When comparing platforms, giants like Stripe and Shopify Payments will likely be at the top of your list. Combining these two great platforms, Stripe Shopify is considered to bring great benefits to the online shopping platform. How to add Stripe to Shopify? Let's find out in detail what it is to help you make informed decisions!
What is Stripe Shopify?
Stripe is a comprehensive online payment processing platform designed to facilitate financial transactions for businesses of all sizes. From verifying merchant identity to payment routing, Stripe makes it easy for platforms and merchants to manage their payments while remaining compliant.
Shopify is a commercial platform that allows people to build online stores and manage sales and marketing activities more efficiently.
Combining these two powerful platforms into an online business, Stripe Shopify, is a great way to enhance user experience. From there, expand and develop the business owners' businesses. Flexibility and ease of payment help keep cash flow under tight control, and security issues help users feel more secure.
Create online stores with Shopify and add payments with Stripe
Here’s a detailed breakdown of how Stripe works:
Creating a Stripe Account: Businesses need to sign up for a Stripe account. This involves providing business details, banking information, and verifying the account through a series of steps.
Integration: Stripe provides a wide range of APIs (Application Programming Interfaces) and SDKs (Software Development Kits) for different programming languages and platforms. This allows businesses to integrate Stripe into their websites, mobile apps, or other software applications.
Customer Checkout: When a customer makes a purchase on a website or app that uses Stripe, they enter their payment details at checkout. Stripe supports various payment methods, including credit/debit cards, Apple Pay, Google Pay, ACH transfers, and more.
Tokenization: Stripe tokenizes the payment details, replacing sensitive information with a unique token. This enhances security as the actual payment details are never stored on the merchant’s servers.
Authorization: Stripe sends the payment token to the issuing bank for authorization. The bank verifies the details and checks for available funds.
Capture: Once the payment is authorized, Stripe captures the funds and the payment is considered successful. This process typically takes a few seconds.
Payouts: Stripe transfers the accumulated funds (minus their transaction fees) to the merchant’s bank account. Payout schedules can be daily, weekly, or monthly, depending on the business’s settings and Stripe’s policies.
Why integrate Shopify with Stripe?
When integrating Stripe Shopify, businesses benefit from various powerful add-ons and features.
- Streamline Account Management: Accept in-person payment via Stripe will be automatically synchronized and managed on the Shopify site system. This helps track and manage orders more effectively, from payment confirmation to shipping and delivery processing.
- Improved Customer Connectivity: Sending notifications to a stripe email address or texts to notify users about payment status, and optimize the checkout process. By integrating Stripe Shopify, businesses can bring out better purchasing experiences, minimizing the steps needed to complete a purchase and increasing customer interaction.
- Fast Payouts: Stripe provides the ability to quickly transfer payments to a business's bank account, helping to improve cash flow and manage finances effectively.
- Detailed Analytics: Stripe provides detailed reporting and analysis tools for your business's payment activities. So, small businesses can track sales and market performance and optimize their business strategy.
Stripe supports detailed analytics
- Real-Time Monitoring: Provides tools to monitor business payment activity in real time. Businesses can track transactions and sales activities in detail and quickly.
- Automated Refunds: Allows automatic refunds to users in case of need. This helps build trust and increase customer satisfaction.
- Multi-Currency Support: Stripe offers a variety of online payment methods, including credit/debit cards, e-wallets, and other online payment methods. Combined with Shopify, businesses can meet customers' diverse payment needs.
Stripe accepts online payment methods
- PCI Compliance: Stripe is known for its high-security standards, including data encryption and compliance with payment security standards such as PCI DSS (Payment Card Industry Data Security Standard). Stripe Shopify helps ensure that your customer's payment information is securely protected.
- Alternative Payment Methods: With Stripe integration into Shopify, businesses can accept payments from customers around the world conveniently and securely.
Several payment methods are recommended
Step-by-step guide on adding Stripe to Shopify payments offering
Step 1: Check your store eligibility
The eligibility check is the first step in the integration process between Stripe and Shopify. Check your Shopify store to see if you meet the requirements for Shopify payments. If not, get in touch with Shopify's support team to solve the problem.
If you're thinking about increasing your payment options, integrate Stripe with Shopify. Payment gateways for Shopify are not available everywhere, but the list of nations that support them is growing every day. But there are other limitations besides geography. It also depends on the region in which you conduct business.
Step 2: Create a Stripe accounts
Visit Stripe's official website and create a new account.
Complete the registration steps by providing the required information and confirming your account.
Create a Stripe account
Step 3: Shopify login
Sign in to your Shopify account.
Shopify login
Step 4: Access the Shopify Payments offering
In the Shopify admin interface, navigate to "Settings" and select "Payments."
Step 5: Change your payment provider to Stripe payment gateway
Find and select the "Payment Method” section.
Select "Add payment method".
In the list of third-party payment providers, select "Stripe".
Change your payment method
Step 6: Connect to Stripe
After selecting Stripe, you will be asked to log in to your account.
After successfully logging in, you will be asked to authorize Shopify to connect to your Stripe account.
Accept the authorization requests.
Once completed, your Shopify store will be integrated with Stripe and you can start accepting payments through Stripe. Be sure to double-check your settings to ensure the accuracy and efficiency of your payment system.
Shopify Payments vs Stripe – Which solution is best for you?
Key Features | Stripe | Shopify Payments |
Payment types | Credit and debit cards, E-wallet, Online payment: WeChat Pay, SEPA Direct Debit…, Cryptocurrencies | Accept Credit card payments, debit cards, and e-wallets, including Visa, Mastercard, American Express, PayPal, Apple Pay, Cryptocurrencies |
No. of currency types | 135+ | 133 |
No. of supported countries | 195+ | 175+ |
No. of languages | 47 | 22 |
Integration | integration required | Full integration |
Advanced features | Extensive customization, extensions, API gateway | Financial reporting, fraud protection, 24/7 support |
Transaction fee | 2.9% + 30¢ for each successful. Additional fees apply for specific scenarios: 0.5% for manually entered cards, 1.5% for international cards, and 1% if currency conversion is necessary. | 2.9% + 30¢ per transaction. 2.5% + 30¢ per transaction for the subscription, and 2.4% + 30¢ per for the Advanced Shopify plan. |
Display | Technical understanding required for customization and integration | Easy-to-use interface, built-in integration |
Help docs | Available | Available |
Inventory management | Limited features | Extensive features |
Mobile app | Available | Available |
Shopify payments vs Stripe have pros and cons to consider when making the correct decision for your business needs. Therefore, integrating Stripe Shopify is considered a great solution to solve your concerns.
Which is better: Shopify payments vs Stripe?
