What Payment Methods Does Shopify Accept?

Payment methods are necessary for all businesses and for all customers. They enable the customers to pay for the goods they ordered and enable the businesses to be paid easily.

Understanding which payment methods Shopify accepts will greatly help your business to reduce the hassle of connecting your bank account to Shopify and add the payment methods that are suitable for your store and your customers. To have a deeper understanding of this topic, please read this text carefully.

What Payment Methods Does Shopify Accept?

About Shopify Payment methods

If you are dealing with the problems of setting up a third-party payment provider/merchant account and having to enter the credentials into Shopify, then Shopify Payments is exactly what you need. Shopify Payment eliminates all your problems and provides a way to accept payments online with zero effort. As soon as you finish creating your store in Shopify, you are allowed to access to all major payment methods with the automatical setup from Shopify Payments.

What Payment Methods does Shopify accept?

As mentioned above, Shopify Payments is a hassle-free way to accept payments online through all major payment methods. Depending on the Shopify plan that you choose, your card rate can be different. Also, your Shopify plan can be changed whenever you need it.

Here are all the payment methods that Shopify accept:

  • Businesses in the US: Visa, Mastercard, American Express, JCB, Discover, and Diners Club debit and credit cards.
  • Businesses in Canada, Australia, Hong Kong SAR China, Italy, Ireland, Japan, New Zealand, Singapore, Spain, and the UK: Visa, Mastercard, and American Express debit and credit cards.
  • Businesses in Germany: Visa, Mastercard, and American Express debit and credit cards, along with payments using SOFORT and Klarna Pay Later.
  • Businesses in the Netherlands: Visa, Mastercard, and American Express debit and credit cards, along with payments using iDEAL.

Payment methods

Costs/ Fees when paying with Shopify Payments

The costs of Shopify Payments depends on the plan you choose. Therefore, to lover credit card rates, you need to upgrade your subscription with Shopify. The pricing of each plan per month is 29$, 79$, 299$ for Basic Shopify, Shopify, Advanced Shopify, respectively.

Except for the credit card rate and the subscription fees of your Shopify plan, you will not be charged with monthly fees, hidden fees, setup fees for Shopify Payments. Additionally, accepting American Express or international orders won’t cost you any additional charges. Another advantage of using Shopify Payment as your processor is that you won’t have to pay any subscription transaction fees.

The Shopify Payments credit card rate of yours will be automatically updated immediately after the Shopify plans are changed. The transaction fees will be eliminated when using Shopify Payments. If you decide to use another payment processor, you will start paying the transaction fees of 2%, 1%, or 0.5% for the Basic Shopify, Shopify, and Advanced Shopify plans, respectively.

To see the total fees for each payout and pending transaction, go to the All payouts table which can be navigated from the Dashboard.

Read more: Best Payment Gateways For Shopify

What are Bank account requirements when using Shopify Payments?

Before connecting your bank account to the Shopify Payments, you need to meet these following requirements for your bank account:

  • Your bank account must be a full checking account or a current account in the UK and Ireland.
  • Your bank account uses the payout currency of your region.
  • Your bank account can accept electronic bank transfers.

Please take note that Shopify Payments does not support savings accounts, flex-currency accounts, virtual accounts, and money-transferring services that mimic bank accounts.

Along with the general requirements listed above, your bank account also must adhere to these local requirements depending on each region:

  • Australia: The bank account must be from an Australian physical bank, in the payout currency of Australia (AUD), which can be used for BECS transfers.
  • Canada: If you use CAD as payout currency, the account has to be with a physical bank in Canada, in CAD currency, and it can be used for ACH transfer. If you use USD as payout currency, the account has to be with a physical bank in Canada or the United States, in USD currency, and it can be used for ACH transfer.
  • Germany: The bank account has to be in EUR currency, can be used for SEPA transfers. It is a must that your account has an IBAN that starts with AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, SE.
  • Hong Kong SAR China: The bank account has to be from a physical bank in Hong Kong SAR China and in the currency of HKD.
  • Ireland: The bank account has to be from a physical bank located in Ireland, in EUR currency, and can be used for FPS transfers.
  • Italy: The bank account has to be a business bank account in EUR currency, have an IBAN starting with AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, SE, and it can be used for SEPA transfers.
  • Japan: The bank account has to be from a physical bank located in Japan. It has to be a Futsu account and in JPY currency.
  • The Netherlands: The bank account has to be a business bank account in EUR currency, has an IBAN starting with AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE, and it can be used for SEPA transfers.
  • New Zealand: The bank account has to be from a physical bank located in New Zealand, and in NZD currency. Also, it can be used for BECS transfers.
  • Singapore: The bank account has to be from a Singapore physical bank, and in SGD currency.
  • Spain: The bank account has to be in EUR currency, has an IBAN that starts with AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE, and it can be used for SEPA transfers.
  • United Kingdom: The bank account has to be from a UK physical bank, in GBP currency, and it can be used for FPS transfers.
  • United States: The bank account has to be from a US physical bank, in USD currency, and it can be used for ACH transfers.

Please kindly note that checking accounts that are set up to accept only wire transfers can not be used with Shopify Payments. In order to know whether the transfer type you want is suitable for your bank account and your region or not, please contact the bank.

Some Alternative payments for Shopify

Some Alternative payments for Shopify

To provide the payment methods for your customers and get paid by them, you need to understand the payment process. When checking out, your customers are enabled to choose any of the payment methods that you set in the Payment providers area. There are a variety of payment methods that Shopify offers for your store:

  • PayPal
  • Accelerated checkouts and dynamic checkout buttons
  • Third-party providers
  • Alternative payments
  • Manual payments
  • Payment authorization

Don’t forget to consider other things like the countries where your business is located and where your customers live when deciding what payment methods to add for your store.

Final words

Understanding Shopify Payments and the payment methods that Shopify accepts can help you to provide the best service for your customers and eliminates all the problems of setting up your third-party payment providers, connecting your bank account to Shopify and many more. We hope that this text will be a great help for your Shopify store.

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