Choosing perfect payment gateway options for your Shopify store is important when it comes to payment processes. A payment gateway is not just a system for receiving payments from consumers but also one that includes data security, which enhances credibility, and as a result higher sales. Here’s a guide to why you need one and a look at the top five options: Shopify Payments, Stripe, PayPal, Amazon Pay, and Authorize.net.
Why Do You Need A Shopify Payment Gateway?
A payment gateway is a must-have facility for anyone wanting to accept online payments. This makes it possible to transfer the payment details of your customer between the bank and your store without fear of fraud.
1. Shopify Payments
With its features, Shopify Payments is the default and most basic payment option for people on Shopify. This is because it has been designed to the Very good that no third-party integration is required to use it since it is already embedded into the platform.
Key Features:
- A full range of accounts with no transactions fees except for credit card processing.
- Supports major credit cards.
- Full integration with Shopify to make the payout process easier and flawless.
Shopify Payments is easy to use, however, it may not be available in your country, therefore do check country availability.
2. Stripe
Stripe is very famous due to its flexibility and integration issues, especially if you are an international company. It accepts more than 135 types of currencies and has diversified functionalities such as tailored checkouts and subscription payments.
Key Features:
- There are no membership fees for creating an account; however, there is a fee for each transaction.
- Supports multiple currencies.
- Compatibility with the digital wallet other than the cardiac mobile wallet, such as Apple Pay and Google Pay.
- API-based, solid, flexible, and designed to suit the developer’s working style.
Stripe is perfect for businesses that require some degree of freedom, especially for those selling across borders.
3. PayPal
PayPal is one of the secure payment gateways and it has plenty of users all around the world. Some retail consumers use PayPal due to the increased security when shopping online and one-click payment option.
Key Features:
- It’s easy to integrate it with Shopify (depending on the app in question).
- Accepts PayPal balance, credit cards, and bank transfers only.
- Improves conversion rates with a quick integration for checking out.
- You don’t pay monthly fees, instead, there are charges for each transaction made.
On the other hand, PayPal is convenient and easier to use than writing checks: on the negative side, PayPal charges a transaction fee which can be higher than estimates for international sites.
4. Amazon Pay
Amazon Pay is designed for customers to use their Amazon account details for an easier purchasing process. This somehow familiar payment method enhances confidence through its usage, especially for Amazon frequent users.
Key Features:
- Easy setup with Shopify.
- Accepts all standard types of credit cards.
- Reduces bounce rates in mobile apps since it offers one-click checkouts.
- Absolutely no charges for signing up; only charges for transactions are incurred on this platform.
However, Amazon Pay may not be available in every region to customers or to any certain kind of business.
5. Authorize.net
Authorize.net is best suited for those large organizations that require versatility. It accepts multiple types of payment, including Visa and Mastercard credit cards; and electronic checks; and features high levels of protection against fraud.
Key Features:
- Allows credit cards, cheques through electronic means, and Apple Pay.
- Advanced fraud detection.
- Recurring billing options.
Authorize.net also comes with a monthly charge in addition to the transaction fees hence recommending it for companies that post high traffic.
Conclusion:
Choosing the best payment method is difficult but you should choose a best payment gateway to make your business more smooth and easy. From the above-mentioned methods, you can get an idea about some of the best choices, but there are many other ways as well. But these mentioned methods are one of the most used and best of the segment. If you are using Shopify ecommerece store then our Shopify experts can help you to setup Payment gateway setup on your store.