Traditionally, selling stuff online required you have two major things, an ecommerce website to showcase your products and a payment gateway to accept online payments.
And while Shopify has always made integrating the two as easy as possible, merchants were still required to sign up with a 3rd party payment gateway service in addition to creating a Shopify store. Not only that, as a merchant, if you wanted to view your sales in real-time, you had to leave the Shopify Admin and login to your payment gateway website.
Well, with Shopify Payments that’s all about to change.
Fresh on the heels of releasing Shopify 2, we’re officially rolling out an industry first in online payments.
Shopify Payments is here, and with it, the easiest way to accept payments online without the hassle of 3rd party payment gateways and merchant accounts. Initially, Shopify Payments will be available first to stores in the U.S., with Canada and other countries to follow shortly.
Here are five reasons why Shopify Payments is a revolutionary new payment system...
1. The End of Shopify Plan Transaction Fees
One of the things we're most excited to bring to our merchants is the end of Shopify Plan transaction fees for anyone using Shopify Payments. That means more money in your pocket.
2. Instant Approval
Since store owners don’t have to sign up for a separate gateway or merchant account to use Shopify Payments, there is no wait time while your account is being approved - a process that traditionally took days (or weeks).
Now, merchants can simply select Shopify Payments in the Admin and start accepting payments instantly.
3. Real-Time Payment Tracking
One thing we know merchants are going to love is that their payment information will now be available in real-time from within the Shopify Admin.
Store owners can track their active payment balance and upcoming payout schedule, and can be notified by email when funds hit their bank account.
4. Full Integration With the Shopify Admin
Within the Shopify Admin, payments will be synced with their corresponding orders, making it easier than ever for merchants to understand how much they have been paid for individual orders, without ever leaving Shopify.
That means no more leaving your Shopify store to login to another website to look at your sales.
5. Chargeback Recovery
Shopify Payments gives merchants the best chance of winning chargeback disputes and recovering lost sales.
For any chargebacks received, Shopify automatically provides responses custom-generated from the order, shipping, and customer details of the disputed charge.
Rather than offering traditional volume-based pricing, we want to make it easy for merchants to pick the credit card rate that is right for their business as part of their Shopify plan.
The entry plans, starting at $14 per month offer the rate of 2.9% + 30c per transaction, with the Professional and Unlimited plans offering 2.5% + 30c and 2.25% + 30c per transaction, respectively.
And unlike other payment solutions, Shopify Payments charges no additional fees for accepting American Express or international credit cards, and no fees for included PCI Compliance protections.
Going forward, all new Shopify merchants will be defaulted to Shopify Payments.
How to Switch to Shopify Payments
Existing U.S. merchants can switch by clicking the new Shopify Payments banner image that will appear in the Admin at the top of the dashboard.
Need Some Help?
If you have questions about Shopify Payments that you’d like to get answered before signing up with Shopify, please contact our Sales Team.
If you're an existing Shopify customer, please read our Shopify Payments support documentation.