If you activate Shopify Pay, customers who make purchases on Shopify-managed stores will be able to quickly complete their payment on yours.
Shopify Pay, a friction-less payment mechanism for online purchases, was recently unveiled by Shopify. The number of fields a consumer must fill out is reduced from about 16 to only two using Shopify Pay. If you already use Shopify Payments, all you have to do is setting up Shopify Pay. Repeat customers and those who have shopped on other Shopify Pay-compliant websites can keep their card information and skip the checkout procedure with Shopify Pay. This is significant because most customers abandon shopping carts shortly before checkout because they get irritated by the amount of information they must submit. With over half a million web stores using the platform, Shopify Pay might be a major change for most commerce enterprises. Customers who make purchases on Shopify-managed stores will be able to rapidly finish their payment on yours if you enable Shopify Pay. Consider this: The more eCommerce companies join Shopify Pay, the easier it will be for you to get customers to checkout swiftly.One of Shopify Pay’s main selling points is that it improves security, which is already fairly good for Shopify-run sites. Users receive a six-digit verification code through SMS, which they must submit to secure the purchase.
Shopify Pay includes the following features:
• Security authentication using opt-in texting• Mobile phones receive a 6-digit order notification.• All data is kept on Shopify’s PCI-compliant servers.• Purchases are made without friction.• Increases the speed of mobile checkout by 40%• Nobody has to fill out checkout forms repeatedly.• Excellent design, user experience, and user interface• An interface that is easy to use
The time between when a customer puts an order on your website and when the funds from that order are delivered to your bank account is referred to as your pay period. The moment the order was placed in the UTC time zone, determines the day the customer places an order in your store. Orders placed on Friday, Saturday, and Sunday are combined together and sent as a single payment.You can get your Shopify Payments earnings in one business day if you use a Shopify Balance account. Weekends and US holidays are not considered business days. If you also have Shop Pay Installments turned on and your customer utilizes it during checkout, the transaction will be delayed.
What are the cons of Shopify Payments?
1. Not available in every country
2. Must comply with terms and conditions of the products
Financial and professional servicesIP Infringement, regulated or illegal products and servicesProducts or services that are otherwise prohibited by law or Shopify’s financial partnersUnfair, predatory, or deceptive practices
3. High Chargeback fees
4. Sudden account frozen
What is the customer's experience like while utilizing Shopify Pay?
Let’s say an online shopper comes to your website. When they’ve decided what they want to buy, Shopify will prompt them to submit their shipping, billing, and credit card information, which will be saved with their permission. They only need to check the box and re-enter their phone number. The shopper will not have to resubmit any information during their next visit to any stores (including yours). They only need to enter the SMS code on the checkout page.