What are The Best Payment Gateways For Shopify - 10 Ways Explained

[vc_row][vc_column][vc_column_text css=""]The payment process is an obvious thing after purchasing products from both eCommerce and traditional shops. In a brick-and-mortar shop, a customer can pay in cash, but in the case of online shopping, real problems come up. Because sharing personal bank account details with others is not easier. But now, people are willing to share their details with a trustworthy gateway option. However, this trust did not develop overnight. Nowadays, becoming scammed online is a very common incident. For Shopify store owners, choosing one of the best payment gateways for Shopify is the solution to eliminate such problems and ensure secure transactions for customers. At the beginning of the eCommerce sector, every company provided its own unique gateway, and each of those early gateways only supported a few select payment methods. But recently, payment gateways have become easier and more trustworthy than ever. In this article, we will discuss how to choose the best payment gateways for Shopify.

What Are The Importance Of Choosing Good Payment Gateway Options?

Having a user-friendly website or app is important for every eCommerce company, but a poor payment experience can drive customers away from your website. For instance, if you have an eCommerce product personalization business, then there is no other way to take payment hand to hand from your customer. In such a situation, the payment gateway options come in handy. Poor payment gateway options raise lower customer satisfaction, resulting in lower revenue and lower profit. In such cases, having a fast, secure, and trustworthy payment gateway is essential to the customer's buying process. Cart abandonment due to payment gateway issues might lose you customers and revenue if your eCommerce store's payment gateway isn't properly configured. So, an eCommerce website or app with the best payment gateway can make customers feel protected and secure. Payment alternatives such as debit cards, credit cards, and wallets should be accepted by merchants through a secure payment gateway both on their website and their mobile app. Long-term success in online eCommerce depends on having a reliable payment gateway in place, which includes several payment options and trustworthy security certifications. Let's talk about the 10 best payment gateways.

10 Best Payment Gateways for Shopify

1. Shopify Payment
2. Stripe
3. Authorize.Net
4. Paypal
5. Payoneer
6. WorldPay
7. Opayo
8. Klarna
9. Square
10. Amazon Pay

1. Shopify Payment

It's easy to start selling products and services on Shopify, which has everything you need. Payment processing, online shop creation, and internet promotion are all included in one package. We strongly suggest Shopify to anyone starting a new business because of the comprehensiveness and ease of use it provides. It's possible that Shopify's ease of use will persuade users from other eCommerce platforms to move. Once you've signed up for a Shopify account, you'll have access to the service. Taking major credit cards and other electronic payments may be done immediately. Every transaction is recorded and shown in real-time without any human intervention. Sales, payments, and monthly figures may be tracked with minimum effort. Customers will appreciate how easy it is to use Shopify. Moreover, a wide variety of common eCommerce payment methods will be accepted when you will have an account. Every Shopify package includes Shopify Payments, which many consider the best payment gateway for Shopify because it eliminates transaction fees when used. Other eCommerce payment methods may be included, but they come with transaction costs. When you utilize Shopify Payments, you won't be charged a fee for each transaction. Setting up a Shopify store may be done in a number of ways. Create shoppable links for $5 a month with Shopify Starter. Shopify takes care of the rest, allowing you to sell directly via social media, SMS, and email. Basic Shopify costs $29 a month and contains everything we've discussed so far. Set up a shop, ship goods, and start selling services. Your credit card processing costs will be reduced if you upgrade your Shopify plan. There are a few more plans available for Shopify, for example, Shopify standard and advanced. Payment gateways are necessary in order to accept credit card payments online or in-store. It's essential that you choose the best payment method for your company. And the Shopify payment method could be the one.

2. Stripe

Stripe is a global payment gateway provider with over 135 currencies. It supports mobile payments, subscription billing, one-click checkout, and a user dashboard with complete transaction information. Stripe is primarily recognized as a payment platform for online shops. Their virtual POS allows clients to combine their online and physical channels together quickly. Stripe Terminal may be utilized on desktops and mobile devices, as well as pre-certified card readers that accept updated and contactless payments. There's a decent reason why you should choose Stripe. Stripe is designed for enterprises that sell things online. It is a dynamic payment platform. Stripe's price is the most affordable for businesses in the United States and the European Union. Stripe's costs depend on the location of the company. When using domestic credit cards, businesses in the United States pay 2.9 percent + 30 cents per transaction. It's 1.4 percent + 25p (20p) for EU cards and 2.9 percent + 25p (25p) for international cards if the company is located in the European Union. Also, Stripe is the best payment gateway for Shopify UK. As a result, Stripe is a popular solution for companies all around the world. An anti-fraud system like this one provides you with a safe and trusted payment method. One-click checkout and mobile payments are the two best advantages of Stripe's feature-rich platform. It's easier for consumers to complete a transaction on your site since Stripe's checkout procedure is self-hosted, so they don't have to leave your site to pay.

3. Authorize.Net

Many major credit and debit cards, as well as e-checks and overseas payments, may be accepted by Authorize.Net customers because of its extensive history of working with merchant account providers. New merchants and seasoned users alike will appreciate the simplicity and ease of use of Authorize. Net. It is one of the few payment gateways that accept PayPal in addition to a broader range of payment methods. With the Authorize.net gateway, clients may utilize their current merchant account. A merchant account and a payment gateway are both included in the company's all-in-one bundle. Customers may also take advantage of recurring payments, billing, fraud protection filters, customer information management, mobile payments, a virtual point-of-sale (POS) system, and an optional card reader with both choices. Authorize.Net is a payment gateway that has been around for quite some time. A loyal following of consumers and merchants has grown around them since their inception in 1996. It's been a popular solution for years, but it's lacking in the flexibility that current payment gateways give, with strong fraud protection and the ability to take credit cards and contactless payments. However, when compared to the competitors, particularly Stripe, Authorize.Net falls short in terms of costs. Businesses will pay a minimum of $25 monthly on the lowest price tier. As a result, it is ranked third on our list, but it is still a good option for your payment processor.

4. PayPal

In terms of eCommerce, PayPal is the most popular method of payment. However, it's also become an important gateway option for any eCommerce because of its success in the informal and personal payments market. You may be guaranteed to reach a large proportion of your customers with PayPal's worldwide appeal, making it a good option for your eCommerce, for example, Shopify. PayPal has many levels, the most expensive one, PayPal Pro, costs $30 a month. 2.9 percent +30 cents for every transaction is comparable to Stripe, and there are no monthly fees. But, European Union companies are not eligible for decreased prices.

5. Payoneer

If you've already established yourself in the global eCommerce market, you know there's always an opportunity for development. You may do this by expanding into new markets, retaining more of the money you generate from overseas sales, or improving how you operate with suppliers. Payoneer is one of the best payment gateways for Shopify. Payoneer has the know-how and tools to make all of these enhancements. Because they are well aware of the high costs associated with international wire transfers and currency conversions, they avoid them wherever possible.  As a result of Payoneer's localized receiving accounts, you may receive payments in USD, EUR, or one of the numerous other currencies. Three simple steps are all that are required to set up accounts, send out payment instructions to your clients, and have the payments immediately deposited into your Payoneer account. Payoneer is not a supplier of merchant accounts, as should be emphasized. Therefore, accepting credit or debit card payments is not an option for you. Instead, it establishes a local bank in the area where you wish to get money and allows bank transfers instead. Global enterprises, for example, rely heavily on their suppliers and vendors. Payoneer, on the other hand, makes it easy to pay them whenever necessary. For free and instantaneous payments, use your Payoneer account balance. To make things even easier, you can mail up to 200 items in a single transaction. If you're having trouble breaking into certain international regions, you may even rely on Payoneer's partner network. If you're looking to sell in a foreign market, you may be able to get the services you need by interacting with local vendors in that market. Even while Payoneer charges a small yearly account fee of $29.95, it does charge a minor fee for certain transactions.

6. WorldPay

WorldPay is a widely-used platform because of its effective security and dependability characteristics, regardless of the size of a business. You can use this platform to make payments online, over the phone, or with a physical card reader, making it Shopify Payment Gateway's second-biggest after PayPal. They've established worldwide credibility as a reliable hub because of their well-oiled machine of management and sales team, which has enabled them to expand into more than 120 countries. It has gained widespread recognition in part because the platform's transaction fees vary with the store's volume of sales, allowing the proprietor to allocate expenses proportionately to the success of his or her enterprise. Getting started with this system takes about 3-5 working days.

7. Opayo

Opayo is a popular platform, especially in the UK, despite the fact that it might take up to four to five weeks to install. As a result, its eCommerce store owners may safely and easily accept credit card payments over the phone, anytime, anywhere. As part of their account verification process, Opayo looks at things like your website's contact details and the payment logos featured on your shopping basket page. It's famous for having a 99.9 percent uptime and charging a fixed monthly charge with no transaction fees for many of its goods. Its primary benefits include high-quality fraud detection capabilities at no extra cost, safe and dependable connections, and an easy drop-in checkout integration.

8. Klarna

Klarna is a great and easy-to-use payment option for Shopify. One can make a purchase immediately and then make payments at a later date. This setup is useful if you sell expensive things and want to provide your customers the opportunity to spread out their payments. It's easy to understand Klarna's pricing structure. The cost to you is 2.49% + 0.20 GBP per transaction when receiving payments from the UK or Ireland. When accepting payments from other countries, prices may vary.

9. Square

Square is the ninth option on our list of recommended payment gateways for Shopify. It's useful for accepting money both online and off. Hence, if you own a store, virtual or otherwise, you can trust Square as a secure payment solution. In addition, your Shopify business can benefit from a number of useful Square extensions. You can track sales, cash flow, and stock levels all from one convenient dashboard. Using this method of payment, Shopify store owners can choose from a variety of subscription plans. Donations, membership dues, appointment scheduling charges, and everyday business deals all fall into this category. Squarely is PCI certified and employs end-to-end encryption to ensure the security of all financial transactions processed through its platform. Money can be transferred to your bank account in as little as two business days. There is a flat fee of 2.9% plus $0.30 for each transaction made through the Square platform. We suggest upgrading to the premium plan, which starts at $12/month if you want to get the most out of Square.

10. Amazon Pay

For merchants who are using Shopify, Amazon Pay is yet another fantastic payment processing channel. It's simple to implement, and patrons can use their existing Amazon accounts to complete purchases. This payment option is accessible from anywhere in the world, and it guarantees quick and secure transactions for your clients. The premium support service that Amazon offers its customers is excellent. The minimum cost for processing a transaction is 2.9% plus $0.30.

Bottom Line 

To conclude, In eCommerce, a payment gateway is important because it allows information transmission between the payment portal and the front-end operator or bank. Due to the distance and privacy in online buying, payment procedures use security and verification technologies.[/vc_column_text][/vc_column][/vc_row]