Are you looking for ways to save on Shopify payments? If so, you may be wondering if you can use Transferwise for Shopify payments. Transferwise is a popular money transfer service that allows you to send money abroad at a fraction of the cost of traditional banks. But can you use it for Shopify payments? The short answer is yes, you can use Transferwise for Shopify payments. However, there are a few things to keep in mind before using the service. In this blog post, we’ll take a look at how Transferwise works and what you need to know before using it for Shopify payments.
What is Transferwise?
Transferwise is a money transfer service that allows users to send and receive international payments at the real exchange rate. Transferwise is convenient because it eliminates the need for currency conversions and makes it easy to send money to friends and family abroad. Additionally, Transferwise is one of the few money transfer services that offers a mobile app, making it easy to send money on the go.
Can I Use Transferwise for Shopify Payments?
Yes, you can use TransferWise to receive payments from Shopify. When you sign up for a Shopify account, you can choose to use TransferWise as your payment gateway. This allows you to accept payments in your local currency, without incurring any foreign transaction fees.
To get started, simply create a TransferWise account and link it to your Shopify store. Then, when you receive payments through Shopify, they’ll be automatically converted into your local currency at the real exchange rate – with no hidden fees. Plus, you can hold and manage your money in over 50 currencies right within your TransferWise account, so it’s easy to stay on top of your finances no matter where in the world you’re selling.
How to Use Transferwise for Shopify Payments
If you’re looking for an alternative to Shopify Payments, TransferWise could be a good option for you. Here’s a step-by-step guide on how to set up TransferWise for Shopify Payments:
1. Go to the ‘Payments’ section of your Shopify admin and click ‘Add provider’.
2. Select ‘TransferWise’ from the list of providers.
3. Enter your TransferWise account details and click ‘Activate’.
4. That’s it! You can now start using TransferWise for Shopify Payments.
Pros and Cons of Using Transferwise for Shopify Payments
If you’re looking for an alternative to Shopify Payments, you may be wondering if you can use Transferwise for Shopify payments. While Transferwise does offer some advantages, there are also some potential drawbacks to using this service.
Pros:
1. One of the biggest advantages of using Transferwise is the low fees. You’ll only be charged a small percentage of the total transaction amount, which can save you a lot of money if you’re processing a large number of orders.
2. Another big advantage is that Transferwise offers currency conversion at very competitive rates. This can help you save money on international orders.
3. Transferwise is also very fast and efficient. Your customers will receive their order promptly and without any delays.
Cons:
1. One potential downside of using Transferwise is that they do not currently support all countries. If you have customers in a country that isn’t supported, you’ll need to use another payment processor.
2. Another potential drawback is that Transferwise doesn’t offer all of the same features as Shopify Payments. For example, they don’t currently offer fraud protection or the ability to accept credit cards directly on your store (you’ll need to use a third-party gateway for this).
Alternatives to Using Transferwise for Shopify Payments
There are a few alternatives to using Transferwise for Shopify Payments. One alternative is to use a different payment processor such as Stripe or PayPal. Another alternative is to use a Shopify-specific payment gateway such as Shopify Payments or 2Checkout. Finally, you could also use a third-party service such as Currency Cloud or World First.
Conclusion
If you’re looking for a payment processor that offers low fees and is easy to use, you may want to consider Transferwise. While it’s not as widely accepted as some other processors, it does work with Shopify and can be a good option for businesses that are just starting out. Be sure to do your research and compare different processors before making a decision, as there are many factors to consider. But if you’re looking for an affordable option with no hidden fees, Transferwise is definitely worth considering.
