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Can You Use Stripe With Shopify?
Last modified: November 13, 2023
There are many payment options when it comes to using Shopify. Shopify payments is one of the most popular payment solutions, because it is the default and it has reasonable costs. However, that doesn’t mean that it’s always the best option for your brand when you want to accept credit card payments. Sometimes you might want to use a different provider, and another option is Stripe. In this article, we ask: does Stripe work with Shopify?
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What Is Stripe?
The Stripe payment gateway is a payment processing company that specializes in offering eCommerce companies a way to take payments through their website via credit and debit card. They have a similar system to processing payments to PayPal and therefore it is another way to accept payments on your website.
The process is simple, the customer makes a payment on your store and it is kept in ‘holding’ in your account for a set period time. After this, your funds are deposited into your bank account.
The transaction fees of Stripe are less than that of PayPal with fees as little as 1.2% from the very beginning, compared to the 3.4% of PayPal. However, the holding time of Stripe is much longer, it can be up to 90 days before you get the money, however it is often much shorter that this.
If you’re stuck with a 90 day waiting period, however, this can cause problems with your business’ cashflow.
How to Connect Stripe to Shopify
Stripe is a standard Shopify payment gateway. You don’t need to add an extension or an app to use it on your store. So the process to activate it is simple; just follow these instructions.
Step 1 – Login
Login to your Shopify account.
Step 2 – Payments
Click on the ‘Settings’ options and then the ‘Payments’ option.
Step 3 – Accept Credit Cards
Then find the option that says ‘Accept credit cards’ and then you can find the option that says ‘Stripe’.
Step 4 – Activate
Then you can click on the ‘Activate’ option.
Step 5 – Complete Account Setup
Then you can click on the ‘Complete Account Setup’ and then you can enter the various details and submit them. This will allow you create a Stripe account.
The Advantages Of Using the Stripe Payment Gateway On Your Shopify Store
There are numerous benefits when you’re using stripe on the Shopify store. First of all, it allows you to accept credit and debit card payments on your store for a fairly low cost. At the same time, the process is easy and effective, plus you have the protection from Stripe for your payments.
Stripe also offers more support via live chat and email than you can get with Shopify. And you don’t have to manually transfer your funds, this is done automatically for you.
However, against that is the long waiting time to get your money, that can be troublesome when you’re low on funds. Those that are using Oberlo or other dropshipping programs might not find Stripe useful.
Integrating Stripe with Shopify
Benefits of Stripe Integration
Integrating Stripe with Shopify simplifies financial processes. It offers a seamless payment experience for customers and provides merchants with quick access to funds.
Stripe’s robust security features help in fraud prevention, and its transparent pricing structure makes financial management easier.
Streamlining Checkout with Stripe
Stripe’s integration allows for a streamlined checkout process on Shopify. It enables a faster, more secure payment experience for customers.
This integration means you can manage all transactions within Shopify’s platform, leveraging Stripe’s reliable and secure payment infrastructure.
It also supports various currencies, making it ideal for stores targeting a global audience.
Monitoring and Reporting
Utilizing Stripe’s comprehensive dashboard within Shopify enhances monitoring and reporting capabilities.
Store owners can track transactions, refunds, and customer payment behaviors. This data is crucial for informed decision-making and financial planning.
Optimizing Your Shopify Store with Stripe
Eligibility and Account Verification
Before integrating Stripe, check your store’s eligibility and ensure compliance with Shopify’s payment requirements.
Verify your email and business details on Stripe for a successful account setup. This step is crucial for activating Stripe in your Shopify store.
Stripe as a Payment Gateway
Stripe acts as an efficient payment gateway for Shopify, supporting various payment methods like credit cards, bank transfers, and digital wallets.
It’s essential for businesses aiming to expand their reach and streamline their payment processes.
Testing and Activation
After setting up Stripe, conduct a test order to ensure the checkout process and payment settings are correct.
This step is vital for a secure and functional payment system. Once tested, activate Stripe on your Shopify store to start processing payments.
Conclusion: Can You Use Stripe With Shopify?
Yes, you can use Stripe on your Shopify store. There are lots of benefits for your store in using Stripe, namely the better support, better prices and the ease of use. However, it really only allows for credit and debit card payments to be made and there are long wait times to get hold of funds. But, it might be worth your while.
Does integrating Stripe with Shopify require technical expertise?
Not necessarily. The integration process is designed to be user-friendly. Basic knowledge of navigating Shopify’s admin panel is sufficient to set up Stripe as a payment gateway.
Can Shopify merchants offer local payment methods through Stripe?
Stripe allows Shopify stores to accept various local payment methods, catering to customers’ preferences in different regions, ultimately enhancing their global reach and sales potential.
Is Stripe compatible with mobile payments on Shopify?
Absolutely, Stripe is fully compatible with mobile payments. This ensures a smooth and secure transaction experience for customers shopping via smartphones or tablets, enhancing the overall mobile shopping experience.