{"id":2219,"date":"2023-02-15T07:30:37","date_gmt":"2023-02-15T07:30:37","guid":{"rendered":"https:\/\/meetanshi.com\/blog\/what-is-shopify-payments\/"},"modified":"2025-01-02T09:57:47","modified_gmt":"2025-01-02T09:57:47","slug":"what-is-shopify-payments","status":"publish","type":"post","link":"https:\/\/meetanshi.com\/blog\/what-is-shopify-payments\/","title":{"rendered":"What is Shopify Payments [Setup, Cost, Benefits &#038; More]"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Confused about whether Shopify payments is the right choice for you? Well, read this blog till the end to find out what is Shopify Payments, its setup process, pricing plans, and more.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Every store owner wants to start making dollar bills as soon as they launch their store on Shopify.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And, the most important thing you need for that is \u2014 a secure payment processing system.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shopify is easy-to-integrate with most of the big names in the payment industry \u2014 PayPal, Stripe, and 2CheckOut are a few <a title=\"Integrate Payment Gateway with Shopify\" href=\"https:\/\/meetanshi.com\/shopify-integration-services.html\" target=\"_blank\" rel=\"noopener\">Shopify payment gateway integrations<\/a>. The platform also comes pre-integrated with its own payment processing system \u2014 Shopify Payments. This puts many merchants in the dilemma of choosing between multiple payment processing solutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A lot of problems!!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let&#8217;s ease things now \ud83d\ude42<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"whatisshopifypayments\">What is Shopify Payments?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Shopify payments is a payment processing solution offered to all merchants by Shopify. It processes the payments through Shopify Payments, Shop Pay, Shop Pay Installments, and Paypal Express, and does not charge any extra third-party transactional fees (except for merchants from Austria, Belgium, and Sweden).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The payment method allows accepting secure online payments from customers using payment methods such as Credit &amp; Debit Cards, Amazon Pay, Apple Pay, and more. It is available for merchants selling from 20+ countries\/regions. Get more info at <a title=\"Supported countries for Shopify Payments\" href=\"https:\/\/help.shopify.com\/en\/manual\/payments\/shopify-payments\/supported-countries#shopify-payments-countries\" target=\"_blank\" rel=\"noopener\">Supported countries for Shopify Payments<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"shopifypaymentsfeespricing\">Shopify Payments Fees &amp; Pricing<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Shopify payments may cut down the additional third-party payment processing charges, but there are <strong>some additional costs associated with it.<\/strong> First of all, it requires you to have an active Shopify plan (which would also be necessary for using any other third-party payment processors.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although Shopify does not charge any third-party transactional fees for Shopify payments, <strong>you need to pay the standard processing fees<\/strong>. The processing fee structure is different for different plans. Complete the Shopify payments processing fees structure tabulated below:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th><strong>Shopify Payments Pricing \u2193<\/strong><\/th><th>Shopify Starter<\/th><th>Shopify Basic<\/th><th>Shopify<\/th><th>Shopify Advanced<\/th><\/tr><\/thead><tbody><tr><td><strong>Monthly<\/strong><\/td><td>$5<\/td><td>$29<\/td><td>$79<\/td><td>$299<\/td><\/tr><tr><td><strong>Online<\/strong><\/td><td>2.9% + $0.30<\/td><td>2.9% + $0.30<\/td><td>2.6% + $0.30<\/td><td>2.4% + $0.30<\/td><\/tr><tr><td><strong>Offline (In Person)<\/strong><\/td><td>No POS<\/td><td>2.70%<\/td><td>2.50%<\/td><td>2.40%<\/td><\/tr><tr><td><strong>Transaction Fee (With External Processor)<\/strong><\/td><td>2%<\/td><td>2%<\/td><td>1%<\/td><td>0.50%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, some of the additional charges and fees that you may need to pay while using Shopify payments are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Currency conversion fee:&nbsp;<\/strong>Flat <strong>1.5% if you are selling from the United States<\/strong> and <strong>2% for sellers outside the U.S.<\/strong><\/li>\n\n\n\n<li><strong>Chargebacks: $15 per chargeback<\/strong> for U.S. sellers. The charges may vary for sellers from other countries.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Also, Shopify does not waive the processing fees of the orders returned by the customers, which means you still need to pay the processing fees of the orders that are returned or canceled by the customers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Recommended Reads:<\/strong> <a title=\"Shopify Plus Pricing 2024: A Complete Breakdown\" href=\"https:\/\/meetanshi.com\/blog\/shopify-plus-pricing\/\">Shopify Plus Pricing 2024: A Complete Breakdown<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"requirementsforusingshopifypayments\">Requirements for Using Shopify Payments<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">First of all, <strong>you need an active Shopify plan<\/strong> to use the Shopify payments. The <strong>Shopify payment services are limited to 22 countries only<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You are eligible to use Shopify payments if you are selling from:<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<ul class=\"wp-block-list\">\n<li>Australia<\/li>\n\n\n\n<li>Austria<\/li>\n\n\n\n<li>Belgium<\/li>\n\n\n\n<li>Canada<\/li>\n\n\n\n<li>Denmark<\/li>\n\n\n\n<li>Czechia<\/li>\n\n\n\n<li>Finland<\/li>\n\n\n\n<li>France<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<ul class=\"wp-block-list\">\n<li>Germany<\/li>\n\n\n\n<li>Hong Kong SAR<\/li>\n\n\n\n<li>Ireland<\/li>\n\n\n\n<li>Italy<\/li>\n\n\n\n<li>Japan<\/li>\n\n\n\n<li>Netherlands<\/li>\n\n\n\n<li>New Zealand<\/li>\n\n\n\n<li>Portugal<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<ul class=\"wp-block-list\">\n<li>Singapore<\/li>\n\n\n\n<li>Spain<\/li>\n\n\n\n<li>Sweden<\/li>\n\n\n\n<li>Switzerland<\/li>\n\n\n\n<li>United Kingdom<\/li>\n\n\n\n<li>United States<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Other requirements of Shopify Payments include:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Two-step authentication enabled in the Shopify account<\/li>\n\n\n\n<li>Personal\/business information &amp; bank details<\/li>\n\n\n\n<li>The bank account should be accepting electronic money transfers<\/li>\n\n\n\n<li>The bank account should be using Shopify payout currency<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, you should also note that Shopify payments are not compatible with virtual accounts or savings accounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"methodtosetupshopifypayments\">Method to Set Up Shopify Payments<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Before you head towards settings up Shopify payments, make sure your store fulfills the eligibility criteria. <strong>Log into your Shopify admin, and simply follow these steps to set up Shopify payments:<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Step 1:&nbsp;Select Your Store Currency<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In your Shopify admin, go to Settings &gt; Store details and select your preferred store currency.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/meetanshi.com\/blog\/wp-content\/uploads\/2022\/12\/How-to-set-up-Shopify-Payments-Set-up-store-currency.png\" alt=\"Set up store currency in Magento 2 to set up Shopify Payments\" class=\"wp-image-29356\"\/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 2: Fill Up the Required Details &amp; Configure Shopify Payments<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Now, go to <strong>Settings &gt; Payments&nbsp;<\/strong>and click on the <strong>Complete account setup&nbsp;<\/strong>button.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/meetanshi.com\/blog\/wp-content\/uploads\/2022\/12\/Activate-Shopify-Payments.jpg\" alt=\"Set up Shopify Payments - Activate\" class=\"wp-image-29361\"\/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Enter all the required business information, personal details, and bank details.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/meetanshi.com\/blog\/wp-content\/uploads\/2022\/12\/Set-up-Shopify-Payments-Enter-Business-Details.png\" alt=\"Enter Business Details to Set Up Shopify Payments\" class=\"wp-image-29358\"\/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">After submitting the details, the Shopify team will manually review the details and activate your Shopify payments account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The manual review process may take around 24 hours.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once your Shopify payments account is activated, you can configure other settings for the payment process. You can also configure the pre-integrated payment options, such as PayPal and Amazon Pay to offer convenient payment methods to your customers. <a title=\"How to Test Shopify Payments [Quick Method]\" href=\"https:\/\/meetanshi.com\/blog\/test-shopify-payments\/\" target=\"_blank\" rel=\"noopener\">Learn here to test Shopify Payments<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"prosandconsofusingshopifypaymentgateway\">Pros &amp; Cons of Using Shopify Payment Gateway<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Is Shopify payments the right choice for you? Let&#8217;s look at the positive and negative aspects of using Shopify Payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Pros<\/strong><strong>Cons<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Pros<\/strong><\/th><th><strong>Cons<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Easy to set up<br>No transactional fees<br>All-in-one payments dashboard<br>Supports offline sales<br>Multiple payment gateways<br>Built-in integration<br>PCI-compliant payment solution<\/td><td>Only available in certain countries<br>High chargeback fees<br>30-day payout period for risky products<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"shopifypaymentsquickrecap\">Shopify Payments &#8211; Quick Recap<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Processing online payments are simplified using Shopify payments. It is a secure, easy, and quick way to get paid by your customers. Furthermore, there are other available options to accept online payments in your Shopify store.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Think long-term, do your own math, and choose the one that&#8217;s the most suitable for you. You can take reference from our list of <a title=\"Top international payment gateways\" href=\"https:\/\/meetanshi.com\/blog\/top-10-international-payment-gateways-worldwide\/\" target=\"_blank\" rel=\"noopener\">top international payment gateways<\/a>.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks for reading!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Also Read:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/meetanshi.com\/blog\/shopify-launch-checklist\/\" target=\"_blank\" rel=\"noreferrer noopener\">Shopify Launch Checklist<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/meetanshi.com\/blog\/how-to-add-apple-pay-to-shopify-store\/\" target=\"_blank\" rel=\"noreferrer noopener\">How to Add Apple Pay to Shopify Store?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/meetanshi.com\/blog\/how-to-add-stripe-to-shopify\/\" target=\"_blank\" rel=\"noreferrer noopener\">How to Add Stripe to Shopify<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/meetanshi.com\/blog\/shopify-order-status\/\" target=\"_blank\" rel=\"noreferrer noopener\">Learn Different Types of Shopify Order Statuses<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/meetanshi.com\/blog\/shopify-login\/\" target=\"_blank\" rel=\"noreferrer noopener\">Shopify Login for Admin, Partner, and Customer Accounts<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/meetanshi.com\/blog\/compare-at-price-in-shopify\/\" target=\"_blank\" rel=\"noreferrer noopener\">Method to Set Compare At Price in Shopify<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"frequentlyaskedquestions\">Frequently Asked Questions<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Should I Use Shopify Payments or PayPal?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Shopify payments is a built-in payment processing method offered by Shopify with zero additional fees. It also offers integration with other payment gateways such as Amazon Pay and PayPal. Shopify payments can be a good choice over PayPal provided that your store is eligible for it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Is Shopify Payments Safe?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, Shopify Payments is a highly secure processing solution offered by Shopify. It comes with PCI compliance and assures utmost payment security.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How do Shopify Payments Work?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Shopify Payments is an integrated part of the Shopify ecosystem. It uses Stripe in the backend to process the online payments and deposit the payments into the seller&#8217;s bank. The waiting period is 3 days.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Is Shopify Payments Powered by Stripe?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, Shopify payments are powered by Stripe. In fact, it is the Stripe payment processing solution that is white-labeled as Shopify Payments.<\/p>\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [{\n    \"@type\": \"Question\",\n    \"name\": \"Should I Use Shopify Payments or PayPal?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Shopify payments is a built-in payment processing method offered by Shopify with zero additional fees. It also offers integration with other payment gateways such as Amazon Pay and PayPal. Shopify payments can be a good choice over PayPal provided that your store is eligible for it.\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"Is Shopify Payments Safe?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Yes, Shopify Payments is a highly secure processing solution offered by Shopify. 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Well, read this blog till the end to find out what is Shopify Payments,&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[787],"tags":[],"class_list":["post-2219","post","type-post","status-publish","format-standard","hentry","category-shopify"],"acf":[],"_links":{"self":[{"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/posts\/2219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/comments?post=2219"}],"version-history":[{"count":1,"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/posts\/2219\/revisions"}],"predecessor-version":[{"id":5081,"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/posts\/2219\/revisions\/5081"}],"wp:attachment":[{"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/media?parent=2219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/categories?post=2219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/meetanshi.com\/blog\/wp-json\/wp\/v2\/tags?post=2219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}