How To Find The Best Shopify Payment Gateways?

The complexities of owning an online store are compounded if you do not have a good payment gateway. Shopify store owners should strive to provide a smooth shopping experience for their customers.

Shopify provides multiple payment gateways tailored to different geographical characteristics. It is essential that you choose a payment gateway that is widely accepted in your area of operations. If your payment service is not user-friendly, you will lose customers.

Stay tuned to know how to find the best payment method for Shopify.

Five tips for finding the best Shopify payment gateway

There is no single Shopify payment method that fits all. Different types of payment options have advantages and disadvantages that make them better suited for different sizes and types of businesses.

Here are some considerations you can use to decide on the best payment solution for Shopify.

Your target market

As mentioned previously, Shopify offers payment options that are better suited to specific geographic locations. Thus, choosing the right payment solution for your operating location will depend on its popularity and suitability for the region or country where your target market resides. For example, if you are based in the US and your target market is the UK, you need to consider a widely accepted gateway in the UK. This will make payments easy for your audience, thus increasing your sales.

Transaction fees

While searching for the best payment method for Shopify, it is essential to consider the transaction fee due to the direct impact it has on your profit margins and product pricing. Transaction fees can help you determine if the provider is giving you the best value for your money.

Some Shopify payment providers will charge a transaction fee and a monthly fee. A few of them have no monthly charges but high transaction fees, and others have monthly charges but lower transaction fees. Also, make sure you check for other fees, such as settlement fees, annual fees, chargeback fees, anticipation fees, statement fees, and cancellation fees. You can determine the actual cost of your payment method by considering all these factors.

Security

Multiple surveys indicate that the global losses from payment frauds have tripled since 2011, growing to $32.39 Billion by 2020. As payment fraud increases, the estimated cost in 2027 will be $40.62 billion – a 25% increase compared to 2020.

Taking extra precautions is always a wise decision; therefore, make sure that it’s secure and risk-free while choosing your payment gateway provider. It should include a robust fraud prevention and detection system that ensures higher quality transactions. Keeping your customers’ trust and preventing payment fraud will ensure your success.

Reputation of the gateway

Just like how customers buy from your store after reading reviews about your store, you should also choose a payment gateway by reading reviews about it. Visit their product pages and homepages to check out reviews from previous customers related to their payment solutions. Visit their social media profiles and chat with their customers to know more about the service provider.

The more information you have about the gateway, the better decision you can make. Business owners must make sure they are spending their money on products that will deliver satisfaction and results.

Payments accepted

Some gateways accept payments only through cards. While many users own most of them, some don’t. That is why choosing a gateway that accepts as many types of payment options as possible is a worthy choice. This makes sure that the customers will complete their purchase by paying you through their preferable mode. You can choose the provider that accepts debit cards such as MasterCard, VISA, American Express, along with Paypal, or even Bitcoin.

How do Shopify payment gateways work?

When your customers purchase products from your Shopify store, the payment provider begins processing the transaction. The process transmits the client’s confidential information to the bank issuing the card used to complete the transaction. An answer is sent to the payment provider at this point, informing them whether the transaction succeeded or failed.

Large transactions require more stringent measures from Shopify’s payment provider to confirm the customer’s account. The payment provider also checks the AVS and analyzes the velocity pattern as part of its security procedures. Some payment gateways can also calculate tax on every transaction you receive.

Conclusion

Keep these things in mind when choosing a payment method for Shopify. Make sure to check its availability in your target market’s region and also the security options. You don’t want to face a security breach when your business reaches its peak.