Best Shopify Payment Gateways in 2023

Shopify is an e-commerce solution that allows businesses to manage their online stores effectively. Enterprises seeking to reach customers worldwide can use its robust features to extend their reach, eliminating the need for physical storefronts. It also allows businesses to grow their sales and reach without the hassle associated with running physical stores.

How Shopify Works

Users can access Shopify’s cloud-based software solution conveniently from any internet-connected device. Due to Shopify’s fully hosted ecommerce platform, merchants don’t need to worry about hosting their own websites. Shopify offers an easy-to-use online store platform，it allows merchants to create a cohesive brand experience across multiple channels. It allows you to create a website and use their shopping cart solution for selling, shipping, and managing products.

A comprehensive set of tools is included with Shopify’s eCommerce platform, enabling in-depth analysis of your online store. By using these tools, users can create customized online experiences for customers, maximizing their marketing ROI.

In addition, this technology simplifies business operations like customer relationship management, inventory management, and transactions, leading to significant savings. Essentially, Shopify works as a ‘software as a service’ tool.

Here is an in-depth step-by-step on how Shopify works:

Create your Shopify store

To set up your Shopify store, you’ll need to follow these steps:

Design your store: With over 70 store themes available, Shopify provides a range of options to choose from. You can take advantage of the drag-and-drop functionality to simplify the customization process. You can easily personalize colors, images, and fonts according to your preferences. Additionally, the site you build automatically adapts to mobile devices, ensuring a seamless browsing experience. There are no limitations on the number of products you can list.
Configure your payment system: Shopify offers Shopify Payments as a separate service to enable credit card transactions. However, if you prefer to use your own payment processor, keep in mind that Shopify imposes an additional fee for this option.
Integrate a Buy button on external websites: Increase your sales potential by embedding click-to-buy links for your products on social media platforms or other websites.
Establish a point-of-sale system for physical stores: If you operate a brick-and-mortar business, Shopify also provides a point-of-sale system.

Sell with Shopify

Once your online store is up and running, Shopify provides a range of valuable features:

Efficient Order Management:
Shopify streamlines your shipping process by offering discounted shipping rates and ensuring shipments are insured. You can also conveniently monitor the progress of orders through your dashboard.
Effective Inventory Control:
Shopify’s comprehensive dashboard enables you to keep a close eye on your stock levels. You can seamlessly move inventory between stores and warehouses as needed. You can also organize orders based on fulfillment methods or delivery locations, making necessary modifications as required.
Diverse Sales Channels:
Expand beyond your own website by leveraging Shopify’s capabilities to list your products on various prominent platforms, including Google, eBay, Walmart, TikTok, Pinterest, Facebook, Instagram, and more. This allows you to reach a wider audience and maximize your sales potential.

Run your Business

With Shopify, you can effectively manage your business by utilizing the following features:

Efficient order tracking: Gain visibility into all your orders, regardless of whether they were placed on your website, a third-party platform, or in person. A user-friendly dashboard provides you with valuable reports, analytics, and insights. Seamlessly handle various tasks through the Shopify Mobile app, such as uploading product images, setting prices, handling refunds, monitoring sales and visitor traffic, receiving order notifications, and communicating with your team.

Improved customer communication: Engage with your customers using a range of Shopify programs. Set up a chat app on your website, launch targeted email campaigns, and create compelling ads on popular social media platforms like Facebook and Instagram.

Access to merchant financing: Explore the possibilities of Shopify Capital, a dedicated financing program designed for Shopify sellers. It offers loans to eligible individuals, but it’s essential to carefully assess the associated costs and have a well-defined plan for utilizing the funds before making a decision.

Accepting Payments on Shopify

If you’re a store owner, you might be wondering about the best way to receive payments from customers worldwide. Is it possible to find payment gateways within Shopify that can streamline the setup process and eliminate the need for third-party providers?

Yes, and here is how:

Shopify Payments presents a comprehensive and seamless option for merchants, ensuring zero additional transaction fees. It serves as a viable alternative to the complexities associated with integrating third-party payment providers. By activating Shopify Payments free of charge, customers can eliminate the supplementary fees imposed by other payment providers, ultimately enhancing the overall shopping experience.

To integrate Shopify Payments into your Shopify Admin, follow these steps:

Access the Settings section within your Shopify Admin.
Navigate to Payments -> Payment providers.
Enable the credit card payment provider to activate Shopify Payments.
Fill in your Business, Personal, and Product details, along with your Banking information (additional information may be required depending on your region), and click on Save.
Allow some time for your request to be reviewed before you can commence processing payments.

Choosing the Best Shopify Payment Gateway

Shopify payment gateways play a crucial role in facilitating transactions on ecommerce platforms. They serve as the fundamental infrastructure for processing payments and gathering transaction details from customers. For an ecommerce store powered by Shopify, the absence of suitable payment gateways would hinder the ability to receive and process payments.

The best Shopify payment gateways offer a protective shield for both merchants and customers, ensuring secure online and offline credit and debit card transactions.

Selecting the best Shopify payment gateway involves considering various factors, including pricing, setup time, and geographic compatibility. These elements can vary significantly, making certain gateways more suitable than others depending on the specific nature of the business.

Consider the following factors when selecting a payment solution for your Shopify store:

Enhanced shopping experience: Prioritize a payment gateway that streamlines the customer’s journey and creates a memorable shopping experience.
Geographic compatibility: Different Shopify payment solutions cater to specific regions. Therefore, take into account the geographic location of your target market when deciding on a payment gateway.
Acceptance of major card types: Ensure that the chosen Shopify payment option supports widely used cards such as MasterCard, VISA, and American Express, which are universally available.
Transaction costs: The transaction fees imposed by Shopify payment providers are crucial to your profitability and product pricing. Some providers may charge high transaction fees without monthly charges, while others may have lower transaction fees but higher monthly fees. Additionally, be attentive to additional charges like annual fees, settlement fees, and chargeback fees to accurately calculate your payment expenses.
Global accessibility: Shopify’s widespread presence offers a significant advantage. When selecting a Shopify payment provider, consider how it aligns with the global expansion of your business and the location of your target audience.

Oceanpayment: All-in-one Shopify Payment Gateway Partner

Oceanpayment is the leading digital payment solution provider in the market. With Oceanpayment, merchants can reach customers across the globe and increase conversion rates. Oceanpayment offers a secure and reliable payment processing system that ensures the privacy of customer data and the security of transactions. In addition, Oceanpayment’s transparent fee structure reduces processing costs for businesses. Integrated with Shopify, it provides a user-friendly interface and seamless checkout process. Oceanpayment minimizes the risk of chargebacks and fraudulent activities with its advanced protection measures.

To set up Oceanpayment as a payment gateway on Shopify, you can follow the step-by-step guide below:

Login to Shopify’s store background, search Oceanpayment and install it. The Oceanpayment installation is available on the Shopify App market.
Fill in the necessary details.
Check supported card types.
Configure additional settings: Depending on your requirements, you may need to configure additional settings such as enabling test mode or specifying a preferred currency.
Contact Oceanpayment first to obtain an Oceanpayment ID.
Enable test mode and activate Oceanpayment ID to test it out. Make a purchase using a test payment method and verify that the payment is processed successfully.

Or:

Log in to your Shopify admin: Access your Shopify store’s admin panel using your credentials.
Navigate to the Payment Providers section: In the Shopify admin panel, go to “Settings” and select “Payment Providers” from the dropdown menu.
Choose Oceanpayment as a payment gateway: Scroll down to the “Third-party providers” section and click on “Choose third-party provider.” Look for Oceanpayment in the list of available payment gateways and select.
Contact Oceanpayment first to obtain an Oceanpayment ID.
In the Oceanpayment settings panel, enter the Merchant ID and Secret Key that you obtained from the Oceanpayment dashboard in Step 2.
Save and activate Oceanpayment: Once you have entered the necessary information and made any desired configurations, click “Save” to apply the changes. After saving, toggle the payment gateway to “Active” to start accepting payments through Oceanpayment.
Test the integration: Perform a test transaction to ensure that the integration is functioning correctly.

Congratulations! You have now successfully set up Oceanpayment as a payment gateway on your Shopify store. Your customers can now choose Oceanpayment as a payment option during the checkout process.

Best Shopify Payment Gateways in 2023