How to Set Up Shopify Payments for Your Store

Payments on Shopify are one of the most crucial aspects of your eCommerce business. Shopify says that nearly 70% of all online shopping carts are abandoned and can be reduced with a good payment system. By using Shopify's payment gateway, you can manage everything in one place, reduce transaction fees, and offer a smoother experience for your customers.Whether you’re new to eCommerce or simply looking to make your payment setup more efficient, we’ve got you covered. In this article, we’re going to take a look at everything you need to know about Shopify Payments and step-by-step process for configuring Shopify Payments.

What is Shopify Payments?

At Fluency, we believe in keeping things simple for our merchants, and Shopify Payments is a perfect example of that simplicity in action. Shopify Payments is Shopify's built-in payment gateway, to receive and process online payments on Shopify stores directly without relying on third-party payment providers like PayPal.

Why does that matter? Is that what you are thinking? Well, based on what we’ve studied, setting up and managing external payment gateways can be time-consuming and more expensive. With Shopify Payments, everything stays in one place, which streamlines your operations and reduces complexity—something we think every growing business could benefit from. Shopify Payments supports over 100 other payment methods, such as Apple Pay, Google Pay, and local methods like Klarna and more. This flexibility to use users preferred payment method can help increase your conversion rates.

We studied the impact of Shopify Payments on various merchant setups, and the integration consistently simplified operations, especially for small businesses and growing brands who value a more hands-off approach.

Shopify Payments Features

When it comes to Shopify Payments, we’ve researched and found that it’s more than just a way to accept payments—it’s a platform designed to make life easier for merchants. From what we've studied, here are some of the key features we think will make a real difference for your business:

1. Seamless Integration:

We believe one of the best parts about Shopify Payments is how seamlessly it integrates into your store. This means, there's no need for third-party gateways, complicated setup process multiple accounts, or external fees.

2. Multiple Payment Options:

We think flexibility is key when dealing with customers. With Shopify Payments. , When you set up Shopify Payments, your store can accept all major credit and debit cards, including Visa, MasterCard, and American Express. Plus, it supports digital wallets like Apple Pay and Google Pay, which are growing in popularity.

3. Fraud Analysis:

Nobody likes dealing with fraudulent transactions, and Shopify Payments comes with built-in fraud protection tools. These tools can help you automatically detects and flags potentially problematic transactions before they become a problem.

4. Instant Payouts:

Need access to your funds quickly? Shopify Payments offers fast payouts, often within 1-2 business days, depending on your location. This can be a game-changer for cash flow management, especially for smaller businesses that need to reinvest earnings back into the business.

5. Automatic Currency Conversion:

If you're selling internationally, Shopify Payments can automatically convert currencies for you. We've found this feature to be particularly useful for stores with a global customer base, as it helps reduce friction for customers shopping in their local currency.

How to Configure Shopify Payments Step-by-Step?

1. Ensure Your Store is Eligible:

Before we get into the actual setup, we think it’s important to check if your store is eligible for Shopify Payments. The eligibility requirements includes not engaging in prohibited business activities, ensuring compliance with Shopify's terms, and having a valid bank account for electronic transfers. Also, Shopify Payments is available only in certain countries:

If your business meets the criteria, you're good to go. Many merchants whom we worked with weren’t aware of this restriction and eligibility requirements, so this is something you’ll need to check first. If you’re not eligible, you can still use third-party providers like Stripe or PayPal, but Shopify Payments will save you since it is a straightforward process.

2. Activate Shopify Payments in Your Store:

To get started with Shopify Payments, follow these steps:

In your Shopify admin, go to Settings → Click on Payments → Click on Complete account setup.

3. Set Up Your Banking & Business Details:

Next, you’ll see a 3 step process where you need to submit your business information and add your banking information where payments from Shopify will be deposited. Once done, click "Complete account setup”.

We recommend double checking this step because errors here can delay receiving payments.

4. Configure Payouts and Currencies:

One of the key benefits of Shopify Payments is the ability to handle multiple currencies. You should choose a store currency before making your first transaction. Head to your Settings and go to Payments to choose your preferred currency. After completing your first transaction, you can contact Shopify Support to modify your store currency if necessary.

5. Enable Fraud Prevention and 3D Secure:

We think fraud prevention is critical for any eCommerce store. The Shopify payment system comes with built-in fraud protection tools, including 3D Secure, which helps ensure that transactions are safe and reduce the risk of fraud. Enabling these tools will help safeguard your store from fraudulent transactions.

6. Review and Test:

The last step is to review the transaction fees and test a transaction so that you can see how customers will process orders. This can be done by enabling the test mode.

Shopify Pricing and Plans

Shopify Payments provides various pricing plans and related fees, customised to fit different business needs. Understanding these can help you select the most cost-effective plan for your store.

Final Thoughts

We know finding the best of anything involves a bit of trial and error method. And we truly believe Shopify Payments is the best choice for processing payments on Shopify. By opting for Shopify Payments, you can enhance customer loyalty and make transactions smoother.

If you're ready to streamline your eCommerce payments, we’re here to help you set up your Shopify Payments. Reach out to us to get started on your Shopify setup journey!