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Are you willing to sell your products online on Shopify Store and worried about how to receive payments, then choosing the best payment gateway can relieve your stress dealing with payments and help you to focus on your business hassle-free. Here, in this blog, we will help you find the best payment gateways for Shopify Store according to your budget and needs.
Before diving into the list of payment gateways let us look into what payment gateways are and how they work and what are the benefits of using them.
A payment gateway is a kind of technology that allows retailers to process payments from their customers. Merchants utilize a payment gateway technology to facilitate debit and credit card transactions, with customers. This includes the card reading devices in stores and the online payment processing platforms, on e-commerce websites. In physical stores, point of sale (POS) terminals are used for accepting credit card information via cards or smartphones. Online retailers rely on payment gateways as the checkout step where customers input their credit card information or credentials.
Selecting a payment gateway for all types of transactions is critical for businesses looking to provide flexible and secure payment choices to their clients. PayPal, Stripe, and Square are three of the most popular online payment gateway service providers in the United States, and they are known for their powerful platforms. These platforms serve as credit card gateways, enabling safe transactions for both domestic and foreign firms. For merchants aiming to expand abroad, an international payment gateway list might contain companies such as Adyen and Worldpay, which provide frictionless cross-border transactions. Here is a comprehensive list of payment gateways covering significant gateway providers that operate globally and provide a variety of online payment gateway services.
The top one on the list is the Shopify Payment itself. It is Shopify's own payment gateway, which enables ecommerce retailers to accept both online and in-person purchases using a single platform. It includes every feature and solution you'll need to properly manage and handle payments on your website without using a third-party solution. This payment option offers store owners a free card reader for physical payments. Customers' payments often take up to three business days to reflect in your bank account.
The detailed pricing list of Shopify payments is shown in the image below:
Stripe is one of the most popular payment gateways since it is not connected to any one ecommerce platform. It enables retailers to accept credit card and mobile payments and integrates seamlessly with the majority of websites and mobile apps.
Stripe makes transactions easier by providing a comprehensive toolkit and simple yet effective features. Stipe enables you to accept debit and credit card payments, as well as Automated Clearing House (ACH) transactions.
Stripe also allows you to set up recurring payments, so your customers don't have to pay everything at once and you don't have to worry about them forgetting.
Paypal does not need an introduction in the world of payments. It enables anyone to process payments via the Internet. It is a well-known name in the field of online payments and offers fraud prevention measures for both consumers and sellers.
According to the poll, "51% of customers trust businesses more if PayPal is accepted".
PayPal is ideal for new stores and small companies. That is why, when you create a new Shopify store, PayPal is automatically added to the payment settings. PayPal lets you accept credit card payments, bank account payments, and PayPal balances from your Shopify store.
Adyen is a global payment gateway that lets retailers accept payments in a variety of currencies and countries. If you value subscriptions and foreign payments, this is a fantastic choice to investigate.
Adyen does not impose monthly fees; however, the cost of its payment gateway is determined by your customer's issuing bank. This fluctuates between 3% and 12%, plus 13¢.
Apple Pay allows you to offer a rapid checkout alternative to Apple consumers. When a user visits your Shopify store via the Safari browser on their Mac or iOS device, they can use the Apple Pay button (for dynamic checkout) and scan their fingerprint to complete online payment transactions.
When customers use this payment method to make a purchase, they are not required to input their card information or shipping address. This allows them to select for a super-fast checkout.
Amazon Pay is a popular payment option that offers a safe and convenient way to accept payments. It accepts online payments using the card and shipping information linked with the customer's Amazon account.
Customers who use Amazon Pay can finish their order more quickly by using the shipping address and payment information already stored in their Amazon account. Their billing address is kept private and not disclosed to Shopify.
You must pay Shopify third-party transaction costs every time a consumer uses Amazon’s payment method.
Google Pay (GPay) is a very popular mobile payment method nowadays. It is a simple and safe way to pay bills or transmit money amongst GPay customers.
Authorize.net may be an option if you require a payment gateway that is compatible with your Visa merchant account. The software is owned and administered by Visa, making it simple to connect your payment gateway to your Visa merchant account.
WorldPay is a payment service company that operates its own gateway.
Verifone, formerly known as "2CheckOut," is a Shopify payment method that is less popular than the majority of the ones on this list. Verifone includes a risk management and compliance area that can help you monitor potential fraud and privacy issues. It also has a tax computation option to help you manage your taxes.
The motive behind choosing a service is absolutely the features and advantages it offers. Let us see what are the benefits of using a good payment gateway:
Let us know what factors you should consider while choosing the best payment gateway provider for you.
Business is about making a profit. Hence, merchants should always look for a platform having lower processing fees and transaction costs.
Payment processing fees can affect everything from your profit margin to your pricing structure, so do not neglect this factor.
Flexible payment methods increase the conversion rate of successful purchasing which can ultimately boost your business. 11% of online shoppers have abandoned their online shopping carts because the retailer does not accept their preferred mode of payment.
Many payment processors accept more than just credit and debit cards. Make sure your selected provider accepts all of the payment methods you require.
A payment gateway with a global presence can help you sell your products globally thus earning more profits. This enables you to access and serve customers from other regions, so expanding your store's reach and earning potential.
Payment gateways manage sensitive financial information, which you do not want to fall into the wrong hands. Check that your shortlisted payment gateway is PCI DSS compliant and has security features such as encryption and tokenization. Protecting your company and customers from fraudulent transactions is a critical priority.
A seamless integration process is required for a hassle-free buying experience. Choose a payment source that connects effortlessly with Shopify, minimizing technological complexity and allowing clients to make payments without interruption.
For the long-term sustainability of the business, the customers visiting your store must have an awesome experience of hassle-free transactions. At the same time, you must also have a good customer support service to solve any issue as a priority.
Do you need a payment gateway for Shopify?
Yes. You must integrate the Shopify Payment gateway or third-party payment gateways before Shopify can begin receiving payments from your customers.
Which is the best payment gateway for the Shopify store?
Some of the best gateways for the Shopify Store include Shopify payment, Paypal, Stripe, etc.
Is Shopify Payment Gateway free?
No, the Shopify payment gateway is not free. Their charges are mentioned on their website
Is PayPal best for Shopify?
Paypal is known globally and offers wonderful features but it also has some cons. Hence, the best depends on your needs and budget
Is PayPal free with Shopify?
No, Paypal is not free with Shopify
Ashutosh is a Postgraduate in Engineering and has years of experience in content writing across wide domains, including educational and e-commerce.