The Absolute Guide to Shopify Payments (2022)

Starting out with Shopify Payments might be difficult. This
tutorial aims to demystify the process and help you understand precisely what
you need to do to begin using Shopify Payments in your business.

We\’ve also offered guidance on whether or not this payment
gateway is preferable to Stripe or PayPal.

Let\’s get started!

How does Shopify Payments work? And
how does it work?

 

Shopify Payments is the company\’s own payment processing
system. It simplifies the payments process for Shopify retailers by enabling
them to take credit card payments directly on their Shopify store.

Shopify Payments is the simplest method for receiving
payment on Shopify. It is deployed automatically with every Shopify business
and allows you to accept credit cards directly through Shopify without
configuring a third-party payment gateway.

Which countries does Shopify Payments
support?

Shopify Payments is accessible in the subsequent nations:

·        
North America

·        
Canada

·        
Australia

·        
New Zealand

·        
United Kingdom

·        
Ireland

·        
Germany

 

Acceptance requirements for Shopify
Payments

 

Shopify Payments is Shopify\’s own payment gateway. To
qualify for Shopify Payments, you must:

·        
Be a Shopify retailer

·        
Residing in one of the supported nations

·        
Shopify should be your ecommerce platform.

·        
Have evidence of residence documentation

·        
Meet Shopify\’s minimum age requirements

 

Costs related to Shopify Payments

There are several different costs related with Shopify
Payments. The Shopify transaction charge is a percentage of the overall sale,
and there is also a payment processing fee. These are Shopify\’s transaction
fees:

Shopify Payments: Shopify\’s transaction charge is 0.15
percent for the first $2000 in sales and 0.05 percent for any transactions in
excess of $2000.

Other Payment Gateways: For all other payment gateways,
Shopify charges a fixed rate of 0.30 percent every transaction.

How frequently do Shopify Payments
pay out?

Shopify Payments are disbursed every 14 days, thus you will
receive your amount from two weeks ago on the 14th of each month.

For instance, if your Shopify Payments balance on January 31
was $100, you would get that amount on February 14.

Shopify Payments: Advantages and
disadvantages

Prior to signing up for Shopify Payments, there are a few
things to consider. Here are some advantages and disadvantages:

Pros:

·        
Shopify Payments is the most convenient way to
begin selling online. Without configuring a third-party payment processor, you
can be operational within minutes.

·        
Shopify Payments is linked with Shopify,
allowing you to manage your complete business from a single platform.

·        
The transaction fees offered by Shopify Payments
are competitive, and there are no setup or recurring fees.

·        
Shopify Payments is accessible in more than
fifteen countries.

Cons:

·        
Shopify Payments is not offered in every
country.

·        
Some Shopify Payments fees may be greater than
those of other payment processors.

·        
Shopify Payments may not be the ideal option for
businesses with a high transaction volume.

·        
Options to Shopify\’s Payments

Shopify merchants have access to additional payment
processors in addition to Shopify Payments. If you\’re dissatisfied with Shopify
Payments or it\’s not available in your country, you can select from a number of
different Shopify-supported payment providers.

 

Among the most popular payment providers offered by Shopify
are:

 

·        
PayPal

·        
Stripe

·        
Authorize.Net

·        
The Apple Pay system

·        
Google Pay

Stripe and PayPal are the most regularly used of these
suppliers. Shopify features native connectivity with various payment providers,
making it simple to set up and use.

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