Shopify offers dozens of options for Ecommerce owners on how to put up an efficient payment system. And understanding how payment channels work is crucial in ensuring your online business’ success.
Shopify Payment Systems
Payment systems are an important part of your Ecommerce business. Every time a buyer checks out, they are given multiple options on how to pay for their order. Luckily for owners of Shopify stores, they can seamlessly integrate payment systems. You also have a lot of options to choose from, whether it’s Shopify’s native payment system under Shopify Payment or third-party service providers like Google Pay.
The tricky part, however, comes when selecting the right kind of payment system for your online store. Business owners must know that it takes careful planning, backed with data and insights, when deciding which payment gateway is appropriate for their shops. Read on as we elaborate every important factor when it comes to setting up your payment channel on Shopify.
A primary consideration when it comes to choosing your payments provider is your business’ location or its area of coverage. Some payment systems may not work in selected countries. And there are others that enjoy unequalled popularity among their competitors in a certain area. You can check out which Shopify payment systems are eligible in the following countries by clicking this link.
2. Know the Fees and Rules
When you want to link your Shopify store to third-party providers, you need to look into their terms and conditions, particularly fees and policies when they provide you with the services you need. Shopify has disclosed that third-party payment system providers may charge extra fees for every transaction made in your store. On top of this, they might impose certain limitations. For example, some payment systems would take some time to reflect the amount processed on your end due to banking regulations. So, to be on the safer side, it’s always better if you check first before choosing them as your payment channels.
3. Study Your Market
Just like setting up your online business, you should be able to study and gain insights from your target customers to guide you in selecting the right payment channel for your store. Consumer preferences still play a huge role when it comes to payment systems. For instance, your target market would prefer paying for their orders through e-wallets, which happens to be a growing trend in key Southeast Asian markets.
Inarguably the most important factor to consider when choosing payment system providers is its ability to protect sensitive data being processed when a buyer clicks the checkout button. A secure and reliable payment channel not only guarantees protection for your customers but for your business as well.
Optimise Your Shopify Store Now
In Ecommerce, businesses need a user-friendly, secure and reliable channel to facilitate online payments. If you want to know more about payment systems available on Shopify, you can check out our previous articles by clicking the links below.
- How Paypal Fees Work On Shopify Payment Methods
- iPay88 Introduces Easy Payment Plan to Shopify Stores
- Shopify Payment Gateways in Singapore
Alternatively, you can consult our team of Ecommerce specialists who can give you end-to-end solutions for your online business.
Schedule an appointment with Digital 38 today.
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