Which payment method is better for Shopify? Introduction to payment methods

Shopify supports many payment methods. Before choosing a payment method, merchants must first understand what payment tools are available and then choose the one that suits them. So which payment method is better for Shopify?

Common payment methods are as follows:

1. Paypal

Shopify's preferred payment channel has a special link entrance in the background. Paypal is relatively simple for new sellers to operate. There is no need to pay account opening fees, and you can directly apply for a corporate account to receive payments. It should be noted here that if we need to use Paypal to receive payments for Shopify, it must be a corporate account, and we need to submit the business license and company legal person's certificate information.

Paypal supports payment methods such as debit cards, mainstream international credit cards, and more than 100 currencies. It is currently used in a high proportion in the world, especially in the European and American markets.

2. Shopify Payments

This is a payment channel developed by Shopify, similar to Alipay developed by Alibaba to assist Taobao payment collection. This payment method is supported by Stripe technology, so it also has the function of collecting payments from international credit cards and various e-wallets.

However, Shopify Payments has regional restrictions. Only sellers in the United States, Hong Kong, Australia, Austria, Canada, Denmark, etc. can use it. Sellers in mainland China cannot use it.

3. Stripe

Stripe supports most global credit cards, bank cards, e-wallets and other payment channels, and many sellers will consider using it. Compared with other channels, Stripe has a lower withdrawal rate and a shorter arrival time, which can minimize transaction costs in subsequent use.

However, Stripe is not currently targeting sellers in mainland China. We can only provide channel assistance through service providers in other countries, most commonly Hong Kong and Japanese accounts, and we need to pay a certain service fee.

4. 2Checkout

2Checkout is also Shopify's credit card payment partner, and we can find the entrance in the backend. Compared with Stripe, 2Checkout's registration is easier, but the subsequent transaction fees are relatively high.

Mainland China sellers only need to prepare email, website, scanned copy of personal ID card, company business license, legal person ID card information and scanned copy of address proof. Mainland China sellers usually use Paypal+Stripe to collect payments to meet the payment needs of different groups of people.

In general, Shopify's payment methods include PayPal, Shopify Payments, Stripe, 2Checkout, Authorize.Net, and bank transfer.