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How do Shopify payment gateways work?
A payment gateway is like a virtual bridge that links your online store to the vast network of banks, credit card companies, and payment processors. We can state that a Shopify payment gateway is a technology-driven intermediary that facilitates secure payment transfer information between a client’s bank (or financial institution) and an online merchant.  So, when a customer adds a product to their online shopping cart and proceeds to check out, they are presented with payment options. They enter their payment details, including credit card information or other payment methods like PayPal. The Payment gateways send the encrypted payment data to the client’s bank or credit card company for authorization. Further, the bank checks the transaction against the available funds and security checks.  Once the payment gateway initiates the transfer of funds from the client’s bank to the merchant’s account, this process can take a few working business days, but it ensures that the merchant receives the payment.Top Payment Gateways for your Shopify store
Gateways | Supported countries and currencies  | Transaction Fee | Chargeback fee |
Shopify  | 22 countries & 130 currencies  | 2.9% to $0.3 per transaction  | $15 per dispute |
Paypal  | 200 countries & 25 currencies  | 2.9% to $0.3 per transaction   | $20 per dispute  |
Stripe | 47 countries & 135+ currencies  | 2.99% to 0.3 per transaction  | $11 per dispute  |
Amazon Pay | 16 countries & 12 currencies  | 2.9% +$0.3 per transaction | $20 per dispute |
Verifone  | 200+ countries & 100 currencies  | 3.5% to $0.35per transaction  | $18 per dispute |
Benefits Of Choosing Payment Gateway Integration Â
Secure Transactions:Â Â
Shopify Custom payment gateways offer an encrypted and secure environment for seamless transactions. They utilize industry-standard security protocols to protect sensitive client data, reducing the risk of data breaches and fraud. ÂLow Risks:  Â
Shopify payment gateways have advanced Fraud prevention tools and risk management features. They help online businesses identify and prevent fraudulent transactions, lowering chargebacks and financial losses. ÂAutomated Payment Processing  Â
Setting up Shopify Payment gateways can automate subscription billing and recurring payments. This is especially useful for businesses that provide subscription-based services or products, as it ensures a steady revenue stream.Faster Payment Settlement  Â
Shopify payment gateways provide faster funds settlement than traditional payment methods like cheques. This can help businesses to manage their accounts and finances more effectively and improve cash flow.Improved Credibility  Â
Providing reliable and secure payment options through integration with reputable payment gateways can boost a business' credibility and trustworthiness among clients.  ÂWhy must you hire Shopify Experts to implement Secure Payment Gateways?
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