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Shopify Payments - What is it?
What is it and what advantages does it bring you as an online retailer ?
Shopify Payments - What is it?
This article will again be a Shopify Basic theme, but we haven’t covered it in its entirety yet. It’s all about Shopify Payments. We’ll clarify what it is, how you use it, what the benefits are, and what it will ultimately cost you. Therefore, be curious and watch until the end. If you only want to benefit from the store system expertise of eBakery, we are happy to support you as a Shopify agency.
These payment providers are supported
But now back to the topic at hand: what is Shopify Payments. In one or the other video, this payment method has already found its way into the game, for example. Integrate Apple Pay or major credit card providers into your Shopify checkout area. So let’s keep in mind – Shopify Payments is not directly a payment provider like PayPal, Klarna or Mollie, but Shopify’s official payment gateway. This means that several payment providers can be made available with one tool. These include “SOFORT-Überweisung” / “Klarna” / “Apple” and “Google Pay” / “Shop Pay” / the credit card providers just mentioned and “Maestro”. But it’s not just national checkout that can run through it, as Shopify Payments is supported in over 17 countries. Similar to what we already know from the Apple Pay video, however, not all businesses and service are among those supported by Shopify Payments. Thus, we see that for Germany, for example. applies that adult entertainment, gambling, but also shady social media services, such as providing followers, exclude sales via Shopify Payments. So it is best to check beforehand whether you are one of them or let us advise you.
Shopify Payments - What you should consider as an online merchant
In addition, proof of identity is required for your person, but also for your company, for example. the identity card, registration certificate and business registration. The documents are then uploaded and reviewed by staff, which can take up to three days. So plan that into your time management for the store launch. In some cases, Shopify Payments can also be used beforehand, but the payout is then held back until successful verification. By the way, you can find out what else you need to consider when launching or relaunching a store in this blog. Also linked is our Shopify Payments setup video where we show how to set up your Payments account, we won’t repeat that here. Instead, we’ll show you how to test the payment gateway, which is only recommended if your store is NOT LIVE. If you are in the Shopify Payments settings and scroll all the way down, you will see “Test Mode” as the last item, what it does is now written here. We save once.
Shopify Payments - The advantages
Now you can use one of these fictitious credit card numbers to make a free trial order, which should be done at least once before the store goes live. So what are the benefits of Shopify Payments? The setup is very simple, as you can see from our video. It also saves you from having to set up a merchant account with these external payment providers. And probably the most cited benefit is the elimination of transaction fees. We take another look at the Shopify pricing plans for this. Here it is clearly described. The higher the plan, the less transaction fees you pay. So in the Basic tariff 2%, in the Advanced tariff then only 0.5% – unless you use Shopify Payments, then these transaction fees would fall away completely. So now to the question, how much does the gateway cost you? This is also again dependent on the plan booked, as both the hosting and the gateway comes from Shopify itself. Thus, paying by credit card in the online store itself, not in the retail store, will cost you 2.1% + 30 cents if you use the Basic Plan or 1.6% + 30 cents if you have booked the Advanced Plan. So this is how this table is composed.
The summary
So let’s summarize the facts once again. You don’t need a merchant account with any of the payment providers, can easily set it up in no time from the Shopify backend, and save on the transaction fees you’d normally incur. But are there also disadvantages? That is in the eye of the beholder. The point that will probably hurt most merchants the most is the chargeback fee of 15€. It sounds like a lot, but unfortunately it is standard market practice and therefore a necessary evil that you have to put up with. In addition, financial service providers and gambling operators will see it as a disadvantage that their industry is excluded. And Shopify Payments just isn’t accepted in all states yet. What can be said, however, is that the list is steadily growing longer.
Shopify agency eBakery
Therefore, we can say that the advantages clearly outweigh the disadvantages. But now the question to you merchants who have already made experiences with Shopify Payments. What is your opinion on this? Feel free to post it in the comments and let e-commerce newbies benefit from your knowledge and wealth of experience. Otherwise, as I said, our expertise is at your disposal – which is only a phone call or a completed contact form away from you.
Do you have questions or need an individual offer? Do not hesitate to contact us.
Haben Sie Fragen oder brauchen ein individuelles Angebot? Zögern Sie nicht, uns zu kontaktieren.
