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7 minutes read

Payments on Shopify: Ultimate Guide 2023

By Alvaro Insignares
A businessman receiving a sales notification on his laptop.
By Alvaro Insignares
7 minutes read

Payments on Shopify are one of the most important aspects for any business looking to use the eCommerce giant. As you can imagine, the platform offers its users a wide range of payment options. After all, their goal is to make online sales as easy as possible.

For companies in the retail industry, Shopify is an excellent alternative because it works with different payment gateways. It covers options such as Apple pay, Google pay, more traditional credit card payments, and its very own Shopify Payments. One of the best things about using Shopify is that you can link payments to be transferred directly to your bank account. 

If you are a business looking for a payment provider or a technology that suits your online business needs, this article is for you. Take a look at the different alternatives Shopify provides, including Shopify Payments. This might be a great alternative for your development team to work with.

Payments on Shopify

Let’s say you’ve finally decided to set up your online business, and you’ve chosen Shopify as the eCommerce platform that best suits your needs. First, you will probably need to set up the products you will offer, and after that, you might need to link your business bank account. Moving forward, you may have to make some important decisions that will help you process your payments while keeping your operations running.

Shopify users have to choose the payment method that best suits their business. Failing to do so may make the sales process difficult for your customers, and it may also make keeping track of your sales difficult.

If you are looking for the best Shopify solution for your online store, keep in mind that alternatives may vary depending on the country you are in. They may also change according to the vendor plan associated with your Shopify store. The basic Shopify plan, for example, does not offer the same as Shopify Plus.

If you think this is too complicated, there’s no need to worry. Shopify offers almost every possible alternative you might need, and they do it in a way that is easy for you to configure. One of the best options is Shopify Payments. Before we explain what Shopify Payments is, let’s look at what payment gateways are.

Choose the Right Payment Gateway

Choosing the right payment gateway is one of the most important things for your online store. This will substantially impact the Customer Experience and your daily operations. 

Payment gateways are a technology used to process customer payments. There are many different payment providers, so looking at the different options and what each one offers becomes crucial to your success

The right payment provider can help you keep track of your sales and transfer them to your bank account. Choose the solution with the transaction fees that best suit your needs.

Additionally, choose one that guarantees you strong customer support and reliability. You want to make sure that you can stay in control of this vital aspect of your eCommerce.

Many Options for Your Online Store

Shopify doesn’t just offer a single payment method. It offers almost every possible alternative your business might need. The platform has numerous integrations that can easily and quickly be configured with different payment gateways depending on your needs. 

They have integrations for some of the most popular alternatives, like traditional credit card payments, but they also offer solutions for businesses that wish to use Apple Pay or Google Pay.

Additionally, Shopify provides many services that your business can use with its bank account. Most likely, these services will require you to manage your payments outside of the Shopify admin.

One of the most attractive alternatives for any type of business is Shopify Payments. 

Shopify Payments

Shopify Payments is a simple way for any online business to accept payments. Setting up a Shopify Payments account is very straightforward, and there are many benefits to using one, but there are also some things to keep an eye on.

A Powerful UX

Thanks to its unique User Experience, Shopify Payments allows you to view payments and other information directly from your admin account. This means that Shopify Payments users can manage all their sales information directly in one place

When customers pay using a third-party payment provider, you won’t be able to see your payments directly on the Shopify admin. Although this sounds like something you can live with, having all your information in one place is very beneficial. 

Payment Gateways

A major benefit of using a Shopify Payments account is that it accepts payments from different payment gateways, including Apple Pay and Google Pay services. The list also includes others like Facebook Pay and Shop Pay. 

No Subscription Transaction Fee

When using Shopify Payments, you do not have to worry about paying a subscription transaction fee. You only have to pay the card rate.

Payments on Your Bank Account

With Shopify Payments, you also don’t have to worry about setting up a business bank account using a third-party payment provider.

However, if you have one, consider that this may vary depending on the country you are in; that is, depending on where you have your bank account. Take this into account, so it does not affect your cash flow.

These are just some of the benefits and aspects you need to consider when using Shopify Payments. If you’d like to read more about Shopify Payments, take a look at the Shopify Payments help center page.

What Is the Best Payment Method for Shopify?

This is probably the question most businesses ask themselves when setting up their Shopify store. As you can imagine, there isn’t a one size fits all answer to it.

The correct payment method ultimately depends on the characteristics of your business. A given payment gateway may be more attractive to companies that sell a few items at a higher price, while another alternative might be better for cases where there are many sales, each with lower prices.

Take the time to understand the alternatives and choose the one that best suits your business needs. In other words, don’t rush through this important step. Consider crucial elements such as transaction fees, credit card processing fees, and alternative payment providers, to mention a few.

In most cases, Shopify Payments will be an excellent alternative for most Shopify users. As we’ve already noted, Shopify Payments offers many benefits for you and your customers.

Final Thoughts

When using the Shopify platform, there are many alternatives you can choose from. Look at what each one offers and select the one that best suits your needs.

For businesses that are just starting to get into the eCommerce world, it might seem hard at first, but this might be one of the most critical and strategic decisions in the long term. More often than not, you will benefit enormously from a Shopify Payments account.

If you need help setting up your Shopify online store or are looking for new ways to expand your current Shopify capabilities, reach out to an experienced retail app development partner who can help you make the most of payments on Shopify. 

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