As an ecommerce business, you need to be able to get paid. That’s why Shopify offers a number of different payout options to choose from. In this article, we’ll give you an overview of the different payout methods available on Shopify, as well as how to get started with each one.
There are four main ways to get paid on Shopify:
1. Credit and debit cards
2. PayPal
3. Stripe
4. Shopify Payments
Each of these payment methods has its own benefits and drawbacks, so it’s important to choose the one that’s right for your business. Let’s take a closer look at each option:
Credit and debit cards: Credit and debit cards are the most popular payment method for online shoppers, so it makes sense to accept them as a payment method for your Shopify store. Cards are processed through Shopify Payments, which is available in over 50 countries. One advantage of using credit and debit cards as a payment method is that you can offer customers the option to pay in their local currency.
This can help increase sales and conversion rates, as customers are more likely to purchase from a store that offers pricing in their own currency. Another benefit is that Shopify Payments comes with built-in fraud protection, so you don’t have to worry about chargebacks or fraudulent orders. The main downside of using credit and debit cards as a payment method is that you’ll have to pay transaction fees, which typically range from 2-3%.
PayPal: PayPal is one of the most popular payment processors in the world, and it’s also available as a payment method on Shopify. PayPal is available in over 200 countries and 25 currencies, so it’s a good option if you’re selling internationally.
One advantage of using PayPal is that it’s quick and easy to set up – you can be up and running in just a few minutes. Another advantage is that there are no setup or monthly fees – you only pay transaction fees when you make a sale. The main downside of using PayPal is that you don’t have as much control over the checkout process as you do with other payment methods like Stripe or Shopify Payments.
Stripe: Stripe is a popular payment processor that offers a number of features for online businesses, includingShopify integration. One advantage of using Stripe is that it offers built-in fraud protection tools, so you can rest assured that your orders are safe.
Another advantage is that Stripe supports over 135 currencies, so it’s a good option if you’re selling internationally. The main downside of using Stripe is that it charges transaction fees (typically 2-3%), which can add up over time.
Shopify Payments: Shopify Payments is the built-in payment processor for Shopify stores. It’s available in over 50 countries and supports multiple currencies.
One advantage of using Shopify Payments is that it’s quick and easy to set up – you can be up and running in just a few minutes. Another advantage is that there are no setup or monthly fees – you only pay transaction fees when you make a sale (typically 2%). The main downside of using Shopify Payments is that it doesn’t offer as many features as some other payment processors, like Stripe or PayPal.
No matter which payout method you choose for your Shopify store, you’ll need to set up a merchant account before you can start processing payments. A merchant account is a bank account where your customers’ payments will be deposited after they’ve been processed by your chosen payment gateway (eBay uses PayPal as its gateway).
You can set up a merchant account through your bank or through a third-party provider like Square or Stripe. Once you have a merchant account set up, you’ll be able to start accepting payments on your Shopify store!
