How to Add More Payment Options on Shopify: A Comprehensive Guide

Table of Contents

1. Introduction
2. Why Offer More Payment Options?
3. Activating Additional Payment Methods on Shopify
4. Offering Payment via Cryptocurrency
5. Deactivating Payment Methods
6. Conclusion
7. FAQ Section

Introduction

Have you ever abandoned a shopping cart because your preferred payment option wasn't available? You're not alone. A surprising statistic shows that 17% of online shoppers have left a checkout process if their preferred payment method was missing. This highlights the critical need for e-commerce stores, particularly those on Shopify, to diversify their payment options. In today's digital age, where customer convenience is paramount, offering a variety of payment methods can significantly reduce cart abandonment rates and boost sales. This guide aims to walk you through the process of adding more payment options on Shopify, ensuring your store caters to every customer's needs. By the end of this article, you will understand not just how to implement additional payment methods, but also the strategic implications and benefits they bring to your business. Let's dive into making your Shopify store a haven for shoppers.

Why Offer More Payment Options?

Before we explore the "how," let's establish the "why." Providing multiple payment options can have a profound impact on your e-commerce business, including:

• Reduced Cart Abandonment: As mentioned, having diverse payment options can significantly decrease the chances of potential customers leaving their carts due to the absence of their preferred payment method.
• Expanded Customer Base: Different regions and customer demographics have varying preferences for payment methods. Catering to these preferences can help you tap into new markets.
• Enhanced Customer Trust and Satisfaction: Offering reputable and convenient payment options can increase trust, particularly among first-time customers. It suggests your store's legitimacy and dedication to customer convenience.
• Competitive Advantage: Staying ahead of or at least on par with competitor payment options can ensure you don't lose customers to stores that offer a more convenient checkout process.

Activating Additional Payment Methods on Shopify

Shopify supports a wide range of payment options, from traditional credit cards and PayPal to alternative methods like cryptocurrency and digital wallets. Here’s how to expand your payment arsenal:

Step 1: Assess Your Current Payment Setup

Start by reviewing which payment options you currently offer and comparing them against customer preferences or competitors. Shopify's default payment gateway is Shopify Payments, but it also allows for third-party payment gateways.

Step 2: Activate Shopify Payments (If Not Already Done)

Shopify Payments simplifies the process by acting as a comprehensive payment platform, which, importantly, can save you additional transaction fees. To activate it:

1. Go to your Shopify admin panel.
2. Click on "Settings" then "Payments."
3. If Shopify Payments isn’t already set up, you'll see an option to "Complete account setup." Follow the prompts to activate it.

Step 3: Add Third-Party Payment Providers

For payment methods not covered by Shopify Payments, you might need to use third-party providers. Here's how:

1. In your Shopify admin, go to "Settings" and then "Payments."
2. Under the "Third-party providers" section, click "Choose third-party provider."
3. Select the provider of your choice and enter the required details to activate.

Popular third-party options include PayPal, Amazon Pay, and for cryptocurrency, BitPay.

Step 4: Enable Alternative Payment Methods

To complement traditional and third-party options, consider alternative payments like Apple Pay, Google Pay, and Shop Pay. These can often be activated directly through Shopify Payments or by installing dedicated apps from the Shopify App Store.

Offering Payment via Cryptocurrency

The growing interest in cryptocurrency makes it a modern payment method to consider. For Shopify store owners:

1. From your Shopify admin, go to "Settings" > "Payments."
2. Look for the alternative payment section and choose a provider like BitPay.
3. Follow the steps to configure your account with the provider and enable it on your store.

Deactivating Payment Methods

It’s just as important to periodically review and declutter your payment options. If a method isn't popular among your customers or is causing issues, it’s simple to deactivate:

1. Go to "Settings" > "Payments" in your Shopify admin.
2. For Shopify Payments, click "Manage" and then "Deactivate." For third-party or alternative payments, find the specific method and choose "Edit," then "Deactivate."

Conclusion

Expanding your Shopify store's payment options can play a pivotal role in maximizing sales, minimizing cart abandonment, and enhancing customer satisfaction. Remember, the goal isn't just to add as many payment methods as possible but to strategically select those that meet your and your customers’ needs. Regularly review your payment offerings to ensure they align with changing market trends and customer preferences. By following this guide, you are well on your way to providing a seamless, convenient shopping experience that caters to a broad audience.

FAQ Section

Q: What is the best payment option to offer on Shopify? A: The best payment option varies depending on your target market. However, Shopify Payments, PayPal, and credit/debit card options are universally popular and trusted by customers.

Q: Can I offer payment options specific to a certain region? A: Yes, Shopify allows you to set up region-specific payment methods, which can be particularly beneficial if you serve international markets with distinct preferences.

Q: How do I handle transaction fees with multiple payment options? A: Most payment providers charge transaction fees. Compare fees across different providers to manage costs effectively. Remember, using Shopify Payments can save you additional fees on Shopify.

Q: Can adding too many payment options confuse customers? A: While offering various payment options is advantageous, too many choices can overwhelm customers. Aim for a balanced approach that caters to broad preferences without cluttering the checkout process.

Q: How often should I review my payment method offerings? A: Regularly reviewing your payment methods—at least twice a year—is good practice to ensure they align with customer preferences and your business objectives.