How to Add Payment Method in Shopify? Only 3 Steps

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When you set up an online store, it is important to understand how your customers will pay you. Shopify Payments is a solid payment method. Shopify Payments offers the most flexibility in accepting online payments. It is not necessary to add a payment method to your Shopify store. This should be considered a smart decision that will determine if overseas customers can shop at your store. This blog will show you how to add Shopify payments as a payment option in your Shopify store.

BNPL, cryptocurrencies and cardless payments are just a few of the new digital payment trends. We have divided the blog into 3 sections, keeping in mind the larger term payments. Merchants who do not see Shopify Payments available as a payment option can sign up with third-party gateways. Click here for more information.

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shopify dropshipping store set up

The third part of this series focuses on the latest online payment trends and how Shopify merchants are able to instill these payment trends into their stores. These links are hidden in this blog. Let’s try to find it.

What is the best payment provider for Shopify?

Customers who place orders in your store must pay before you can receive them. All payments are checked by a payment provider. There may be a delay in getting the money credited to your bank because of this. It would be a good idea to choose carefully when you add a payment method to your Shopify store.

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Payment providers from third parties will have different ways of collecting funds. Make a list of the best payment providers and visit their websites for more information.

Other payment providers charge fees for processing transactions. Shopify Payments charges only for credit card transactions. These countries are eligible to add Shopify Payments as a payment option if you have a Shopify store.

You don’t have to worry about your store being out of reach. Shopify is connected to third-party payment providers such as RazorPay, Paytm, and PayPal. Click here to view the top payment gateways by region.

Step-by-Step Guide to Configuring Shopify Payments

You must decide on the currency for your store. This is the currency in which you price your product and it is also used in your reports. Here are the steps to take –

  1. Go to Settings > Payments from your Shopify admin.
  2. It can be activated in one of these ways: – If you have not yet set up a credit-card payment provider, click on to complete account setup in Shopify Payments.
    – If another credit card payment provider is enabled, click Activate Shopify payments –this will delete any other payment provider that is linked to your Shopify account.
  3. Click on Save to fill in your personal and business information.
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Make sure to have the following documents ready before you start configuration.

Personal and business information must be disclosed. To comply with regulatory requirements and facilitate smooth transactions, the purpose of collecting information is to inform. Check that your bank account is active.

  1. You can open a complete checking account, or a current account, in the UK or Ireland.
  2. Use the regional payout currency.
  3. Electronic bank transfers accepted.

Select the type of business you want to establish in the Business Details section. Next, enter your business number, EIN or TIN depending on the country of your business. You will need the name and birth date of the person listed under Personal Details if you are setting up an LLC or incorporation.

Shopify Payments – The Apex of Payment Providers

Shopify’s platform is limited to the essentials of an online shop. You must assemble them according to your needs. Shopify Payments is an In-house payment solution that accepts all types of payments. Here are some highlights –

  1. There is no need to sign up for another payment provider. Shopify platform supports all major payment methods, including bank transfer, credit card transaction and accelerated checkouts.
  2. Some payment providers charge fees for every online transaction. Shopify Payments charges only for credit card transactions.
  3. Your payment plan will determine the amount of transaction fees and costs. Shopify allows you to lower credit card processing fees.
  4. Shopify Payments makes it easy to transborder trade. Shopify Payments allows you to pay your customers in a currency other than the one they prefer.
    Shopify allows you to connect with shoppers in more than 130 countries. This is a huge advantage for multichannel merchants. Customers can also select their country to pay in local currency.
    Get Help from Shopify Experts!
  5. Enhanced Fraud Analysis is a great tool. You’ll be notified, for example, if an order has been fraudulently placed. Access to payment-specific analytics, reports and notifications are also available – all from one dashboard – your Shopify Admin.
  6. Other payment providers may have different rules regarding credit-card order payouts. Check with the provider. You should receive your money within 5 to 7 working days.
    Shopify Payments usually delivers the amount within 2-4 days depending on where your store is located.
  7. Shopify Payments can be integrated with PayPal. You can perform a SWOT analysis to determine the best payment provider. Check with the company’s support. Shopify experts can help you plan a payment process that works for your store.
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Shopify Payments Helps These Local Payment Providers

We learned a lot from the pandemic. Local shopping is a powerful tool. Many shoppers now look forward to shopping at local online shops. You can use one of these local payment options as an online merchant in your Shopify store:

  1. Klarna payments – This payment option is available to Shopify merchants from Australia, Germany and Sweden. Klarna Payments –customers have three options for paying their order: Pay Later, Now and Slice It. Klarna works differently when using Shopify Payments.
    Klarna Pay Later customers can pay by credit card. They will then be redirected directly to Klarna’s checkout page, where they can make orders. Klarna payments can be used to pay customers from Australia, Finland and Germany. This is how to activate Klarna payments within your Shopify store
    – Go to Setting > Payments from your Shopify admin.
    Click on Manage in the Shopify Payments section. When you are in the Payments section, click on Manage.
    Click on Save.
  2. Sofort payments –This is a secure and direct bank transfer payment option for Shopify Payments. To verify a Sofort payment, a customer must log in to their account.
    Only German merchants that sell in Euros can use Sofort payment solutions. As a merchant, however, you are allowed to accept payments from Austrian, Belgium, Germany and Italy.
  3. iDEAL payments –It’s an ideal local payment option for European Shopify stores. To verify payment, customers must log in to their iDEAL accounts.
    You must reside in Austria, Denmark Germany, Italy or Spain in order to activate this payment method.
  4. EPS payments –Electronic payment Standard is a secure method to pay Shopify stores in Austria or Germany by bank transfer. Customers can pay for their orders with EPS Payments using their bank accounts.
  5. Bancontact-Shopify shops from Austria, Denmark Germany, Italy and the Netherlands can activate Bancontact to be used as a local payment option. Customers can’t cancel payments because these funds are immediately debited.
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Shopify Payments allows you to enable Accelerated Checkouts

Shopify understands that time is valuable and doesn’t want customers to spend too much time entering their billing and address information each time they shop online. Shoppers can use accelerated checkout buttons to skip the cart and jump straight to the checkout page. Here are the options for setting up accelerated checkouts. You will need to enable accelerated checkouts by activating Shopify Payments within your store.

  1. ShopPaylets customers store their email address and credit card information. This will allow them to skip filling out these details the next time they shop. After they click authorise the purchase, orders are processed. These are the steps to activate ShopPay
    – Go to Settings>Payments from your Shopify admin.
    – Click on Manage to access the payment settings.
    ShopPay is the option to accelerate your checkouts
    Click on Save.
  2. ApplePay- Designed for Apple users who use a Safari browser on an iPhone, iPad or Mac. Apple Pay allows customers to scan their fingerprints by tapping on Apple Pay.
    ApplePay can be activated as an accelerated option by using one of the following credit-card payment providers:
    Shopify Payments
    – Stripe.
    – First Data Payeezy.
    – CyberSource.
    – Braintree.
    SSL must be enabled on the domain of your store. Apple devices are sensitive about vision. ApplePay is sensitive to vision. You need to ensure that your store looks amazing across all Apple devices.
  3. GooglePay-Customers will be able to pay their orders with the GooglePay app by activating GoolgePay, an accelerated payment method.
  4. AmazonPay-Amazon Payment is a quick, simple, and reliable way to purchase on your Shopify store. Customers can pay and receive shipping information from their Amazon accounts. Amazon does not collect product-level information. You have complete control over customer relationships. These are the steps to activate AmazonPay
    – Go to settings > Payment from your Shopify admin.
    Click Activate AmazonPay in the AmazonPay sections.
    Follow these instructions to create your account.
    If your Shopify store uses a custom domain, add your homepage URL to the AmazonPay integration sections. This is how to do it –
    – Go to Integration > Integration Central in the Amazon Seller Central.
    – Click View Client ID/Store ID in the Manage Client ID/store ID(s) section.
    – Click on the store name or app icon to select Shopify and click Edit.
    – Add your complete homepage URL to Allow JavaScript origins.
    Click to save changes.
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Be sure to pay attention to these payment trends before you click on Save

Many things have changed since the pandemic. One of these is how online shoppers pay and which payment options they have. eCommerce is gradually moving away from the card-to-cloud model when it comes time to pay online.

Summarising –

It is not easy to set up a payment option in Shopify. This should be a decision-making and time-consuming process. Shopify allows flexibility, but you will need to determine the rate that is appropriate for your niche.