Uncovering the Best Shopify Payment Gateways of 2022 & 2023

Shopify is a popular ecommerce platform that allows businesses to set up their own online stores. It is simple to use and has a wide range of features, making it an ideal choice for businesses of all sizes.

One of the key benefits of Shopify is that it is scalable, so businesses can start small and then grow their online presence as their needs change. Another advantage is that Shopify is powered by WordPress, so businesses can take advantage of all the plugins and themes that are available for WordPress.

Shopify also offers 24/7 customer support, so businesses always have someone to turn to if they need help. Overall, Shopify is a versatile ecommerce platform that can be used to build a successful online store.

To give you an idea of Shopify's success at a store level, some of the most groundbreaking brands who utilise Shopify as their eCommerce platform are Kylie Cosmetics (worth $630 million), Culture Kings (worth $626 million), Gym Shark (worth $223 million) and Fashion Nova (worth $4.3 million).

Important Considerations for Your Business' Shopify Store

Shopify Payments is an important consideration for the Shopify platform because it allows merchants to accept payments through credit cards, debit cards, and other payment methods.

Shopify Payments is available in over 100 countries, which makes it a convenient payment option for merchants around the world. Additionally, Shopify Payments is a secure payment processing service that can help protect merchants against fraudulent transactions.

There are some important things to consider when selecting shopify payment providers and card payment options for your store. There are no one-size-fits-all solutions, and requirements will vary business to business. See our list below for more details.

The Customer Experience

Shopify payment methods can affect the customer experience in a number of ways; its therefore imperative that businesses are looking for the best way to create a seamless and enjoyable customer journey.

One of the most important ways that payment gateways can affect the customer experience is by how quickly they are able to process payments. Some payment gateways are able to process payments more quickly than others, which can be helpful for businesses that want to ensure that they are able to receive payments as quickly as possible.

Another way that shopify payment processing can affect the customer experience is by the level of security that they provide. Some payment methods provide more security features than others, which can be helpful for businesses that want to ensure that their customers’ data is protected. And let's be real, in 2022 protecting sensitive information and data must be a key focus for all actively trading businesses.

Finally, payment services can also affect the consumer journey by the level of customer support that they offer. Some online payment systems offer better customer support than others, which can be helpful for businesses that need assistance with their payments.

Geographic Location

One of the factors that you should consider when choosing between popular Shopify payment options is the geographic location of your customers.

Some payment gateway options are available in certain countries but not others. For example, PayPal is available in most countries, while Klarna is available in the United States, Australia, Sweden, Denmark, and Norway. Afterpay as a third-party payment option, is widely accepted in Australia, Canada, the United States, the United Kingdom, New Zealand, France and even Spain now.

If you want to be able to accept payments from customers in all countries, you will need to choose a payment method that is available in all of the countries where you have customers.

Transaction Fees

When it comes to transaction fees, there are a few things to consider. The first is the amount of the fee. Some payment gateways charge a percentage of the transaction amount, while others charge a fixed fee for different payments.

Another thing to consider is whether or not the payment gateway charges a monthly fee. Some payment gateways charge a monthly fee, regardless of how many transactions are processed within that month. Others only charge a monthly fee if a certain number of transactions are processed.

Finally, you should consider what type of payments the payment gateway accepts. Some payment gateways only accept debit and credit card payments, while others support online payments like Paypal.

Fraud Detection and Prevention Features

Research suggests that global eCommerce fraud losses equated to about $20 billion in 2021, and 18% increase compared to the year prior. Of course, the jury is still out on fraud losses for 2022, but you can imagine it will likely be higher than years previous.

There are various reasons why fraudulent activity is on the rise, but one key aspect is cybercriminals developing and launching more sophisticated fraud attacks than ever before. Globally, retailers are facing more than 200,000 cyber attacks on their businesses each and every month.

The availability of fraud detection features is an important consideration for Shopify payment gateways because it helps to protect businesses from fraudulent activities. Fraudulent activities can include things like credit card fraud or chargebacks. By having a fraud detection feature, businesses can reduce the risk of losing money due to fraudulent activities.

The Quest for the Best Shopify Payment Gateway

There are a number of payment gateways available for Shopify merchants, each with their own benefits and drawbacks.

As any shop owner knows, finding a payment gateway that meets all of your needs can be a challenge. There are a number of options available, each with their own benefits and drawbacks. For example, Paypal is a popular choice for its ease of use and low fees, but it can be difficult to integrate with other shopping platforms. Stripe is another option that offers low transaction fees and a wide range of features, but it can be more complicated to set up.

While there is no perfect solution, there are a number of shopify payment gateways that will meet the needs of most merchants. With a little research, you should be able to find a payment method that provides the features you need at a price you can afford.

Choosing A Shopify Payment Solution

If you're looking for a payment gateway for your Shopify store, you have a few different options to choose from. Each gateway has its own set of features and benefits, so it's important to choose one that best suits your needs. Here are some of the best payment gateways for Shopify in 2022 and 2023:

Shopify Payments

Before we touch on the other payment options like Paypal, let's talk Shopify payments. This payment option is built within the Shopify platform, and is owned by Shopify.

This trusted payment option allows you to accept payments from customers using a variety of methods, including credit cards, debit cards, and Apple Pay. There's also the option to receive payments through Paypal too. This is great for online businesses because it's simple to set up and there are no setup fees involved. Additionally, Shopify payments is available in over 100 countries, meaning that funds can be accessed as soon as the payment clears - which usually only takes one day after an order has been placed.

Part of the service offered by this payment processing gateway, includes a free card reader (for store owners) for physical payments made in store. The Shopify payment gateway also offers waiving the regular 2.2% transaction fee, that is associated with other third-party payment methods.

The only charges you can expect are associated with your chosen Shopify subscription plan and card managing fees.

Shopify will only charge you your regular store subscription fee, card managing fees, and other related fees.

The good:

• No additional transaction fees
• Quick and seamless checkout
• Real time monitoring
• Anti-fraud features

The not-so good:

• Not available in all countries
• Shopify may withhold money temporarily until cleared

Paypal

For Shopify store owners, finding a reliable payment gateway is essential. PayPal is one of the most popular online payment processors, and it offers a number of great features for both buyers and sellers.

For buyers, PayPal offers buyer protection, which means that you can get your money back if you don't receive the item you purchased or if it's not as described. PayPal also offers fraud prevention tools, so you can rest assured that your personal and financial information is safe.

And for sellers, PayPal offers recurring billing, so you can automatically bill your customers on a regular basis without having to enter their information each time. Overall, PayPal is a great option for both buyers and sellers looking for a safe and easy way to make or accept payments online.

There are a few different PayPal plans available for businesses. The first is the PayPal Standard plan, which is the most basic plan and allows businesses to accept payments from customers worldwide. The second is the PayPal Premier plan, which offers more features such as a dedicated account manager and a higher processing limit. The third is the PayPal Business Account plan, which is designed for larger businesses and offers additional features such as invoicing and reporting.

The good:

• Reasonable business plan fees
• Supporting a wide range of currencies across the world
• Simple and easy to navigate UI

The not-so good:

• If the platform was to suddenly end, so would your account

Stripe

If you're looking for a payment gateway that can handle a high volume of transactions, Stripe is a great option. Stripe is one of the most popular payment providers on the market, and it's used by businesses of all sizes. There are no setup or monthly fees, and you only pay per transaction. Stripe also offers a lot of features, including the ability to accept credit and debit cards, ACH payments, and even Bitcoin.

Plus, Stripe is constantly innovating and adding new features, so you can be sure that your business will be able to take advantage of the latest payment technologies. Overall, Stripe is a great choice for businesses that process a lot of payments.

The good:

• Built in fraud prevention tools
• Quick transactions
• No monthly or setup fees involved

The not-so good:

• Fee per transaction, if you have alot of transactions, lots of fees
• Only available to store owners in approximately 40 countries

Klarna

Klarna is a popular and well-established payment gateway that may be a good option for your business.

Some of the best features of the Klarna payment gateway for ecommerce stores include its user-friendly checkout process, its wide range of payment options, and its fraud prevention measures. Klarna also offers a 14-day free trial so businesses can test out its services before committing to a subscription.

Klarna offers buy now, pay later - meaning customers will enjoy the convenience of payment instalments especially on those pricier items.

The good:

• User friendly checkout process
• Large variety of payment options to choose from
• Fraud prevention measures

The not-so good:

• Monthly subscription fee
• Requiring a credit or debit card to use the payment option

Afterpay

Afterpay is a payment gateway that allows customers to pay for their purchases over time. This can be a pro or con, depending on the customer's financial situation. Afterpay also offers a buy now, pay later option which can be helpful for customers who want to make a purchase but are not able to pay for it all at once. Afterpay is available in many countries, which makes it a convenient payment option for international customers.

Some features of Afterpay as a payment gateway for ecommerce stores include its convenience and international availability.

The good:

• International availability
• Fraud detection services
• Well laid out self service portal
• Transaction history details

The not-so good:

• Occasional customer service issues

Business & Customer Driven

Choosing the best payment gateway ultimately comes down to business preference and how your average customer pays.

So there you have it – we have covered four the best payment gateways for Shopify in 2022 & 2023.

If you're an eCommerce store on Shopify, then you already know that choosing the best Shopify payment options can be a trick maze to navigate. You need to balance finding payment solutions that allow the ease of processing payments with great customer support, while also acknowledging the drawbacks of certain popular payment gateways that incur fees per transaction.

Its quite evident that there is no ideal Shopify payment gateway. It’s important to consider your business needs and select a gateway that offers the features you need for your online payment processing, and set up your Shopify store accordingly.

Do you have any questions about choosing a payment gateway for your Shopify store? Hit us up for a further chat!