how does shopify payment gateway work

hey what's up guys it's online money,24/7 and today we're gonna be talking,about understanding Shopify payment,gateways so these are the payment,gateways that allow you to charge your,customer for the products that they're,going to be purchasing from your website,so without further ado let's go ahead,and get into it so first off,understanding the exact process that is,going on so there's this nice little,chart that I found and so when you a,customer comes to your website you are,the merchant and so a customer comes in,they find a product you are the merchant,and then it directs them to a payment,gateway which is a website that allows,them to punch in all their information,and then that payment gateway then sends,the information to the credit card,processor and then there's the credit,card Association such as like Visa or,MasterCard it just takes a couple of,examples and then you also have then the,credit card is issued to the bank so,that is how the whole entire transaction,occurs and today we're going to be,talking about more specifically the,payment gateways because with Shopify,there's a whole bunch of different ones,and it depends on your country there's a,lot of information surrounding that so,we're gonna be breaking it down today in,this video so hopefully you guys can,understand more about payment gateways,and how to make them work for your,stores so let's get into Shopify,payments this is the default payment,processor from Shopify that they,recommend you to use and personally I,would recommend you to use as well,because it is the cheapest there is no,actual transaction fee for using this,payment processor it's the one that is,default with Shopify it's powered by,stripe so it works really really well,however this becomes an issue for some,people because it is only available in,the United States Puerto Rico Canada,United Kingdom Ireland Australia New,Zealand and Singapore so if you're not,in that country you can't use Shopify,payments when creating your Shopify,store to accept the credit card payments,from your customers so that's a big,issue for a lot of people hand getting,more into Shopify payments if you are in,the country if you are within those,countries that I just listed we'll get,into more what you can do if you're not,in one of those countries listed well,we'll get into that later in the video,but with this one with Shopify payments,in order to get an actual lower credit,card rate depends on your shopify,monthly plans as you can see on the left,it says 2.9 percent plus 30 cents that,is the default credit card rate for,Shopify payments that they give you now,that is lowering you can get it like a,lower rate if you pay for a higher,Shopify monthly plan the default $29 to,month gives you that standard credit,card rate if you increase into the next,plan I believe it's 2.7 percent plus $30,30 cents plus 30 cents not $30 if you,increase from the $29 month plan which,is the basic Shopify plan if you,increase I think it's $79 month for like,the pro plan then it becomes 2.7 percent,plus 30 cents so and then the the one,after that I think is just as flat 2.6,percent and no 30 cent at Edition to it,so there's a lot of different credit,card rates that are associated with just,Shopify payments depending on the,monthly plan that you pay for so if you,want to lower your rate you just go in,and click the get a lower rate and then,it brings up the page with what monthly,plan do you want to pay for honestly,I've only ever used the basic plan,because for the monthly fees and the,percentage the 0.2% difference is really,not a big thing for me unless you're,doing like massive volumes of sales then,getting a lower credit card rate might,be more valuable for you now the,transaction fee like I said before,Shopify payments does not have a,transaction fee so that is good for,Shopify payments but what if you are one,of those people in another country,outside of the United States or you just,personally don't want to use Shopify,payments maybe you have some issues with,them and using it on your store maybe,just you don't like it right you want to,switch to some other payment processor,okay there's a lot of other payment,processors available such as to check,out stripe and there's a whole laundry,list of other ones as well,Shopify has a list of over 70 different,payment gateways on their website that,you can go through and select which one,you want to use to go through and do,some research on each of them and then,find one that works for your country,because some of the ones they have they,only work in like Australia New Zealand,there's some that only work in the,United States there's there's a whole,bunch of different payment processors,find one that you like you like the bed,if it's that they offer you they have,low fees and they work in your country,because you know certain payment,processors only work in certain,countries just like Shopify payments,obviously if you're one of the countries,that's available for Shopify payments,just use Shopify payments but maybe you,want to use a different one if you're in,another country that could also be an,issue for you so these are these are the,couple of different ones like to check,out and stripe there's a huge list of,other ones as well that Shopify has,available for people because they,understand not everyone's in those state,in those countries that I just mentioned,before for Shopify payments so there,there should be one that can work for,you for your country,now each one also has a variety of,different rules so some may charge a,higher transaction fee than others some,may also have a rule where you have to,be selling online for at least 90 days,or something like that like there's a,lot of minimal minimum balance like type,rules type of stuff like that that you,may need to have done something on your,website first to be able to use the,payment processor so just double check,on each of the payment processors and,just find one that will work for you,because it's a huge list of them and you,know not all of them work for everybody,but that is really important to find,something to at least be able to accept,credit cards because you don't want to,be running around without a credit card,payment process because then you can't,get paid for selling products it's kind,of a problem so obviously thought you,just use a different payment process so,that's the whole point so now another,thing is what about PayPal so PayPal,allows you to use you know you can,accept payments works worldwide what is,so you know what's the different why,don't I just use PayPal altogether and,just don't even use a payment processor,for credit cards the thing is with that,is like obviously PayPal is different,from card processors and it limits you,if you only accept paypal payments so if,someone comes on your website tries to,buy a product they don't have a PayPal,account and that's all that you accept,you're not going to get that check out,you're gonna have an abandoned check out,and then you're not gonna make a sale,because you didn't have a credit card,processor available on your checkout,page so you want to make sure that you,have a credit card processor because,it's different from just PayPal if,someone doesn't have PayPal then you,can't get paid so that's a big issue so,definitely make sure if you if you can,you know have both that would be awesome,have a PayPal and credit card that's,going to be your best bet because then,you're gonna be able to accept the most,amount of payments for selling products,in your store so that's what I would,definitely recommend for you is to have,both do research on the different,payment process there's a find one that,works in your country that works for you,that you like and roll along with that,because you're gonna want to be able to,accept as many kind of payments as,possible and find something that just,works really well for you so guys if you,have not actually started your Shopify,stores yet I do have a 14-day free trial,link down the description box below if,you want to click that it does support,the channel and if you haven't,subscribed yet what the heck are you,doing hit that dang subscribe button hit,the notification bell as well so you get,notified for future videos uploads and,all that good stuff leave a like leave a,comment down below if you have any,questions comments concerns but anyway,guys that's all for today's video so,I'll see you in the next one peace out

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