Want to know the best payment gateway for Shopify? Well it really depends on your location, products you sell and your customers. There are a lot of different Shopify payment methods you can choose so in this video tutorial we are going over all the Shopify payment gateways so you can find the best one for your store.
We will also go over Shopify payment setup and how Shopify pays you depending on the Shopify payment method that you choose. So if you want to learn how to accept payments fast from your customers as well as get paid fast for your products then this is the perfect Quick Shopify Tips video for you.
In this video, we are going to talk about different payment methods so that your customers can pay you very quickly, super important, right?
There are a lot of different payment methods that you can do for your Shopify store so that customers can easily check out on your store and pay you for their orders. And a lot of this will depend on your location as well as your industry. So it's really hard to say specifically, what's going to be right for you.
However, in this video, I want to cover the different payment options. So you know what options are out there.
So first off, there is a lot of different third-party providers. You can go into the Shopify back-end and see the huge list of different third-party providers there, and they all have their own different transaction fees and rates.
So again, you may want to go with a specific third party provider based on your location or your industry. Like if you were in CBD oils or skincare, things like that, they're a little bit more regulated in terms of industries and not allowed on the Shopify payments plan. So you may want to go with a different third party provider just based on the industry alone, or again, based off your location.
The downside of using a third party provider though, is that there are additional transaction fees through Shopify. So you're going to have to pay transaction fees for the third-party provider, as well as Shopify transaction fees. So that one does sting a little bit there.
However, if you're able to negotiate some lower rates with a third party provider, then it may actually even out.
So talking about Shopify payments, that is the default payment provider for a lot of Shopify stores, and it makes it really easy to get set up and linked to your bank account.
There are different transaction fees that you have to pay based on which Shopify plan that you choose. Obviously, the higher end plans as you go up, have better rates there. So it really depends on your sales volume and how many orders you're getting based on what plan you want to choose because then that really comes into play when it comes to those transaction fees.
There are also express checkout options like PayPal Express and Amazon Pay. These can be really helpful because people already have their credit card information, shipping information, things like that set up with these providers.
So it makes it a faster checkout process for your customers, which faster checkout is always better.
You can easily set up these options for your Shopify store so that customers can easily pay you on your site and pull in all of that information automatically.
There are also alternative payment options and for this one I really love to use QuadPay.
So I've done another video, all about QuadPay as well as listed it in our "Top Seven Trends for eCommerce for 2021" video.
But what QuadPay does is it actually lets you set up financing. So your customer can take this big bulk order, it has to be over $35, and they can divide it into four different installment payments over a six week period of time.
So you get paid all upfront, but your customer gets to split up the payments. So it's a little bit more manageable for them. This is really helpful to kind of get customers to spend a little bit more on your site so that, you know, it doesn't feel as intense of having to pay this huge lump sum payment, but instead they can then divide that up and again, you get paid all up front.
It's really just a nice benefit to offer your customers. And it's really easy to set up on your site. So I'm not going to go over how to set up QuadPay in this video because we already have another video tutorial showing that.
So if you're interested in setting up QuadPay and doing financing on your site, if you just want to learn more or see the step-by-step tutorial you can view the full video tutorial of it here: https://youtu.be/ccwsLGgAmKk.
You want to keep in mind that if you add too many options, it may be too many to clutter up your site, as well as it may give too many options just for your customer overall and they ended up choosing none of the options.
However you want to make sure that your customers are able to check out really fast because you don't want them to end up abandoning their order on your site and just leaving your site.
So making it really easy for customers to check out really fast and seamlessly should definitely be a huge priority for you for your Shopify store.
I hope you found this Quick Tips video helpful all about Shopify. We've got a whole playlist here of other Shopify Quick Tips videos: https://youtube.com/playlist?list=PLdZSavWrx_HYw_YA8fDoeHYfzm8Myj77G.
So make sure to check that out and if you haven't yet also make sure to subscribe. We post new videos every week, all about Shopify and how to grow your online store.