A bad payment experience is every Shopify store owner’s worst nightmare.
UPI statistics reveal it is booming in India, with nearly 18 billion transactions in just one month — so if you’re running a Shopify store targeting Indian customers, adding UPI payment options is a advantage. With these 7 best payment providers for Shopify, you can offer a seamless payment experience to your customers and stay at a distance from all the payment worries.
So, let’s get into this!
What is a Shopify Payment Provider?
A Shopify payment provider acts as an intermediary between customers and merchants, facilitating the exchange of transaction details.
Online payment gateways operate as cloud-based software,these payment gateways for Shopify ensure the payment process is carried on securely to the merchant from the customer.
7 Best Payment Providers for Shopify
1. Paypal
Paypal is an American-based FinTech company established 25 years ago. It’s old and among the Best Payment Providers for Shopify.
It ensures sending money, selling, and shopping are simple, personalized, and secure. Its inclusivity makes it a top contender in the best payment provider for Shopify.
It supports linking for bank accounts, debit, or credit cards. It can be used on the Web, Mobile Apps, or in person.
Key Features
- It has robust security, making it the best payment provider for Shopify. It makes sure there is zero fraud in customer’s checkout transactions.
- It has a fast checkout feature that stores the customer data and ensures swift checkout.
- It also provides pay later and enables customers to pay in EMIs.
Pricing
- Transaction fees between 2.4% to 2.9% + 30 cents per transaction, depending on your plan
2. Stripe
Stripe is an Irish-American Multinational Financial services company. It equips you with the tools to accept payments online. It provides payment processing software and APIs for e-commerce websites and mobile applications.
It is among the best payment providers for Shopify as it makes moving money as easy and programmable as moving data. It introduced Stripe Issuing, which enables their physical and digital credit and debit cards.
Key Features
- It features a pre-built payment form ensuring smooth checkout flows, fraud prevention, and seamless one-click checkout.
- It offers a fully customized experience and simplifies PCI compliance using flexible integration options, differentiating it from other best payment provider for Shopify
- It has a Stripe Radar, which utilizes machine learning models trained on hundreds of billions of data points to assess the risk of each transaction.
- It also has a feature for setting up recurring plans, sending invoices, and more – all out of the box.
Pricing
- 2% for Mastercard and Visa cards issued in India. Domestic debit card transactions have a Merchant Discount Rate (MDR) of 0.4% capped at ₹200.
- 3% for Mastercard and Visa cards issued outside India + 2% if currency conversion is required
- 3.5% for American Express cards issued outside India + 2% if currency conversion is required
- 4.3% for international cards with USD or other currency presentment + 2% if currency conversion is required
3. Amazon Pay
Amazon Pay, widely recognized as one of the best payment providers for Shopify, is an online payment service owned by Amazon It was launched in 2007.
Amazon Pay, hailed as the best payment provider for Shopify, showcased its innovation in 2020 with the groundbreaking introduction of ‘Pay with Alexa’. In 2019, it announced a partnership with WorldPay, enabling Amazon Pay as a part of the same integration.
Key Features
- It has Amazon Pay Express, for the application of e-commerce. It does not have full e-commerce integration.
- It has ACH check transactions and enables electronic transfer of funds without a paper check, credit card, wire transfer, or exchange of cash.
- It enables recurring billing and allows a business to receive payments but get card information from the customer only once
- It also supports POS Transactions.
Pricing
- Refer to the Shopify Payment fee for the pricing structure
4. Klarna
Are you looking for the best payment provider for Shopify that can amplify your sales? With Klarna integrated into your Shopify store, you’re not just offering a payment solution – you’re providing your customers with the ultimate shopping freedom.
Klarna empowers your customers to purchase their desired items instantly and pay over time, ensuring you receive full payments upfront. Hence, it is considered the best payment provider for Shopify by various merchants.
Key Features
- It offers 4 Interest-free payments in the Pay Later feature
- There is a feature of up to 24 monthly payments.
- It displays tailored messages and shows your customers available payment plans while shopping.
- It offers smooth integration with a full integration guide.
- It has 24/7 customer support in multiple languages.
Pricing
- Charged based on per transaction. Contact for pricing.
5. CCAvenue
CCAvenue is a good payment provider for Shopify. It has an arsenal of business enhancement tools designed to elevate your online store’s success by offering unparalleled product differentiation and expanding customer reach.
With CCAvenue, Shopify merchants gain access to the best payment provider solutions, which makes it the premier choice for Shopify stores and takes their online businesses to the next level.
Key Features
- It has a multi-currency processing capability.
- Quick and simple checkout for customers who had left the purchase journey in the middle and returned to the same process
- If you are not PCI DSS certified, then it’s the best payment provider for Shopify.
- It is supported on all Operating systems.
Pricing
- There are two plans: Startup Pro and Privilege Plan
- Startup Pro Plan
- There is zero setup fee, there is 2% platform fees applicable on all transactions.
- There are transactional costs based on the type of card. For International cards, they charge around 4.99%.
- They charge 3% for domestic cards.
- Privilege plan
- There is an INR 30,000 Setup fee, while for transaction fees, CCavenue provides customized plans.
6. Razorpay
Razorpay is considered one of the best Shopify payment solutions due to its full-stack financial stack solutions capability. It accepts payments digitally with minimal effort and maximum ease.
You can get your current account fully functional and automate your payroll compliance. It supports various types of payments like credit cards, debit cards, Net banking, UPI, etc.
Key Features
- It supports all the major currencies
- It supports seamless integrations with multiple SDKs.
- It has industry-standard security compliance
- It has a dashboard that makes monitoring easy
Pricing
- There are no setup fees on Razorpay and no Annual Maintenance fees
- They charge 2% on all transactions + 18% GST
7. Elavon
It’s a wholly subsidiary of U.S. Bank, considered one of the best payment providers for Shopify. It is customizable for businesses of any size. It operates in over 36 countries and has approx. 200 million customers.
Key Features
- It supports more than 131 currencies.
- It has many industry-specific solutions
- It is security and PCI-compliant.
- It supports online payment, in-person payment, and Contactless payments.
Pricing
- Elavon does not provide pricing on its website. You need to contact the sales team to get a customized quote.
How to Choose the Best Payment Gateway for Shopify?
There are various factors to be considered in selecting the best payment gateway for Shopify. Here are the key points to keep in mind.
- Geographical Location of Target Market: As certain Shopify payment providers will not support in certain geographical locations, hence this is the primary factor to be considered
- Transactional fees: Consider a payment provider that has optimum transactional costs, otherwise it would spoil your balance sheet. It should have the potential to overall increase your ROI.
- Security features: It should have a robust fraud-proof feature, with the ability to prevent the loss of money to customers. It should be DCI-PSS compliance, boosting the credibility among customers.
- Reviews of the users: Reviews need to be studied to understand the various limitations of the payment provider and make informed decisions.
Remember, the right payment provider not only streamlines your checkout process but also enhances trust and credibility with your customers, ultimately driving growth and success for your Shopify store.
Choose wisely, and embark on your journey towards e-commerce excellence.
