Shopify and Magento are the two most popular eCommerce platforms among people around the world. Both are second to none. Each boasts top-notch features and functionalities that are beneficial to both store owners and customers.
As both Magento and Shopify are highly popular, comparisons are inevitable. And there is nothing wrong with it, as it allows users to choose the right one based on their requirements.
So, in this blog, we have provided a comparison of Shopify and Magento, but this time it’s about payment gateways. Which platform offers the best payment gateways?
Which Platform Supports More Payment Gateways?
Shopify: It offers about 100+ payment gateways, depending on the plan and country. However, it possesses its own Shopify Payments along with some of the most popular third-party options.
Magento: It offers over 300+ payment gateways by providing extensions and integrations available in the Magento Marketplace. This extensive range allows for significant customization and flexibility.
Understanding Shopify Payments Gateway:
Shopify has an in-built payment gateway called the Shopify payment, which is powered by Stripe. It gets along nicely with your Shopify store due to its seamless integration. It makes the checkout process smooth and trouble-free, which leads to a better checkout experience for customers.
Shopify is a versatile eCommerce platform that allows users to integrate third-party payment gateways into their Shopify store.
Benefits of Shopify Payments
Convenience and Ease of Use:
Shopify’s payment gateway system is incredibly simple and convenient. It is very easy to use. Most importantly, with the Shopify payment gateway, you don’t need a third-party processor in your store, which in turn saves your valuable time and simplifies the payment process.
Charge No Extra Transaction Fees:
With Shopify, users do not need to pay additional fees for transactions, provided the orders are processed through Shopify Payments, Shop Pay, or PayPal Express. Shopify sets transaction fees for users who use third-party payment gateways that may vary depending on their plans.
Additionally, Shopify does not charge transaction fees for manual payment methods such as bank transfers and cash on delivery (COD).
Users are not charged additional transaction fees for these manual payment methods. However, there is no refund on the original credit card transaction fee.
Multi-Currency Support:
There is a multi-currency feature in the Shopify payment gateways, which allows customers to pay in the currency they prefer. This helps store owners cater to global customers, resulting in enhanced reach globally.
Fraud Analysis Feature:
Shopify payments follow robust security measures to prevent fraud. It owns an in-built risk analysis feature that can detect any suspicious activities occurring in your transactions and provide security cover to help prevent fraud, ensuring secure transactions.
Round-the-Clock Customer Support:
Shopify ensures customers get instant solutions to their queries by communicating through various channels like email or live chat.
Now, let’s talk about the downsides of Shopify payment gateways.
Shortcomings of Shopify Payments
Limited Payment Options:
The selection of payment options is limited. It supports payment options such as credit cards, Google Pay, and Apple Pay. There is a need for a third-party payment processor in case you are bound to use other payment methods.
Available in a Few Countries:
Only a few countries, like Canada, Denmark, Australia, Ireland, and many others, can use the payment gateways facilitated by Shopify.
Transaction Fee for Third-Party Payment Gateways:
There is no charge for using Shopify’s inbuilt payment gateways but if you use third-party payment options, you will be charged a specific amount for each transaction.
Key Payment Gateways Offered by Shopify include:
- PayPal
- Stripe
- Square
- Authorize.net
- Braintree
- Amazon Pay
Magento Payment Gateways:
Magento is also a major eCommerce platform that provides a variety of payment gateways worldwide, making the transaction process easier and faster, and can be easily integrated with your eCommerce store.
Benefits of Payment Gateways Offered by Magento
Hassle-Free Integration:
The payment gateways offered by Magento can easily integrate with your eCommerce store. However, they require technical expertise. This integration makes the checkout experience faster for your customers.
Expand Global Reach:
Magento offers multiple payment gateways, which allow you to reach global customers. This gives your business an identity on a global scale.
Robust Security:
Magento payment gateways are generally compliant with PCI standards, which ensure that customer transaction details are well-secured, minimizing the risk of fraud by third parties.
Offer Multiple Payment Options:
Magento offers multiple payment options, including credit cards, debit cards, digital wallets, and more, allowing you to cater to a broader customer base.
Shortcomings of Magento Payment Gateways
Some downsides of using Magento Payment gateways include:
Complex Setup:
It is complicated for you to integrate the third-party payment gateways without technical knowledge. You might require a developer, which may lead to increased setup costs.
Transaction Fee:
Magento charges a transaction fee for providing third-party payment gateway services. The transaction fee varies depending on the payment gateways used and your business requirements.
Potential Downtime:
You may experience downtime when using third-party payment gateways. If any issues occur with the third-party payment gateways, it could lead to potential downtime and ultimately disrupt the checkout process.
Key Payment Gateways Offered by Magento Include:
- PayPal
- Stripe
- Google Pay
- Braintree
- Worldpay
- Opayo (SagePay)
- Authorize.net
- Verifone
- Amazon Pay
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Final Takeaway:
Magento is quite ahead in providing more payment gateways. However, both Magento and Shopify offer robust payment gateway solutions tailored to different business needs. Your selection should ultimately depend on your specific requirements, such as ease of use, payment options, and technical support. Both platforms excel in providing reliable payment processing, ensuring a smooth transaction experience for your customers.
