Shopify Payments: How It Works, Pricing, Requirements, and More

Shopify is one of the leading e-commerce website builders having a twelve-month (ending September 2021) revenue of $4.210 billion. It also represents a 71.34% increase Y-o-Y and a strong foothold across the world. 

Source: Macrotrends

While the platform has its major market share in the US, it also has a market share of 0.57% in India. With the Indian e-commerce market approaching the mark of US$200 billion, even that small market share means a lot for the businesses.

Setting up a Shopify store to start selling online is quite easy. However, many business owners in India feel stuck at the stage of integrating the right payment solution to their Shopify stores. If you also run a Shopify store and are planning to build one, you might also have the following questions in mind:

• How to get paid through Shopify in India?
• Which payment gateway is best for Shopify websites?
• Do Shopify Payments charge high transaction fees in India?
• Does Shopify have its own payment gateway?
• Which payment gateway does Shopify use?

In this blog, we will help you get answers to all such questions by covering Shopify Payments in detail. Let’s get started.

What is Shopify Payments?

Simply put, Shopify Payments is Shopify’s own payment processing solution that enables Shopify stores to accept payments online. For stores having Shopify Payments enabled, it becomes easier to receive payments when customers pay them online. Being a default payment gateway, it also eliminates the need to integrate third-party payment gateways in Shopify stores.

However, as per Shopify Payments requirements, it is only available to stores in some specific regions and countries. 

For the complete list of countries and regions where Shopify Payments is supported, click here. 

Shopify Pricing Plans

Shopify currently offers the following plans:

• Basic Shopify at US$29 per month
• Shopify (standard plan) at US$79 per month
• Advanced Shopify at US$299 per month

If your business is based in India, you can refer to the Shopify pricing in Indian rupee here. 

Other costs involved with Shopify Payments are as follows:

For detailed pricing and feature list, click here.

Requirements to use Shopify Payments

As said above, Shopify Payments is available in only 17 countries currently. Thus, being a business owner in any of these countries becomes the very first requirement to use it. Some of these requirements include:

• The bank account of the business owner needs to be a fully checking account
• The bank account must use the payout currency used in your country
• It should accept money transferred electronically
• Virtual accounts, savings accounts, or services that mimic a bank account cannot be used with Shopify Payments

How to accept payments online in India on a Shopify store?

Since India is not in the list of supported countries, you might be wondering – ‘

How can you start accepting payments in India on your Shopify store?’

As per Shopify payment support, if the country of your business operation is not supported by Shopify Payments, you can integrate a third-party payment gateway. It is possible to activate or change a payment provider via the Payments page within your Shopify admin dashboard.

Also Read: Shopify Payment Gateway: The Ultimate Guide

Configuring third-party payment providers with your Shopify store

Being an Indian business owner, you cannot use Shopify Payments. However, you can start accepting payments online by configuring a third-party payment gateway on your Shopify store. Let’s talk about the steps involved.

For more detailed information on the steps to be followed, click here.

Shopify payment gateways comparison

Now that you know about various aspects related to Shopify Payments, a crucial step to be followed is to select the right payment gateway. Seamless processing of online payments through your Shopify website does mean a lot for the growth of your business. Hence, you must know how to compare payment gateways before selecting one.

By comparing different payment gateways available in India, you will:

• Better understand their features, similarities, and differences
• Be able to select the one that offers business-centric benefits
• Easily assess peer recommendations about popular payment gateways in India

Also Read: A Step-by-Step Guide for Payment Gateway Comparison

What makes Paytm Payment Gateway the best choice for your Shopify store?

Paytm Payment Gateway is one of the most popular payment gateways available in India and is trusted by businesses of all types – startups, SMBs, and unicorns. All these businesses rely on Paytm Payment Gateway for a variety of reasons, which include:

• Quick and easy integration and instant activation
• 100+ payment sources supported, including two exclusive ones – Paytm Wallet and Paytm Postpaid
• Industry-best  success rates
• Paytm’s in-house banking infrastructure
• T+1 settlements (also known as next day settlements)
• Exclusive value proposition for tech startups

All these features and benefits make Paytm Payment Gateway the best choice for your Shopify store. This is also the right time to switch to Paytm Payment Gateway for all your payment processing needs in the time ahead. 

Final Thoughts

Creating a thriving business through a Shopify store takes time. By integrating the most suitable payment gateway, you can ensure that your customers or you won’t face any payment-related issues. Neither you would need to keep on switching to different Shopify payment gateways in the long run.

Shopify Payments FAQs

Who can use Shopify Payments?

Most Shopify users can use Shopify Payments provided they fulfill the related requirements, like location support, bank account requirements, etc.

How to differentiate between Shopify Payments and other payment providers?

As a Shopify store owner, it is up to you to decide if you want to integrate Shopify Payments or a third-party payment gateway. Since Shopify Payments are not supported in India, you can select Paytm Payment Gateway as your payment partner.

How to set up a third-party payment gateway on your Shopify website?

Refer to the steps to integrate a payment gateway to your Shopify store, detailed above.

Can I have other payment gateways listed along with Shopify Payments?

Yes, you can activate other payment gateways along with Shopify Payments if needed and supported in your country.

Is Paytm Payment Gateway the best choice for my Shopify store?

The following checklist will help you understand if Paytm Payment Gateway is the right choice for your business:

• You either already use or plan to choose Shopify for your online business
• You are a business owner from India, a country that Shopify Payments do not support
• You do not sell any services or products that are prohibited from being sold on Shopify
• You trust Paytm as a payment brand in India, like 350 million+ consumers

Switch to Paytm Payment Gateway for Shopify Stores