details and select a plan and your e-commerce payment account will be activated.
Transaction charges:
- Basic plan- 2.2% + 20p fee
- Shopify Standard- 1.9% + 20p fee
- Advanced Shopify- 1.6% + 20p fee
Special features:
Free card reader to use in physical stores
built-in risk tools to identify suspicious orders
Available in: Canada, US, United Kingdom, Singapore, Australia, Ireland, and New Zealand
2. Stripe
Stripe is one of the best third-party payment providers for Shopify. It is designed with multiple features for providing ease of transactions in larger firms.
Merchants can create their support system with multiple APIs present in it. These APIs can be customized with the help of a freelance Shopify developer. As it required knowledge of development languages such as ruby, Python, PHP, and Java.
Transaction charges:
- European cards- 1.4% + 20p
- Non-European cards- 2.9% + 20p
Special features:
- Accepts payment in 135 currencies (online and in-person)
- subscription management
- online invoice
- fraud & risk management
- business financing
Available in: Most popular in the US but available in more than 35 countries and territories.
3. Paypal
Paypal is a very popular digital invoice method. Paypal is leading the market by surpassing even its parent app eBay. It is the most used payment method for Shopify gateway. It offers numerous features to its customers.
PayPal even accepts international payments and you can make direct payments through it.
Transaction charges:
- Sales volume up to £55,000/month- 1.9% + 20p
- Sales volume less than £1,500/month- 3.4% + 20p
Special features:
Both free and paid accounts are available
cart integration
multiple customization options
online invoicing
Available in: 230 countries+ 220 million active users
4. WorldPay
WorldPay is considered one of the best digital gateway integration for purchasing products because of its user-friendly features. WorldPay can cater to the needs of any business type irrespective of their size.
It is the second-largest after PayPal. WorldPay takes 3-5 business days for complete installation but this platform has an international reputation for excellent security. A freelance web developer can assist you in the setup process.
Transaction charges:
- Pay as you go- £25+ 10p
- Fixed monthly- £49.99
- Standard- £19.95 + 10p
Special features:
- Accepts online payments and through telephone and card machines.
- Accepts 120 currencies
- High-class security
- Excellent customer service
Available in: Most popular in Asian Pacific but operate in more than 146 countries.
5. SagePay (now Opayo)
SagePay is also a popular method for paying bills. It is most popular in the UK. SagePay allows money transfer via online and phone.
SagePay runs multiple checks on your e-commerce store to analyze contact information and payment logos displayed on the page. SagePay uses high-security levels and can detect frauds also.
Transaction charges:
- 350 transactions- £19.90 per month
- 500 transactions- £45 per month
- +3,000 monthly transactions- bespoke corporate plan
Special features:
- 24/7 support system
- flat monthly fee
- fraud detecting tools
- secure and reliable connections,
- drop-in checkout integration
Available in: Most popular in the UK and used by more than 55,000 businesses globally.
Meta: Selecting the best Shopify Payment Gateway is crucial for your Shopify store. PayPal is the largest eCommerce gateway followed by WorldPay.