The Best Payment Gateways for Your Shopify Store
Table of Contents
- Introduction
- Klarna: Pros and Cons
- Verifone: Pros and Cons
- Worldpay: Pros and Cons
- Opayo (Formerly Sagepay): Pros and Cons
- Amazon Pay: Pros and Cons
- Authorize.Net: Pros and Cons
- Square: Pros and Cons
- Stripe: Pros and Cons
- PayPal: Pros and Cons
- Shopify Payments: Pros and Cons
- Conclusion
The Top 10 Best Shopify Payment Gateways to Use This Year
In this article, we will be discussing the top 10 best Shopify payment gateways to use this year. Having the right payment gateway is crucial for any Shopify store owner as it directly affects the customer experience and the efficient processing of payments. We have carefully evaluated and ranked each payment gateway based on various factors such as transaction fees, security features, customer support, and overall user experience. So, without further ado, let's dive into the list of the best Shopify payment gateways:
1. Klarna: Pros and Cons
Klarna is an excellent Shopify payment solution that offers a seamless checkout experience. It provides easy and fast integration with Shopify, making it convenient for store owners. Klarna also offers a buy now, pay later service, providing flexible installment payment options for customers. However, Klarna's customer service has been reported to be sluggish, which is an area they need to improve upon.
2. Verifone: Pros and Cons
Verifone, formerly known as 2Checkout, is a Shopify payment method that may not be as popular as others but still offers valuable features. Verifone allows you to choose and pay for only the features your business needs. It has a risk management and compliance section to track potential fraud and privacy issues. Verifone supports a wide range of payment options and has a flat-rate pricing structure. However, it is not available for Shopify store owners selling high-risk products.
3. Worldpay: Pros and Cons
Worldpay is a reliable Shopify payment provider that caters to both small and large Shopify stores. It offers a wide range of secure transaction channels and supports payments online, over the phone, or through credit and debit cards. Worldpay supports over 120 different currencies and does not charge for refunds. However, its pricing structure is sometimes ambiguous and lacks transparency.
4. Opayo (Formerly Sagepay): Pros and Cons
Opayo, formerly known as Sagepay, is one of the most popular Shopify payment solutions available to merchants in the US and UK. It has excellent customer support and seamless integration with Shopify. Opayo offers a cost-effective pricing structure but has a long account verification process, sometimes taking up to five weeks. Improvement in their verification process is necessary to provide a better user experience.
5. Amazon Pay: Pros and Cons
Amazon Pay is another excellent Shopify payment processing gateway that allows customers to check out using their Amazon accounts. It provides a quick and reliable transaction process and offers high-quality customer support. Amazon Pay saves customers time by eliminating the need to input card details. However, it requires customers to have an Amazon account for payments, and PayPal payments are not supported.
6. Authorize.Net: Pros and Cons
Authorize.Net is a trustworthy Shopify payment processing gateway owned by Visa. It offers a wide range of features, including online payment processing, e-check processing, and mobile payment processing. It supports multiple payment options such as Visa, JCB, Discover, Mastercard, and American Express. However, it may be relatively more expensive for some store owners, and its all-in-one option may be confusing for some users.
7. Square: Pros and Cons
Square is a highly reliable Shopify payment system that provides a smooth payment experience for customers. It offers helpful extensions for Shopify stores and a flat rate pricing system. Square has an impressive customer support team that takes care of any issues promptly. However, Square may not be suitable for large businesses, and some users may experience stability issues with their accounts.
8. Stripe: Pros and Cons
Stripe is a popular payment solution that allows Shopify store owners to receive payments from both local and international customers. It supports large-scale growth and offers customizable checkout flows. Stripe uses a flat rate pricing system, supports a wide range of payment options, and has excellent customer service. However, it has a steep learning curve and is only available in limited countries.
9. PayPal: Pros and Cons
PayPal is a widely recognized and trusted payment provider used by over 220 million customers. It offers a user-friendly interface and provides various pricing plans for Shopify store owners. PayPal supports setting up subscriptions and recurring payments, making it convenient for businesses. However, its customer service can be inconsistent, and there is a risk of account closure for violating PayPal's rules.
10. Shopify Payments: Pros and Cons
Shopify Payments is the ultimate Shopify payment gateway owned by Shopify itself. It offers a seamless integration with Shopify and provides a free card reader for physical payments. Shopify Payments does not charge any additional transaction fees and ensures real-time monitoring. However, it is currently restricted to specific countries and may temporarily hold funds, subject to Shopify's policies.
Conclusion
Selecting the right Shopify payment gateway is essential for an optimized customer experience and streamlined payment processing. Each payment gateway on this list has its own set of advantages and disadvantages. Consider factors such as transaction fees, security features, worldwide availability, and customer support when choosing the best payment gateway for your Shopify store. Remember to align your choice with the vision and type of business you are running. With the right Shopify payment gateway in place, you can enhance the overall shopping experience for your customers and maximize your business's potential.
Highlights:
- Klarna, Verifone, Worldpay, Opayo, Amazon Pay, Authorize.Net, Square, Stripe, PayPal, and Shopify Payments are the top 10 best Shopify payment gateways to use this year.
- Each payment gateway has its own unique features, advantages, and disadvantages.
- Consider factors such as transaction fees, security features, worldwide availability, and customer support when selecting a payment gateway.
- Shopify Payments, owned by Shopify itself, offers seamless integration and eliminates additional transaction fees.
FAQ
Q: What is the best payment gateway for a small Shopify store?
A: Square and Stripe are both excellent choices for small Shopify stores, offering user-friendly interfaces and robust features.
Q: Can I use multiple payment gateways on my Shopify store?
A: Yes, you can use multiple payment gateways on your Shopify store. However, you may need to adjust your settings to prioritize one gateway over others.
Q: Do all payment gateways support international transactions?
A: Not all payment gateways support international transactions. Make sure to choose a payment gateway that aligns with your target market and offers worldwide availability.
Q: Are there any hidden fees associated with Shopify payment gateways?
A: Some payment gateways may have hidden fees, such as setup or cancellation fees. It is important to review the terms and conditions of each gateway before making a decision.
Q: Can I change my payment gateway after setting up my Shopify store?
A: Yes, you can change your payment gateway after setting up your Shopify store. However, it is recommended to plan ahead and choose the most suitable gateway from the beginning to avoid any disruptions.
Q: Which payment gateway offers the highest level of security?
A: Stripe and PayPal are known for their robust security features and are trusted by millions of users worldwide.
Q: How long does it take for payments to reflect in my bank account with Shopify Payments?
A: Payments made through Shopify Payments typically take up to three business days to reflect in your bank account.
Q: Can I set up subscriptions or recurring payments with Shopify payment gateways?
A: Yes, certain payment gateways, such as PayPal and Stripe, support setting up subscriptions and recurring payments for your Shopify store.
Q: What happens if my account gets closed by a payment gateway provider?
A: If your account gets closed by a payment gateway provider, you may lose access to funds and have to find an alternative payment solution. It is essential to comply with the rules and regulations set by the payment gateway provider to prevent account closure.
