Payment Providers and Billing Settings
welcome to your payments, gift cards and billing settings. Chapter in this particular video we will explore all of the payment options Shopify has to offer as well as your billing settings. By the end of this lesson, you will be able to choose the right payment gateway for your business needs and set up your billing information. Now we've reached your payment settings, this is where you will select your payment gateway. This might be one of the most important decisions you can make as a merchant As you can see you have a choice to use Shopify payments, paypal or any other supported 3rd party providers. This is something you might not hear too often but I'm glad to share this pro tip with you. Choosing your payment gateway is important because it will determine the rate that you will be charged for selling your products. All payment gateways have specific rates that usually hover between two and 3% of the total transaction. Now remember that if you're looking to sell in a regulated indu...
stry such as tobacco, liquor, cannabis, or CBD products, you will likely need to choose a payment gateway that will charge you a lot more in transaction fees some up to 7%. Since the nature of the business is riskier and regulated in most countries. Shopify has an entire support department to help sellers that sell in regulated industries so it is worth it to always give their customers support a call especially when you are in need of a suggestion for a payment gateway that is appropriate for your type of product in your location. Keep in mind that if you have a large client that makes millions of dollars a change in the fee within the payment gateway can mean hundreds if not thousands of dollars worth of savings. This is another one of the overlooked low hanging items that we can often optimize for now. Some payment gateways have extensive application processes that can be frustrating for any new professional. So it's important to understand how payment gateways work on Shopify. Your choice of payment gateway will be based on your specific business needs. This would of course involve considering the countries where your business is operating from and where your customer base is located. Given that we're on the subject of payment gateways, let's take a moment to explain one that's native to Shopify Shopify payments. This option is super easy to enable on your storefront as you're automatically set up to accept all major payment methods. Once your store has been created to find out if Shopify payments is available in your region, please use the Shopify resource link document provided in the beginning of the course. While you're on that page, head over to the pricing for Shopify plans where you can compare costs and features and figure out what works best for your business. I hope we haven't lost yet. This is a lot of information for a 90 minute course and this is why we have created the resource link file. Think of this document as your great kimchi that will allow you to access all pertinent Shopify help center articles and learn more about the platform. We want to make this as easy for you as possible and I hope you're gaining confidence in what you're learning so far. Let's continue third party payment providers while Shopify can act as one of the payment providers. It also supports Paypal and many other third party providers. In fact, Shopify allows for over 103rd Party credit card payment providers for your store. By default, Paypal is automatically connected to the email address used to sign up for the store when the account is created, Shopify supports two different types of credit card payment providers. Direct providers that integrate with the Shopify checkout and external providers that redirect customers to an outside checkout page. I have to make an important distinction here for anyone that is interested in using a third party provider. Be advised that you will be charged extra transaction fees each time a customer makes a purchase unless Shopify payments is also activated gift card settings. When I worked on some e commerce operations in the past, it was always difficult to do things like offer gift cards that seamlessly work online and in retail stores alike. I once even had a merchant who spent over six figures in development costs just to make this work for his local customers thankfully. This is no longer a problem for merchants. Thanks to Shopify ice, advanced gift card feature depending on your Shopify plan, you may be able to offer gift cards to your customers online and in store. You can configure some options related to how you distribute and accept gift cards through the general settings menu. You will need to use this menu to manage them. Specifically. The aspects of the expiry depending on the laws of the region you are selling in, you may choose to set an expiry date or a timeline on your gift cards. If you want to be able to offer gift cards digitally, you can enable gift cards for apple and google wallet as well. Gift cards enable your buyers to give a gift in the form of a gift card to your friends and family. It ensures that the gift from your store turns into a purchase. You can sell a gift card on your online store like any product and you might also want to consider sharing the link to the gift card product on social media. You can also issue a gift card to a customer for free as a reward or incentive. Moving over to the building section, this will be where you'll be entering your credit card details and billing addresses, View your account summary, see your invoices including subscriptions, app charges and shipping charges. Our next module will be the checkout settings. These settings are super important to have set up correctly. As the checkout page is the most crucial part of your customers Experience, click, continue to join the next lesson.