Electronic payment system Shopify Payments
What is Shopify Payments
Shopify Payments is an electronic payment system powered by Shopify, an e-commerce platform that allows merchants to sell products online. Shopify checkout is integrated into the Shopify platform and is automatically enabled for all Shopify stores. It also supports many other payment methods like PayPal and Apple Pay.
The history of Shopify Payment
Shopify Payments was first launched in 2013 as a way for Shopify merchants to accept payments directly from their online store. Prior to this, merchants using system had to register with a separate payment gateway to accept credit card payments. With the launch of Shopify Payments, merchants can now easily accept payments without the need for a separate payment gateway.
Shopify has made a number of updates and improvements to Shopify Payments over the years, including adding support for additional payment methods such as PayPal and Apple Pay. Additionally, Shopify has expanded the availability of Shopify Payments to more countries and regions.
In 2021, Shopify announced that it will begin offering installment payments to merchants in the US and Canada. This feature allows customers to split the cost of their purchases over a period of time, making them more affordable to purchase from the store.
How shopify payments works
Shopify Payments is an integrated payment gateway for Shopify stores. When a customer makes a purchase on a Shopify store that has Shopify Payments enabled, the payment is processed through Shopify’s servers instead of going to an external payment processor. This provides a convenient checkout experience for customers as they don’t have to leave the store to complete the checkout.
When a customer makes a purchase, payment information is securely sent to Shopify’s servers for processing. Shopify will then send payment information to the appropriate payment networks (such as Visa or Mastercard) for authorization. Once the payment is authorized, the funds will be credited to the merchant’s bank account.
Shopify Payments also supports many other payment methods like PayPal and Apple Pay so customers can choose their preferred payment method at checkout.
In addition, Shopify handles security and payment compliance requirements like PCI DSS and other regulations, so merchants only need to focus on in-store sales and customer experience.
Can I use Shopify if I am not a US or Canadian citizen
Yes, you can use Shopify to sell products online regardless of your citizenship. Shopify is a global e-commerce platform and can be used by merchants from any country. However, please note that the availability of certain features, such as Shopify Payments, may vary depending on the country you are located in.
You can check the availability of Shopify Payments in your country by visiting the Shopify website and looking under the “Payments” section.
Please also note that other special requirements, such as taxes and regulations, may apply in your country. It is important to research and understand the legal requirements for your country before starting an e-commerce business.
Can Shopify Payments be trusted
Shopify Payments is a widely used and trusted payment gateway option for merchants using the Shopify platform. It is built directly into the Shopify platform and is automatically enabled for all Shopify stores. Shopify is a reputable and well-established company that has been in business for over a decade, and it takes the security and compliance of its payment gateway very seriously.
Additionally, Shopify uses advanced fraud detection and prevention tools to help protect merchants from fraudulent transactions. Shopify also offers the option for additional fraud protection services like Kount, which is a leading provider of fraud detection services.
That being said, as with any online payment gateway, it is important to always use caution when entering sensitive information and to monitor your account regularly for any suspicious activity.
In summary, Shopify Payments is a widely trusted and secure payment gateway option for merchants using the Shopify platform, but it is important to be aware of fraud and to monitor your account regularly.
Does Shopify charge a fee
Yes, Shopify charges for its services. It offers different pricing plans, each with its own set of features and fees.
Shopify’s basic plan starts at $29 per month and includes features like websites and blogs, unlimited products, and 24/7 customer support. As you move to more advanced plans, additional features such as advanced report builder, professional reporting, and more staff accounts will become available, and the price will increase accordingly.
It also charges a transaction fee for each sale made through the platform. For plans starting from basic, transaction fees are 2.9% + 30 cents per offer made via Shopify Payments, an integrated payment gateway. If you use a third-party payment gateway, there may be additional transaction fees from that gateway.
In addition, Shopify also has a premium business “Shopify Plus” plan with a special price for premium merchants.
It’s important to review the fees and features associated with each plan and determine which plan best suits your business needs.
Can I exchange currency using Shopify
Yes, Shopify allows merchants to sell products in multiple currencies. This feature is called “multi-currency” and it allows you to display prices in different currencies to customers visiting your store from different countries.
When a customer visits your store, Shopify automatically detects their location and displays prices in their local currency. The customer can also manually switch to a different currency if they prefer.
When a customer makes a purchase, the payment will be processed in the selected currency. The currency conversion is done automatically by Shopify at the point of sale, using the latest exchange rates.
Please note that multi-currency is a feature that needs to be enabled and that it may not be available in all countries. Additionally, not all payment gateways support all currencies, so it is important to check the availability of the currency you want to use and the payment gateway you want to use before enabling multi-currency.
Also, keep in mind that there may be additional fees when processing payments in different currencies, such as currency conversion fees charged by the payment gateway or your bank. It is important to review the fees associated with different currencies and payment methods before enabling multi-currency.