Setting up payment methods on your Shopify store is crucial for collecting payments and growing your business. In this guide, I will explain how to set up Shopify payment methods. So read this whole article step by step.
Understanding Payment Options
Before we delve into the setup process, it’s essential to understand the different ty
pes of payment methods available on Shopify. According to Shopify, there are eight common payment options:
- Credit and Debit Cards
- Cash
- Mobile Wallets
- Buy Now, Pay Later
- Checks
- Bank Transfers
- Autopay
- Cryptocurrency
However, for most Shopify users, you won’t need all eight. The most critical payment methods to focus on include:
- Credit and Debit Cards are the most commonly used payment methods, and every store should accept them.
- Mobile Wallets: With the rise of Apple Pay and Google Pay, this is becoming increasingly important.
- Buy Now, Pay Later: This can be a game-changer for high-ticket items, typically those priced over $100.
- Cryptocurrency: Important if your audience prefers this payment method.
Setting Up Shopify Payments
To set up your payment methods, log into your Shopify admin, navigate to Settings, and then Payments. The payment screen will vary depending on your country.
Shopify Payments is recommended as the best option for most users. However, it’s not available in every country. If you’re in a supported country, it allows you to accept major credit cards, Apple Pay, Google Pay, and even offers a buy now pay later solution.
Steps to Set Up Shopify Payments
- Click on Complete Account Setup.
- Submit your business information, including your business type (e.g., Corporation, Sole Proprietor).
- Provide details like your federal EIN (if applicable), business address, and personal details.
- Enter the details of any individuals owning 25% or more of the business.
- Select your industry and provide a brief description of your products.
- Edit your customer billing statement to reflect your business name and phone number.
- Click on Complete Account Setup.
After completing these steps, you’ll need to set up two-step authentication for account security and connect a bank account for sales deposits.
Adding PayPal as a Payment Option
Even if Shopify Payments is available in your country, adding PayPal is a good practice. It provides customers with an alternative payment option, especially useful for international buyers.
Setting up PayPal is straightforward:
- In the Payments section, click on Complete Account Setup for PayPal.
- If you already have a PayPal account linked to your email, it will automatically connect; otherwise, you will need to complete the signup process on PayPal’s website.
Other Payment Options
Beyond Shopify Payments and PayPal, there are additional options worth considering:
Amazon Pay
If you have an Amazon merchant account, you can activate Amazon Pay to provide another checkout option.
Manual Payment Methods
These are less common but can include cash on delivery, money orders, and bank deposits. However, most e-commerce businesses won’t rely on these methods due to their inefficiencies.
Exploring Alternative Payment Methods
If Shopify Payments isn’t available or if you want to accept other currencies, Shopify allows you to add alternative payment methods. Here’s how:
- Go to the Payments section and click on Add Payment Methods.
- You can search for specific payment methods or providers. For example, if you want to accept Ethereum, you can look for providers that support it.
- Choose a provider and follow the activation steps provided.
Final Recommendations
For most Shopify store owners, the recommended setup is:
- Prioritize setting up Shopify Payments to accept credit and debit cards.
- Add PayPal as a backup payment provider.
- Consider mobile wallets like Apple Pay and Google Pay.
- For products priced over $100, consider implementing a buy now pay later option.
- Explore cryptocurrency options if your target audience demands it.
By setting up these payment methods, you’ll ensure a smoother checkout experience for your customers, ultimately leading to higher conversion rates and increased sales.
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