10 Ultimate Shopify Payment Gateways To Know In 2023

Now that you have chosen the leading eCommerce platform Shopify to build your eCommerce store, it is important to learn about the Shopify payment gateway options your store supports. One thing to remember as an eCommerce owner is to create a near-perfect shopping experience for your customers and avoid anything that frustrates your customers. 

One of the most troubling issues in the life of any seller is cart abandonment. It happens due to a lack of suitable payment options or non-user-friendly payment gateway solutions. As a result, customers may never revisit your store in the future.  

The good news is that there is plenty of tried and tested Shopify payments gateway options  that let you accept payments in multiple forms across the globe. In the article, you’ll learn about the top 10 Shopify Payment methods and settle on the best fit option for your Shopify store:

What is the Shopify Payment Gateway?

When customers want to buy products from your Shopify Store, a payment provider is needed to accept payments from the customers and transfer them to the merchant’s bank account. This payment provider is known as Shopify Payments Gateway. It is essential for the smooth and efficient management of online payments. 

The Shopify Payment method authorizes the credibility of the funds before transferring them to the merchant’s account improving security. The payment gateways also perform other important tasks like processing payments, verifying the client’s accounts, calculating tax received, etc.   

Top 10 Shopify Payment Methods for secure payments

Let’s look into different Shopify Payment Gateway options that may suit your business requirements:

1.Shopify Payments

If you have built your store using Shopify, it is better to opt for the payment provider offered by the website builder itself. Shopify payment gateway comes with several benefits for today’s business owners in avoiding transaction fees and other extra charges.   

Features

• Shopify Payments accommodates almost every feature you need to effectively manage and process contactless payments on your eCommerce store without the requirement of third-party solutions.
• The payments made by the customers can take up to 3 business days to reflect in your bank account.
• The Shopify payments have a straightforward interface to ease the process of payment transactions both for the store owners and the customers.
• If you face any trouble in the process, you can receive dedicated Shopify support from support groups or discussion forums.

Pricing

You don’t have to pay anything to use Shopify payments. Add it to our store and activate the option. You will have to pay the Shopify subscription fees and the fee to manage card swiping. Shopify Payments doesn’t include any transactional charges.      

Pros

1. No additional transaction fees.
2. Quick Checkout Process
3. Lower processing fees when compared to other Shopify payment methods.

Cons

1. Available only for specific countries.
2. Shopify may hold your money temporarily.

2.PayPal

PayPal is one of the most popular and widely used Shopify payment gateway in the world with more than 220 million users. It takes less than a day to set up your account on PayPal. 

One of the best services of PayPal is cryptocurrency management. With a cryptocurrency wallet, merchants with or without a cryptocurrency account you are allowed to accept crypto payments on Shopify ,also, at no transaction cost.     

Features

• The platform supports transactions in around 24 countries across the globe.
• You get access to a bunch of useful marketing tools to collect the buyer’s insightful data and make informed business decisions.
• PayPal maintains the record of business transactions and also offers e-invoicing features.
• It may take up to 2 business days to reflect the received money in the merchant’s bank account. If you want to access the money instantly, PayPal charges a 1% fee.

Pricing

The PayPal processing rates range from 1.9% to 3.5% of each transaction plus a fixed fee varying from 5 to 49 cents.     

Pros

1. Easy to use and mobile-friendly interface.
2. Supports a wide range of currencies.
3. Offers an extra layer of security and fraud protection.

Cons

1. Customer service is found to be inconsistent according to the users.
2. While PayPal doesn’t charge you extra fees for sending money to friends and family, you are charged for performing business transactions.

3.Square

It is a renowned Shopify payment gateway operating globally. Square supports both online and offline payments for your POS systems. You get access to unique features like scheduling appointments, social media selling, etc. 

Features

• It comes with a bunch of extensions you can integrate into your Shopify store. The platform’s dashboard helps you monitor your transactions, cash flow, and even inventory, so you always know what’s happening in your business.
• All the transactions made through Square are PCI-compliant and end-to-end encrypted.
• The payments from the customer are reflected in your bank account within one or two days.
• All the transactions are instantly synchronized between online and offline stores so, you can sell wherever you want.

Pricing

It charges around 2.9%+ $ 0.30 per transaction. If you have a large enterprise business, you can opt for a premium plan starting at $ 12 per month.   

Pros

1. The customer support is impressive and highly responsive.
2. It comes with a user-favorable interface.
3. You get a free swipe card reader for accepting physical payments.
4. Quick deposits of payments in your merchant account within 2 business days.

Cons

1. If there is no regular activity, your account can be frozen.
2. It is not cost-effective for high-volume transactions.

4.Stripe

Stripe is another popular payment provider that lets you receive money from your local and international customers.  Using Stripe, you can quickly integrate a Shopify payments gateway into your website, send invoices, and also set up recurring subscriptions.

Features

• The workflows are highly customizable which helps you optimize the checkout process and boost the chance of repeat sales with clients.
• The tracking sales technology of Stripe allows you to easily track your sales while keeping running costs low.
• Fraud-protection technology comes inbuilt for all accounts. With Stripe, all your transactions are protected using a consistent monitoring system.
• You can accept in-person payments if you want to combine your online sales strategy with an offline store or POS system.

Pricing

Stripe charges a flat rate of 2.9% + $0.30 per transaction. If you ask for instant payouts, it charges 1% of the amount. If the payment is from overseas, an extra 1% is charged.   

Pros

1. Setup is quick and easy.
2. Uses an easy-to-understand flat-rate pricing system.
3. Outstanding Customer Service.

Cons

1. Stripe is only available to the Shopify store owner.

5.Amazon Pay

Today, the Amazon platform is used by people across all corners of the world. You can set up your merchant account in no time. Once you integrate into your Shopify store, you can allow payments through Amazon accounts and thus minimizing the chances of losing your client.  

Features

• Customers don’t have to fill in their bank details. They can quickly buy with their existing Amazon accounts.
• The system offers quick processing, so your customers can easily move through the Amazon Pay interface.
• People across the globe use Amazon thus your store has huge potential to get global reach.
• A Solid customer service team is available if anything troubles you while performing transactions.

Pricing

They charge around 2.9%+ $ 0.30 per transaction on the website or mobile. If it’s an international transaction, you will be charged up to 3.9% + $ 0.30 per transaction. If you use an Alexa smart assistant, they charge you around 4.0% + $ 0.30 per transaction and 3.2% + $0.30 per transaction for international transitions.  

Pros

1. Easy to use for the customers.
2. You can integrate with most eCommerce platforms.
3. Incorporates Amazon fraud protection.z

Cons

1. Doesn’t support PayPal payments.
2. The customer needs an Amazon account to perform the transaction.

6.Authorize.Net

Whether it is a small, medium, or large enterprise, Authorize.Net is perfect for businesses of all sizes. It offers payment processing and management for major credit cards including MasterCard, Visa, American Express, JCB, and e-payment services like Apple Pay, PayPal, etc.

Features

• Customers can transfer money using credit cards, electronic modes, or even fund deposits to the merchant’s account.
• The platform’s servers store sensitive payment information using the Customer Information Manager (CIM) for future transactions. It allows your repeat customers to skip a few steps in the checkout process thus enhancing customer loyalty.
• If any fraudulent transactions exist, they are immediately identified, managed, and prevented from causing damage using the platform’s Advanced Fraud Detection Suite.
• It offers a free mobile application that allows you to accept credit card payments over a mobile device using third-party solutions.

Pricing:

You don’t have to pay anything for setting up your account. It charges around 2.9% + $0.30 per transaction.    

Pros

1. Popular Shopify payment gateway provider for eCommerce.
2. The All-in-One option helps you set up a merchant account along with a payment gateway.
3. Support third-party payment tools for both online and in-person stores.
4. Supports a variety of currencies and payment options.

Cons

1. The All-in-one option may leave some customers in ambiguity.
2. The monthly fee is non-refundable unless there is a genuine mistake from the company’s side.

7.Opayo

Opayo is widely used in the countries like USA and UK. It takes around 4-5 weeks to set up your account. The MySagePay option allows users to get access to real-time analytics and reporting. This helps you make informed business decisions in the future.  

Features

• It allows customers to pay through PayPal, so they have more ways of performing transactions and you minimize the risk of lost clients at the checkout process.
• Once you set up your Opayo account, you can sell products both online and offline.
• The popular fraud tools will offer 99.9% guaranteed uptime to keep your store running.
• Businesses can opt for a multi-layered fraud protection system to detect any suspicious activity and prevent fraudulent payments.

Pricing

The pricing model for invoice payments starts from £5 to £27 per month whereas the pricing model for phone payments begins from £15 per month. 

Pros

1. Easy to use
2. Customer Support is good.
3. Affordable Pricing Structure.
4. You can quickly integrate Opayo into your Shopify Store.

Cons

1. It takes around 4-5 weeks to verify your identity and set up an account.

8.Skrill

It is the largest payment processor in Europe and is accepted in more than 40 countries. Skrill allows your customers to directly pay through its account without having to provide their credit card information to the merchant. Skrill simplifies the process of online payments thus lowering cart abandonments.   

Features

• As soon as you set up your Shopify payments account on the Skrill website, payments can be received from almost anywhere and anytime.
• You can access Skrill through a web browser, and download the app on mobile devices both android and iOS devices.
• You can transact money in more than 30 currencies across the globe.
• Each transaction is strictly monitored using the anti-fraud screening feature.

Pricing

For the international transfer within the same currency, Skrill charges up to 4.99% on each transaction whereas it is around 2% for the domestic money transfer. 

Pros

1. It uses a two-factor authentication so, the platform is safe and secure for you to use.
2. Setting up your Skrill account is quick and easy.
3. It charges lower fees compared to the other credit card processors in the industry.
4. Highly suitable for small, medium, and enterprise businesses.

Cons

1. Lacks live chat support. The customer service is limited.

9.Verifone

Formerly known as 2Checkout, Verifone is a well-known platform for receiving and making payments safely and securely. With a single central portal, users can manage Verifone’s mPOS devices along with other payment devices provided by the platform. Thus you get complete control of these devices even from a remote location.   

Features

• Verifone’s mobile solutions let you accept payments through all the leading mobile wallets. Thus, there is a minimum risk of losing potential mobile customers.
• The customer’s payment and account data is secured through tokenization and encryption.
• Verifone’s data intelligence and reporting capabilities improve your business performance and decision-making.
• All the transactional data is monitored, summarized, and organized for better understanding.

Pricing

The monthly subscription price starts at $ 99 per terminal. Payment processing price starts at 3.5% + $ 0.35 per online transaction.  

Pros

1. Easy to use platform.
2. Popular for its security, performance, and flexibility.
3. Offers macro and mini view of the transactions thus merchants can get a better understanding of the customer’s purchasing behaviors.

Cons

1. The tools are not available for Shopify store owners who sell high-risk products.

10.Braintree

Braintree is a product from PayPal. Though the basic features are similar to that of PayPal, Braintree offers an intuitive interface, quick payment processing, and unique fraud detection tools to its users.  

This Shopify payment method allows you to do data analysis, and currency conversion depending on the locations you want to sell. You can smoothly handle payments from social media and POS systems using third-party integrations. 

Features

• Setting up is quick and easy. Once your account is set up, you can start accepting payments from PayPal accounts, credit cards, Google Pay, and Amazon accounts also.
• It lets you receive real-time updates on the transactions occurring at the payment gateway and also generates custom reports for specific needs through the open API.
• It lets you accept payments through PayPal, credit and debit cards, ACH transfers, ApplePay, GPay, and other popular digital wallets.
• You can enable customers to perform in-store payments using the integrated POS system.

Pricing

You don’t have to pay anything to integrate Braintree into your Shopify store. But you will have to handle the transaction fees. It charges around 2.9% + $0.30 for each transaction.  

Pros

1. Fraud-protection tools ensure a safe transaction for your customers.
2. Transparency in pricing.
3. Offers flat-rate predictable pricing.
4. Incorporates outstanding developer tools.

Cons

1. Complex user interface and is difficult to use.
2. Average reviews from the users.

Wrapping Up!

We hope this article has been your guide on the top 10 Shopify Payment gateways for your eCommerce store. You should understand that the ideal Shopify payment method depends on several factors including the type of your business. Don’t forget to weigh the cost against the features of the payment gateway you want to use. Best luck finding a Shopify payments gateway that works for you.

Let us know in the comment section. if you need immediate ecommerce web development services or assistance, you can contact  Shopify development company in California now . Our friendly and knowledgeable representatives are available to help you with Shopify inquiries .

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