Shopify Payments was launched in the year 2013. Its sole purpose is to integrate with Shopify to be the most powerful and yet the simplest payment gateway there is.
Shopify users, just like any other eCommerce platform user had to rely on a third-party payment solution to accept payment via credit cards. In addition, the process involved paying an extra fee to Shopify.
Shopify Payments filled that one hole.
It’s also made payment processing through Shopify websites simpler, cheaper, more convenient, and secure.
For this reason, we Shopify Plus experts in Singapore decided to write a blog about why we recommend using Shopify Payments as your Shopify payment gateway.
Shopify is the first and only eCommerce platform presently to offer a payment solution that is fully integrated with an online store. Shopify merchants can now accept and manage VISA, MasterCard, and American Express payments directly through Shopify instead of having to go through a third party payment gateway and set everything up separately.
Shopify merchants only need to go to the Payments tab on their Settings dashboard and activate Shopify Payments; there you have it, your payment gateway is set.
Shopify Payments comes at no additional cost with existing Shopify plans. Shopify merchants that are on the Basic plan will pay 2.9% + 30c USD per online transaction, while those on the Enterprise plan (Shopify Plus) will pay only 2.15% per online transaction. Unlike other payment solutions, Shopify Payments charges no additional fees for accepting American Express or international credit cards, and no fees for the included PCI Compliance protections. (Shopify is Certified Level 1 PCI DSS compliant for handling more than 6 million transactions a year, across all channels)
Shopify Payments leverages Stripe technology and can be enabled with just 2-clicks in existing Shopify stores.
This revolutionary new payment system will be available to specific locations.
There are over 100M buyers using Shopify Payments (Now rebranded as Shop Pay) to purchase from Shopify stores as of now.
Among the other reasons, we as Shopify Plus experts and Shopify Partners in Singapore recommend Shop Pay because of how easy this payment gateway is to use.
A study conducted by Shopify showed that checkouts going through Shop Pay have an average checkout-to-order rate of 1.72x times higher than those going through regular checkouts. Why? Because Shop Pay provides a seamless shopping experience. Once a buyer uses Shop Pay for the first time, their information is saved for future purchases—they can then securely speed through checkout with a simple tap.
While Shop Pay’s conversion advantage is evident across both mobile and desktop, it is significantly improved on mobile, where Shop Pay checkouts convert at a 1.91x times higher than regular checkouts. This is a massive advantage for direct-to-consumer brands, where conversion on mobile can be the difference between making money or losing money.
Even new customers need not fear saving their details on Shop Pay since it’s tied into the million-merchant ecosystem.
Another latest news from Shopify Payments is that Shop Pay has become the first Shopify product to extend beyond Shopify merchants, soon available to any business selling on Facebook and Google. Ie: Shopify’s one-click checkout will become available to all merchants selling on Facebook and Google—even if they don’t use Shopify.
Shopify last year announced Shop Pay will be enabled for all merchants selling in the US on Facebook in the coming months, followed by a rollout to all merchants on Google by late 2021.
Before we Shopify Plus Experts close this blog; mention a few sales benefits of Shop Pay for the Shopify Merchant:
- Faster, more efficient, and secure payments: Checkout on Shop Pay within the Shopify platform is 70% faster than a typical checkout, with a 1.72x higher conversion rate. This means fewer abandoned carts and increased conversion.
- Carbon emissions offset on every delivery: One of the first carbon-neutral ways to pay, Shop Pay offsets 100% of the delivery emissions for every order. 53% of consumers say they prefer green or sustainable products.
So, Shopify has just made credit card processing simpler by bringing it in-house. No need to go looking for a third-party payment solutions gateway anymore. No extra fees included!
To know more about Shopify and Shop Pay, get in touch with us or drop us a message at hi@mswebinternational.com.
Or any hire Shopify Plus experts to leverage the true potential that you deserve - more customers and more sales!
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