A variety of payment methods and the convenience of the checkout page are important factors for attracting customers and increasing conversion. In this article, you will learn about the most popular payment systems for Shopify, which are worth using with the money exchange Rates service if the difference in currency conversion during online shopping is important.
The Role Of a Payment System For An Online Store On Shopify
Connecting a payment gateway is necessary to conduct and accept international transactions. The system processes transactions, ensures the security of payment data, and protects against fraudulent transactions. It also allows you to generate reports and view business analytics, as well as withdraw received funds to a bank account.
For a Shopify store, payment services provide convenient payment. An entrepreneur gets the opportunity to work with clients around the world, track statistics, and scale his business.
Best Payment Systems For Shopify
When launching an online store on Shopify, you can use the built-in Shopify Payments platform or connect to another payment service. Please note that transactions made through a third-party system will incur additional fees. Its size depends on the tariff: 2% (Basic), 1% (Shopify), 0.5% (Advanced).
#1 - Shopify Payments.
Shopify Payments is a service owned by the Shopify brand. It is built into any online store on this platform by default, making it easier to accept international payments. An entrepreneur does not need to enter into agreements with third-party services or connect a checkout. Full integration allows you to track purchase statistics, current orders, and payment history without going to other sites. Another important advantage of Shopify Payments is that there are no additional fees on each transaction.
Shopify Payments ensures payment data security and is PCI DSS compliant. Buyers can pay via bank cards and major electronic wallets (Google Pay, Apple Pay, etc.).
#2 - PayPal.
PayPal is a service that almost everyone knows. Shopify users can implement this system on their website through the PayPal Express solution. Its essence is to allow users to place an order in a few clicks. This method eliminates the need to enter additional information, including an address.
For a Shopify store owner, Paypal Express offers the opportunity to start accepting payments without registering an account in the payment system (this can be done later), view order information, and automatically refund funds in case of purchase cancellation.
The size of the commission depends on the region and currency of the transaction. Detailed information can be found on the official website.
It is worth noting that as of mid-2023, the number of PayPal accounts exceeded 430 million, which demonstrates the popularity of this payment system.
#3 - Square.
Square is a service for entrepreneurs who combine online and offline work. Although Shopify also offers POS software and hardware. The software makes it possible to connect the Shopify online store and a physical point of sale to track the number of products in stock, order statistics, etc.
An advantage for buyers may be the ability to buy Bitcoin on the Square checkout page and pay for purchases with them. Square's minimum commission for online payments is 2.9% + $0.1.
#4 - Braintree.
Braintree is an international payment system based on PayPal. It has a simple and accessible interface, which makes working with it easier for both entrepreneurs and clients.
With a base commission of 2.59% + $0.49, the entrepreneur has the opportunity to accept payments through bank cards, as well as Venmo, PayPal, Google Pay, and other systems. The basic plan includes a merchant account, fraud protection tools, technical support over the phone and online, as well as the ability to integrate third-party services for business analytics, invoicing, and more.
#5 - Amazon Pay.
Another well-known platform that can be connected to your Shopify store is Amazon Pay. The system offers opportunities for both small businesses and large enterprises: from basic checkout optimization to tools for business scaling. Buyers trust the service as it provides a high level of security. Basic fee: 2.9% for domestic payments and 3.9% for international ones. An authorization fee of $0.30 is added to this.
#6 - Klarna.
Klarna is a service that allows customers to split the payment for an order into several payments. Options are available for monthly payments (up to 24 months), splitting the cost into four payments (payment every two weeks), as well as paying in full for the purchase 30 days after it is made. The system is relevant for those online stores that sell expensive or “high-risk” goods - from electronics to fashion items. The possibility of deferred payment increases conversion and attracts buyers.
#7 - Adyen.
Adyen is another solution for those who combine work in an online store on the Shopify platform and a physical point of sale. The system allows you to simultaneously process information about orders in an offline and online store. The service also offers tools for protection against fraud based on artificial intelligence. For customers, Adyen provides security and high-speed transaction processing through an intelligent authentication process.
The payment processing fee is €0.11 + an additional fee, the amount of which depends on the payment method, country, and currency. Payments are available both through bank cards and through electronic systems.
Wrapping It Up
Online shopping offers a lot of advantages and opens up new opportunities for purchasing goods in foreign online stores. If currency conversion is important when shopping online, we recommend using the Rates service, which displays up-to-date information on currency exchange rates in Ukrainian financial institutions. The service is available in cities around the world, including global financial centres such as Chicago and New York in the USA.
