Which Shopify Payment Gateway is Right for You?

If you decide to set up a product from any Shopify store, choosing the right payment gateway for your customers is something you shouldn’t miss. This is because the options available would impact your customer’s experience, transaction fees, and overall sales performance. In this article, we’ll give you an introduction to the different payment methods that you can use in Shopify to help you make an informed decision by guiding you through the various payment methods available on Shopify.

First, let’s discuss the widely used payment methods globally: credit and debit cards. What makes them widely used is their widespread acceptance, which results in customers being more familiar with and comfortable using them. It’s secure with excellent fraud protection. Please note that fees may vary depending on your chosen payment processor. Its ancestral method, which people often use alongside cards, is bank transfers, especially for larger purchases, because, apart from security, it can be processed directly from the buyer to you. However, they are somewhat slower than other methods, which can potentially annoy some customers.

Next, mobile wallet solutions, such as PayPal and Apple Pay. Using these methods makes things seamless for customers because they can fill out the payment details using the information they’ve already saved on their devices, so checkout is relatively easy. That speed and convenience help you make more sales, especially if people are shopping on their phones. However, their fees may be slightly higher than those of using standard credit or debit cards, so customers might as well choose their hard.

Another option to consider is the Buy Now, Pay Later (BNPL) method. This means that, no-brainer, customers can buy now and pay later in installments. Buy Now, Pay Later can enhance the appeal of payment methods for sales by making big-ticket items more accessible. However, BNPL is known to have more complicated subtle processes and rules, so be cautious of the risks and fees. Late payments can disrupt your cash flow, and those fees can erode your profits. Therefore, conduct thorough research to find a BNPL company that’s trustworthy and offers competitive rates.

Finally, last but not least, cryptocurrency. It’s becoming more popular, especially among tech-savvy individuals who appreciate the privacy and potential lower fees. It is a superb option to offer, but remember that crypto prices are all over the place. Those price swings can significantly impact the amount of money you actually earn, and handling crypto payments can be complicated because it requires a special setup. Additionally, the rules surrounding crypto are still evolving, so consider the implications carefully before accepting it.

Above all, the best way to handle payments is to offer a variety of options that suit everyone, both within and outside your target audience. A combination of credit and debit cards, mobile wallets like Apple Pay or PayPal, and a Buy Now, Pay Later option is a good starting point. What’s best for you will depend on your business, your customers, and the level of risk you’re comfortable taking. Keep an eye on what’s new in payments, so your Shopify store stays up-to-date and offers the best, safest ways for people to pay.

Want to know more? Visit this link to find out more topics discussed in our June 20 webinar entitled: “Shopify Payment Gateways: Choosing the Best Option.” 

💡 Special Offer: Attended the live session? Upgrade to the recording + e-certificate for just ₱50 more! 🎉

🔗 https://roc.ph/services/webinars/

📍 Stay Updated on More Free Webinars!

👉 Upcoming Webinars: https://roc.ph/events

👉 Recorded Webinars: https://roc.ph/digital-services/webinars/

👉 Webinar Policy: https://roc.ph/policy/webinar/

🔔 Limited slots available! Reserve your seat now. 🖥️🔥