The 7 Best Payment Processing Options for Shopify Stores

The best payment processing options for Shopify stores are essential to the success and growth of your business. After all, no matter what kinds of products or services you sell, or what business model you choose, you’re not going to get far if you can’t process transactions.

Payment processing tools for Shopify integrate with your cart and checkout solution, giving customers a convenient way to pay for the goods they want. They ensure you can process transactions securely, while often giving your customers a range of ways to pay. 

The question is, which are the best payment processing options for Shopify store owners?

Today, we’re going to take a look at just some of the most popular options.

What to Look for in a Shopify Payment Tool

Shopify payment processors, or tools come in a variety of formats. Some allow companies to process global payments in a range of currencies. Others support mobile wallets and unique payment methods, like “buy now pay later”. However, all of these tools focus on one thing: enabling transactions. 

The flexibility of Shopify as an ecommerce platform means you can implement just about any payment processing solution you like into your checkout. 

So, what should you be looking for when you’re narrowing down your options?

• The customer experience: Above all else, the right payment solution should make it easy for your customers to checkout safely and securely, using their preferred payment method. 
• Global reach: Some payment processors only support transactions in certain locations. If you have a global audience, you’ll need to ensure you can process payments anywhere.
• Transaction fees: Most payment processors will charge a “transaction fee” for every purchase a customer makes. The lower the transaction fees, the lower your operating costs.
• Payment methods: It’s often a good idea to choose a payment processing solution that’s compatible with most credit and debit card providers, as well as mobile wallets. 
• Security: All payment processors should be PCI compliant, but some come with extra security features, like fraud detection tools to protect you and your customers.

7 of the Best Shopify Payment Options

Now that you know what to consider when searching for the right Shopify payment method, it’s time to dive into some of your options. We choose the solutions below based on their functionality, security, reliability, ease of use, and customer experience. 

Let’s dive in. 

1. Shopify Payments

The easiest way to start managing transactions on Shopify, is to simply used it’s built-in payment processing tool. Shopify Payments comes pre-integrated with your checkout, and includes all the features you might need to handle transactions without a third-party tool. 

The great thing about Shopify Payments, is that if you use this service, you won’t be charged the extra transaction fee Shopify places on top of other payment method fees. This means you can keep your operating costs as low as possible. Plus, the solution is extremely easy to use, comes with tons of currency options, and can even connect with POS systems. 

Pros:

• No additional transaction fees for Shopify merchants
• Excellent security and privacy features
• Quick and seamless checkout process
• Real-time monitoring and analytics
• Multi-currency options

Cons:

• Payouts can take a little while
• Not as well-known as some payment methods

2. PayPal

Probably the most popular and well-known payment processing tool in the world, PayPal is trusted by over 220 million customers worldwide. It’s user-friendly for both storeowners and consumers. Plus, it supports multi-currency transactions, analytical reports, and excellent security. 

PayPal’s transaction fees are also reasonably low, starting at around 2.9% plus 30 cents. However, you will have to pay an extra transaction fee with Shopify to use PayPal. On the plus side, PayPal is ultra-secure, and makes it quick and easy for customers to checkout in seconds. 

Pros:

• Excellent reputation around the world
• Intuitive web and mobile interface
• Support for different currencies and payment methods
• Reporting and analytical tools
• Predictable flat-rate pricing structure

Cons:

• Inconsistent customer service
• You may get locked out of your account

3. Stripe

Another popular payment solution for Shopify vendors looking to optimize conversions, Stripe allows companies to receive money from both local and international customers. It comes with tons of great features for growing companies, like custom invoices and options for recurring subscriptions. Plus, there are great reporting tools for tracking your sales. 

Stripe has its own handy mobile app, so you can manage transactions on the move. It also promises excellent security, and a flat-rate transaction fee structure. One point worth noting however, is that you will be charged extra to instantly receive payments to your bank account. 

Pros:

• Convenient and straightforward backend
• Transparent flat-rate pricing system
• No setup or cancellation fees
• Support for a wide range of payment options and currencies
• Excellent customer service
• Customizable checkout flow

Cons:

• Extra fees for instant payouts
• Not available in every country worldwide

4. Amazon Pay

If you’re looking to simplify the shopping experience for your Shopify audiences, Amazon Pay is a great pick. Not only is it very easy to set up, but it allows customers to checkout using their Amazon accounts. This means your customers can finish transactions quickly before they have an opportunity to consider abandoning their cart. 

Amazon Pay integrates seamlessly with the Shopify platform, and supports a range of different currencies. It also provides excellent data protection tools, to keep your team and consumers safe. Plus, Amazon has a pretty good reputation for customer service. 

Pros:

• Ease of use for business owners and consumers
• Excellent fraud protection tools
• Instant integration with Shopify
• Multiple countries supported
• Can help to reduce cart abandonment rates

Cons:

• Requires an Amazon account for payments
• Some currencies aren’t supported

5. WorldPay

Another popular option among the best payment processing tools for Shopify, WorldPay has built a reputation for supporting secure transactions across a host of channels. You can even use the tool to take payments over the phone, online, or via credit and debit cards. 

Part of what makes WorldPay so attractive is the ability to support more than 120 different currencies. Plus, you’re not charged for refunds. WorldPay also offers access to real-time data and analytics, to help you track your financial success, and promises ultra-fast payouts. 

Pros: 

• Excellent security and reliability
• Recurring payment and subscription options
• Dozens of currencies supported
• Ultra-fast payouts
• Fantastic fraud prevention features
• Reliable customer service

Cons:

• Slightly complicated pricing structure
• Mayu have a small learning curve

6. Opayo

Previously known as SagePay, Opayo is a convenient payment processing solution for Shopify store owners, promising excellent security, and fast payouts. Although it’s only available in a handful of countries, you can use Opayo software both online and offline. There’s even the option to create invoices, take in-store payments, and telephone payments. 

Opayo is quick and easy to implement, and it offers exceptional security and customer support. There’s even a feature that allows users to pay using PayPal accounts. One downside is that Opayo does come with a monthly subscription fee to consider. 

Pros:

• Support for both online and offline vendors
• Easy integration with Shopify
• Relatively affordable pricing structure
• Invoicing tools
• PayPal support
• Easy to use for beginners

Cons:

• Long account verification process
• Limited multi-country support

7. Authorize.net

Promising retailers the opportunity to manage payments any time, anywhere, Authorize.net gives you a great way to differentiate your Shopify store. You can use the tool with a point of sale system, or to process online or mobile payments. Plus, there’s support for e-checks, recurring billing, phone payments and more. 

Authorize.net promises an extremely secure platform, with card tokenization and automated fraud detection. Plus, it supports payment options like Apple Pay too. There is an initial setup fee of $49 to consider, however. 

Pros:

• Excellent range of payment options
• Multi-currency support for global selling
• Offline and online transactions
• Excellent security and fraud prevention
• Great customer support
• Affordable transaction fees

Cons:

• One-off initial setup payment
• Can be a little complex for beginners

8. Klarna

Finally, if you want to give your customers more unique options on the checkout page, it’s definitely worth taking a look at Klarna. Klarna helps you convert more shoppers in your Shopify store, by allowing them to pay for the products they buy over time. You receive the full payment straight away, but customers can spread the cost of their transaction out over several months. 

Klarna integrates seamlessly with your Shopify store, and comes with handy tools to make your life easier. You can even use an online messaging feature to advertise your unique payment options to your customers. Plus, Klarna benefits from great security too. 

Pros:

• Quick and seamless checkout experience
• Excellent for converting more customers
• Easy integration with Shopify
• Great security and privacy features
• You receive the full payment at checkout

Cons:

• Slow customer support
• Not available in some regions

Choosing the Right Shopify Payment Solution

When choosing the right payment solution for your Shopify store, there’s lots of options out there. The best choice for you will depend on a number of factors, from your budget, to the kind of audience you want to reach. 

Remember, if you need help setting up the ultimate Shopify store, customizing your checkout page, or just giving visitors an excellent customer experience, you can always hire a Shopify expert.

Reach out to Storetasker today to discover how a Shopify expert can help your business grow.