A Comparison of Major Shopify Payment Gateways in 2017

A Comparison of Major Shopify Payment Gateways in 2017

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The payment gateway is an exciting part of owning an ecommerce store - it's what gets your customers' money straight to you. When you pick one or a few to offer, there are a few things to consider. This post is all about what payment gateways Shopify is compatible with, so you can make the decision that's right for your business.

There are a few factors to keep in mind - the cost to you, the availability to your customers, the security of the gateway and the ease of use, for example. Although there are some particularly popular ones, it's not a one-size-fits-all.

Shopify offers over 70 payment gateway integrations, including the big ones (shown below), country-specific payment gateways and even virtual ones like BitCoin. 

The following breakdown compares the most popular gateways used in Australia -- keep in mind that some prices differ depending on which Shopify membership you have. 

Service

Shopify Payments

Stripe 

Paypal

eWay

Monthly Fees

0

0

$30

0

Credit Card Rates for Domestic/Australian Customers

1.75% + 30¢ to 1.4% + 30¢ per transaction

1.75% + 30¢ per transaction

2.6% + 30¢ to 1.1% + 30¢ per transaction depending on monthly sales

2.6%

Credit Card Rates for international/ other currency customers

2.9% + 30¢ to 2.7% + 30¢ per transaction (includes domestic AMEX)

2.9% + 30¢ per transaction (includes domestic AMEX)

3.6% + fixed fee to 2.1% + fixed fee per transaction depending on monthly sales

2.6%

Transaction Fees

None

2.9% + $0.30

2.9% + $0.30

1.9% + $0.20 for Visa and Mastercard, and 2.6% for AMEX and Diners

International Payment Fees

None

None

4% above exchange rate

None

Fees for Chargeback

$25

$25

$15

$25

Fees for Refunds

None

None

30 cents

30 cents

Face-to-face POS

Yes

No

Yes

Yes

Recurring billing

Yes – via third party app

Yes

Yes

Yes

Accepts Apple Pay

Yes

Yes

No

Yes

Support

24/7 Phone, Chat, & Email Support

Email Support

Online Community Forum and Twitter Account (AskPaypal)

24/7 Phone, Chat, & Email Support

 

Benefits and Features

There are a few important features that all of the above payment gateways offer, and features you should definitely think about if you're choosing a different gateway. 

Mobile Payments

Because mobile payments are one of the most important features for online shoppers, all of the above gateways offer the ability to check out directly from a phone or tablet. 

Point of Sale (POS)

For retailers who sometimes sell in person, such as markets, pop-ups or trade fairs, having a physical point of sale is crucial. Except for Stripe, all of the providers offer hardware like card readers that you can take with you and stay integrated. 

Subscription Billing

PayPal, Stripe, and Eway all provide recurring subscription billing as part of their main service. To use recurring payments with Shopify Payments, you'll need a third-party app from the Shopify marketplace.

Fraud Protection

Probably the most important feature is the security of the gateway. Protecting your customers from fraud or identity theft is a crucial part of gaining trust. All of the payment gateways you use should include strong protections (and the above do!)

How Do I Set up a Payment Gateway?

Setting Up Shopify Payments

To set up Shopify Payments on your store:

  1. From your Shopify admin, click Settings, then click Payments (or press G S P).

  2. In the Accept credit cards section, click Add a provider:

  3. Select Shopify Payments, and then click Continue:

  4. In the Shopify Payments section, click Complete account setup.

  5. Enter the required details about your store and your banking information.

  6. Click Complete account setup.

  7. After you've set up Shopify Payments, you can configure your settings or make a test transaction on your store.

Setting Up Third-party Credit Card Gateways

To activate a credit card gateway:

  1. From your Shopify admin, click Settings, then click Payments.

  1. In the Accept credit cards section, click Add a provider:

  2. In the Change provider dialog, select Third party credit card provider.

  3. Select the gateway you want to use from the drop-down menu, and then click Continue.

  4. Enter your account credentials for the gateway you selected.

  5. Click Activate, and you are ready to go!

Learn More

Still wrapping your head around how e-commerce gateway payments work, and what the best decision is for your business? Talk to Elkfox today, and we’ll help you sort it out.

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