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The Best Payment Method for Shopify Stores 💸
We’re about to dive deep into the unique strengths and weaknesses of ten different Shopify payment methods.
Don't want to read the whole article? 😏Click here for chapters
- How to Accept Payments Online | 10 Ways Businesses Get Paid 💳
- 10 Ways Shopify Merchants Get Paid 💰
- Stripe Payments
- PayPal Online Payments
- Shopify Payments
- Got a Store on Shopify Plus?
- Braintree Direct
- Amazon Payment gateway
- Got a Physical Store?
- Shopify POS
- How Does Shopify POS Work?
- What are Sales Channels?
- What Sales Channels Does Shopify POS Support?
- Final Thoughts
- Get Started with Shopify
- Looking for a Shopify Developer? 👀
Written by Madeleine
How to Accept Payments Online | 10 Ways Businesses Get Paid 💳
Accepting online payments from third-party payment providers opens up your business to a wider audience, but with so many options to choose from, how can a large or small business really tell what is the best way to accept online payments from shoppers browsing their store?
Yup, we feel you, but fortunately, we here at Karmoon have quite some knowledge of payment processing. So, we’re pretty confident that we’ve got all the information you’ll need to find the best way to accept payments on your Shopify-powered store.
So, get ready to open up new doors for your business by accepting payments online because we’re about to dive deep into the unique strengths and weaknesses of ten different Shopify payment methods that your customers can use to purchase from your business with ease!
10 Ways Shopify Merchants Get Paid 💰
With a huge variety of Shopify payment providers to choose from, it can be difficult to know the best way to accept payments online for your business, but we’re feeling a little bit daring. So, we're diving in first with a hard-hitter:
Stripe Payments is a very popular Shopify payment gateway for merchants on the platform as it’s easy to use, super affordable and extremely flexible - just look at that flex! 💪
If you’re all about the easy life, Stripe Payments offers everything from simple transaction invoice payments and receipts to more advanced features like; recurring billing, mobile apps and more for online businesses to get a feel of the high life when accepting online payments from customers.
Stripe Payments may be a popular payment gateway with merchants on Shopify, but it’s also one of the most recognisable ways to accept payments online for a variety of ecommerce businesses across the globe.
We’re talking about big, BIG brands here, but don’t worry the tool isn’t overcomplicated and doesn’t require a financial whizz to operate. Stripe Payments is nothing if not straightforward and that's the kind of online payment form we love to recommend.
So, if you’re on the hunt for that ideal Shopify payment gateway tool that can accept payments online whilst delivering a reliable service, Stripe could be the ideal online payment form for you!
PayPal Online Payments
Did you know that PayPal has been around since 1998? That’s right it existed at the same time as dinosaurs walked the Earth.
We’re just kidding of course, but it is no surprise that PayPal payments are still one of the leading forms of payment options in 2022.
With over 143 million active accounts under its belt, the PayPal online payment processor offers a wide range of options to ecommerce businesses, enabling them to accept payments from customers around the globe.
This includes; debit card payments, credit card payments, money transfers, electronic checks, virtual payments from a bank account and more!
Can we get a cha CHING? That’s right, you just heard that iconic Shopify sound and with the PayPal Express Checkout in full swing, bustling customers can use credit card payments or payments from the customer's bank account to pay for goods and services without leaving the store they’re browsing.
Hold onto your hat though, because the best thing of all is that customers don’t have to log in again with another account (like Amazon).
Logging in and out of different accounts is a real mood killer and quite frankly an annoyance when you’re trying to shop right? We’ve all been there, but thankfully PayPal has nipped this nuisance in the bud.
Oh and don’t worry if you don’t have a PayPal account. The solution doesn’t discriminate, so feel free to take advantage of features like this without signing up for the platform.
Note:If Shopify Payments is not activated, merchants will be charged third-party PayPal fees each time a customer makes a purchase using this payment processing format. PayPal payment processing fees are usually lower than credit card processing fees and are charged per transaction.
Next up is Shopify Payments and this is most obviously (and not shockingly) the best way to accept payments online if you've got a store on Shopify. After all, the solution was built by Shopify for Shopify-powered stores and the only thing you'll need to utilise the tool is a merchant account.
Shopify Payments enables any store on Shopify to accept online payments on their site from credit cards without having to set up an additional merchant account or payment gateway. Plus, it’s available across all Shopify plans at no additional cost!
If you run a small business, you’ll know how important it is to accept online payments, but keeping those additional expenditures down is just as crucial for success. We understand that you want BANG for your buck with a Shopify third-party payment solution and this is why we have a soft spot for Shopify Payments.
Accepting credit card payments can be a hassle and more often than not, payment solutions all have unique features, setup fees and transaction fees, but the good news is that it’s free to get started with Shopify Payments. It’s just the transaction fees you'll need to consider here. Did we just hear your bank account sigh in relief? Yeah, we thought so.
Worldpay is a complete online payments service that provides merchants with the ability to take ecommerce payments directly from customers at the checkout page on Shopify. Sounds easy enough right?
We couldn’t agree more and we’re not the only ones who think so because Worldpay is a leading payment provider that delivers multiple payment options to ecommerce businesses across the globe.
Easy to integrate and easy to use, the Worldpay API helps Shopify developers and experts create bespoke checkout forms for merchants, but the great news is that they’ll be ready to accept other payment methods within 24 hours of setup - awesome!
Currently, Worldpay supports more than 150 currencies and over 650 payment types and has sustained relationships with more than 200 banks worldwide. Now that’s what we call smart finance.
Got a Store on Shopify Plus?
Boy have we got news for you... Worldpay easily integrates into stores on Shopify Plus!
If that’s your business, just sit back, relax and begin collecting payments with one of the best Shopify payment providers on the market.
Braintree Direct is one of the best online payment services that provides everything an online store could need to sell and transfer money from customers. Whether shoppers choose to browse your store from an Android, IOS or desktop device, this is one of the best Shopify payment gateway solutions on offer.
Are you ready to drive revenue growth and maximize business opportunities for your store with Braintree Direct? Let’s get a beep BEEP from you guys in the back!
Simply integrate this payment gateway into your Shopify store to accept payments online from leading payment service providers like; PayPal, Google Pay, Apple Pay and wallet payments like Venmo (US only).
We should also mention that Braintree provides access to industry-leading tools, enabling merchants to prevent fraudulent transactions, manage data security and streamline operations with ease.
Where can we sign up?
Amazon Payment gateway
Did you know that around 37% percent of customers typically abandon an online store because they’re asked to create an account before they make a purchase?
Well, thanks to Amazon Pay, there’s no need for your customers to create an account or enter new information when they purchase from your store, keeping the payment process super simple, just how shoppers like it.
The Amazon Pay checkout increases shopper engagement, brand visibility and security for merchants across the globe. Additionally, Amazon Pay is also an extremely reliable payment form for Shopify stores to reduce chargeback claims and fraudulent transactions.
Take it from us, Amazon Pay is a proven winner of customer trust and is one of the best payment gateways to turn to for advanced fraud protection.
Next up is 2Checkout, the all-in-one monetisation platform that maximises revenue, making global online sales from credit and debit cards easier for everyone to process.
Trusted by 20,000+ industry leaders worldwide 2Checkout enables any store to accept payments online, anytime, anywhere. It’s the payment platform that helps ecommerce stores grow and reach their goals!
Whether you're tapping into international markets, looking to boost conversion rates or introducing recurring payments to your business model, 2Checkout can help you tackle the complexities of collecting global payments online.
2Checkout’s payment processor was created to meet dynamic needs such as collecting; global credit card payments, mobile payments, subscription payments and more.
Want our advice? Go ahead and check out 2Checkout for your online store. See what we did there?
Get ready to offer your customers a variety of online payment options ranging from debit cards, credit cards and eChecks to digital payments like Apple Pay and PayPal straight from the comfort of your Shopify store!
With a wave of a wand (and a magical online payment), Authorize.net enables merchants to process credit or debit card payments in a way that works for individual businesses, whether they’ve been made as desktop or mobile payments.
Authorize.net provides multiple payment methods for merchants to sell more, sell faster and sell safely to their customers on Shopify. With the tool’s advanced fraud detection and secure customer data storage in tow, your business will be in super safe hands with this payment form.
It’s not hip to be square... or is it?
Every aspect of ecommerce has been made easier for online businesses thanks to innovative payment gateways like Square.
Square is a payment processor that accepts and manages orders made as mobile payments, both online and in-store from social and mobile showrooms.
With Square, merchants can deliver an unparalleled online shopping experience with the solution’s mobile-first design that makes it easy to scroll, shop and process mobile payments.
Special components can also be utilised to highlight new products, top sellers, sale items or related items to help drive shoppers to precise inventory. So, get shifting!
Also, any Shopify store can schedule product drops, discounts and flash sales while adding banners and pop-up alerts to build excitement as their drop date gets closer. How cool is that? Square isn't your ordinary payment method.
Got a Physical Store?
Sync all sides of your business with seamless integration between Square Online and any Square POS to efficiently manage any payment form online or in-store from a single unified system.
Prefer to do sales the old-fashioned way?
Shopify POS is the most versatile point-of-sale app for both large and small businesses to unify online and in-store sales.
Merchants can use Shopify POS to sell products from their ecommerce store almost anywhere, including brick-and-mortar stores, markets and pop-up shops!
How Does Shopify POS Work?
Shopify POS works its magic by syncing a Shopify merchant account with an online store, its product inventory (across all retail locations) and sales channels. Additionally, merchants can also view and manage customer orders directly within the Shopify POS app.
If your focus is on leveraging more social conversions, you'll be nothing if not impressed with the tool's ability to sell and keep track of products across multiple sales channels.
What are Sales Channels?
Sales channels represent the different platforms where both large and small business owners sell products and to no surprise, Shopify POS makes it easier than ever for merchants to accept credit card payments across a variety of channels.
Sales channels can be anything from social media platforms such as Facebook and Instagram, to wholesale channels, the Shop channel or your Shopify store.
After you've got your sales channels set up and ready to roll, Shopify POS swoops in and connects each sales channel to Shopify, enabling large and small businesses to keep track of their inventory, orders and customers in one centralised space!
What Sales Channels Does Shopify POS Support?
NO.1: Shopify Store
Shopify POS considers online stores and checkout to be the main sales channel of a merchant on the platform as this is one of the main ways to accept credit card payments online.
Note:If you're launching a business with Shopify, you'll be pleased to know that basic Shopify subscription plans include a Shopify-hosted domain at a myshopify.com address, but merchants can also set up a domain themselves if this is preferred.
NO.2: Shop Channel
Shop is a super handy tool that allows Stores on Shopify to engage with customers and manage their brand's presence across the Shop app.
Facebook is another excellent sales channel for your business to post content and accept credit card payments for products using the Shop tab on your company's Facebook page.
Note:After you add a sales channel, it will be listed under Sales Channels in Shopify.
NO.4: Buy Button
Got yourself a company website or blog? Simply add the Shopify Buy Button onto your website or blog (including WordPress and Squarespace websites) by embedding the tool as a payment method to easily connect with your Shopify checkout.
Note:You can also sell in person using the Shopify POS app, a credit card reader and other retail hardware.
If you've always wanted to successfully broaden the reach of your business and sell products on social media, Instagram is a great way to go!
Instagram is a leading platform in the social commerce space and yet, it's where many consumers choose to spend their time online. This fact is pure gold and you'll soon see what a treasure tool Instagram can be for ecommerce businesses.
To get your Shopify store set up with Instagram, simply tag products from your store as and when they appear in your Instagram posts and stories to generate a buzz around the items in your inventory.
We hope your counting skills are good because you'll be accepting payments from credit and debit cards in no time thanks to sales channels like IG!
NO.6: Wholesale Channel
If you're in the B2B space, selling products wholesale to large and small businesses in a separate, password-protected storefront is a great way to request payments and accumulate sales for your Shopify store.
Note:The wholesale channel is available to stores on Shopify Plus plans only.
Sticking with the B2B side of Shopify selling, merchants can introduce wholesale products within their inventory to the Handshake wholesale marketplace for other retailers to browse through.
These are the top online payment options and the good news is that there are plenty of online payment forms for you to consider.
They’ll all do a great job of helping your business accept Shopify payments online, but the bad news is that our recommendations of online payment processing services end here.
We’ve given you a lot to think about, but only you can identify the best Shopify payment services online for your business to consider.
Get Started with Shopify
Ready to launch a business with Shopify?
Take advantage of the platform’s 14-day free trial, no credit card payments are required.
Looking for a Shopify Developer? 👀
If you’re actively looking to work with a Shopify developer or designer to assist you with your business, we’d love to hear from you. Get in touch to get started!
Get Started with Shopify
Looking to get started with Shopify? Take advantage of Shopify's 14-day free trial, no credit card is required.
If you're actively looking to work with a Shopify agency designer or developer to assist you with your business, we'd love to hear from you. Get in touch to get started!