The dream of every Shopify business owner is to make sales and increase their profits. Sales become challenging or even impossible when a customer encounters difficulties with the payment processing process, which is one of the many factors influencing the online store purchase process. So, what do top Shopify business owners do to simplify shopping for their customers; they choose and integrate the best payment gateway.
Why Do Top Shopify Store Owners Earn 22× More Than You?
Recent statistics showed that the top 10% of Shopify businesses had an average sale revenue of $343, while the bottom 10% had an average revenue of $15. Since >90% of Shopify stores fail, what choice did successful businesses make to achieve high sales?
Successful Shopify businesses focused on optimizing their stores to suit their customers’s needs. These changes include improving the store’s layout and design to increase its aesthetic appeal, using data to track their customers’s preferences, and also simplifying their checkout process, and reducing cart abandonment by choosing the right payment gateway.
What features do top Shopify business owners consider before selecting a payment gateway?
There are over 100 payment gateways for Shopify store owners to choose from, each offering different features, structure, pricing, and integration processing. Many successful store owners have confessed to downsizing these many options by pointing out certain desirable features like:
Security
Payment security is an essential measure that protects all financial transactions from fraud and hacks. Many payment gateway companies use different encryption mechanisms, such as Secure Sockets Layer (SSL) and Transport Layer Security (TLS), that employ tokenization to replace sensitive card information with unique identifiers.
Easy Integration with Existing System
Enterprise resource planning (ERP) is no doubt the secret to the most successful e-commerce Shopify stores. However, implementing new systems can be difficult and demand extra professional labor to execute and manage. To bridge these drawbacks, successful Shopify stores go for payment gateways that can be easily integrated into their system. Usually, these gateways offer detailed documentation that provides all the necessary information.
Low Transaction Fees
The cost of running a Shopify store differs depending on your plans, but one thing you can count on is that it is never free. You have to pay for the domain name, design, and themes, as well as Shopify’s expensive transaction and credit card rates. Many store owners opt for a payment gateway that charges low to reduce operational costs and increase their profits.
Mobile Device Friendly
79 percent of ALL Shopify traffic comes from mobile devices, according to Shopify & You. This statistic reveals rates of an overwhelming number of Shopify customers purchasing products on their mobile devices. Choosing a mobile-friendly payment gateway with payment features that are compatible with all devices is guaranteed to increase sales and reduce cart abandonment.
Chargeback Protection
Chargeback protection is often a mechanism for shielding retailers; however, the brunt lies mainly on store owners. In most chargeback disputes, merchants win only 20–30% of the time; hence, there is a need for merchant protection. Many Shopify store owners choose payment gateways that offer partial or total protection against chargebacks, as Shopify does not cover chargebacks for digital orders, in-store pickup purchases, international orders, or custom orders.
Recurring Payments
An automatic or recurring payment is often scheduled to be processed on a regular basis without the payer or customer having to take any further action. This payment type can boost cash flow forecasts, reduce labor costs, and improve customer satisfaction. Shopify stores that offer subscription services and memberships with fixed fees choose from payment gateways that allow for automated payments.
Top 5 Payment Gateways for Shopify in 2024
Ready to join the top 10% in making massive sales? First, take a look out at top payment gateways that will revolutionize your customer’s payment processing and improve sales.
PTPShopy
The PTPShopy payment gateway is the quickest and most straightforward way to accept cryptocurrency payments for your Shopify store. By using special plugins, modules, and extensions to integrate with your Shopify platform, Shopify store owners can connect with merchants globally, eliminating payment barriers. PTPShopy also enables Shopify owners to overcome regulatory barriers imposed by the traditional finance organization and encourage the growth of their customer base.
Additionally, the anonymity of cryptocurrencies allows customers and merchants to conduct transactions without disclosing any personal or financial information to third parties. You can also use the PTPshopy website to access other business management tools for taxing, accounting, and invoicing that reduce your workload. The PTPShopy Shopify API can be easily integrated into any existing platform without professional assistance. Transactions are processed in minutes, and customers can choose to pay in any of the 400+ cryptocurrencies supported by PTPShopy.
Pricing and Transaction Fees
PTPShopy does not charge a monthly membership, subscription, or withdrawal fee. The transaction fee is one of the lowest among other payment gateways, as it is less than 1%. This fee is applied to all services rendered by PTPShopy, including crypto donations, crowdfunding, and more.
Stripe
Stripe is one of the most used payment gateways that allows merchants to take credit card payments and mobile payments. It also integrates into most websites, mobile applications, and e-commerce stores. Stripe is loved for its advanced-level customization that does not impact its level of flexibility. In addition, it offers built-in business management tools for invoicing, subscription management, and international marketplace processing. One drawback of using Stripe is that it requires professional assistance during integration. Stripe supports over 135 currencies in 47 countries, which makes it perfect for international transactions.
Pricing and Transaction Fees
- Merchants are charged only 2.9% + $0.30 per online transaction and 2.7% + $.05 per physical transaction.
PayPal
PayPal is a mobile application and website payment platform that facilitates online money transfers. PayPal clients can open an account and link it to a credit card, checking account, or both. Businesses can also choose from a variety of solutions provided by PayPal for their daily operations. This includes business management services, credit and financing options, and payment portals for both online and offline transactions.
Pricing and Transaction Fees
- The buyer or sender will be charged a currency conversion fee of 4% when making a purchase or sending money.
- Sellers also incur fees on each transaction ranging from 2.29% to 3.49% in addition to a fixed fee, which is determined by the buyer’s chosen payment method.
- Transaction fees for credit and debit cards are 2.99% + a fixed fee. Although the credit and debit cards bearing the PayPal name are free to use, they may have fees for specific uses, just like any other card. Interest may also be charged on the credit card.
- For buying and selling cryptocurrency and accepting donations from charities for tour stores, additional fees are charged.
Klarna
Klarna is the leading global payments and shopping service that allows for smarter and more flexible shopping and purchase experiences for 85 million active consumers across more than 175,000 merchants in 17 countries. Klarna offers direct payments, pay-after-delivery options, and installment plans in a smooth one-click purchase. It lets consumers pay when and how they prefer to.
At checkout, the customer will have the ability to choose Klarna as their method of payment. Overall, Klarna can be a helpful payment gateway for both the customer and the shop owner alike. It provides customers with greater flexibility in how they pay, while it helps the shop owner by giving a potential customer another option for making their purchase.
Shopify Payments
Shopify Payments is an all-in-one online payment service offered by Shopify to ease online transaction processing. Since it is the default payment gateway, there is no need to rely on external payment gateway providers. Merchants can receive payments directly from the customer’s credit and debit cards, gift cards, Apple Pay, Amazon Pay, and even cryptocurrencies. This payment gateway is accessible to merchants in 17 countries and employs a two-step authentication that protects merchants from external threats.
Pricing and Transaction Fees
- Shopify offers four pricing plans, each designed to suit various businesses:
- Basic Plan: Available for $29 a month; 2.9% + $30 per transaction.
- Standard Plan: The standard plan is $79 a month; 2.6% + 30¢ per transaction.
- Advanced Plan: The plan is $299 each month; 2.4% plus 30¢ per transaction.
- Shopify Plus: The enterprise plan costs $2000 per month. It has the lowest credit card transaction fees at 2.15%.
Integrating PTPShopy Crypto Payments into Shopify
Integrating cryptocurrency payments provides Shopify business owners with a variety of payment options to meet the needs of their local and international customer base while increasing profits. PTPshopy provides a straightforward how-to guide for Shopify store owners looking to add the PTPShopy cryptocurrency payment gateway to their store.
Simply visit the PTPShopy website and set up an account by providing basic information about yourself and your business. Navigate to the Setup Your Store section to set up your business and also install and configure the right Shopify plugin. Learn more about accepting payments with PTPShopy without incuuring expebsive operational costs.
