If you are still thinking about whether you should activate Shopify Payment for your online store, here are 5 major advantages of Shopify Payments that you should know:
1. Simple Setup
Shopify Payments is the easiest way merchants can accept payments online. It eliminates the need of setting up a third-party payment provider and enter the credentials into Shopify. Customers can complete their purchases directly on your online store without leaving the website. Merchants can accept payment through all the popular payment methods at ease. For example, online stores in Hong Kong can accept these local credit and debit cards through Shopify Payments: Visa/ Master Card/ American Express/ Discover Card/ Apple Pay/ Google Pay/ Shop Pay
2. Smooth and Safe Checkout
Shopify Payments enables popular payment methods in Hong Kong with local currency for a simpler and faster checkout, optimizing the shopping experience. On top of that, Shopify Payments complies with PCI-compliance requirements (Payment Card Industry Data Security Standard) and provides 3D Secure encryption verification. In this way, merchants and customers can safely conduct transactions online.
3. Integrated Back Office
Shopify Payments users can view all orders and payments on the same platform. Not only does this save time, but also helps store owners manage the Cash flow and financial status of their online store.
4. No Hidden Fees
Shopify Payments fee varies depending on your store's subscription plan. There are 3 subscription plans: Basic Shopify USD 29/ month, Shopify USD 79/ month, Advanced Shopify USD 299/ month. Apart from credit card rates and subscription fees, Shopify Payments will not charge any hidden fees.
Fraud analysis is included in all plans. Online Hong Kong credit card rate is 3.3% +HKD $2.35 for Basic Shopify Plan, 3.2% +HKD $2.35 for Shopify Plan, and 3.3% +HKD $2.35 for Advanced Shopify Plan.
5. Easy Chargeback and Inquiry Management
If your store accepts credit card payments, you will need to deal with refunds or inquiries. Shopify Payments provide an efficient credit card refund and inquiry process, making it easy for merchants to deal with relevant situations. Streamline and manage your Shopify Store is just as simple as this.
Requirements for using Shopify Payments
Shopify Payments are currently available in Hong Kong and 16 other countries and regions, but not everyone is eligible to use Shopify Payments. There are certain types of businesses and services that are prohibited to use this payment gateway in Hong Kong, including investment and legal services, gambling, sale of e-cigarettes and drugs.
Furthermore, connecting your bank to Shopify Payments Hong Kong requires your bank to meet the below requirements:
- The account is a full checking account
- The account uses the payout currency of your region
- The account can accept electronic bank transfers
- The account must be a physical bank in Hong Kong and in HKD currency
Making purchases convenient for customers is the key when it comes to eCommerce. Choosing a suitable payment gateway can be a pain due to the complexity and the time needed to spend on doing research. There’s no doubt that Shopify Payments has made payment processing through Shopify Store simpler, faster, more secure, and transparent.
InsCoder is the first-choice Hong Kong Shopify Agency and Certified Shopify Plus Partner for eCommerce companies. Our Shopify expertise has successfully assisted more than 200 local and overseas SMEs and enterprises launch their eCommerce site using Shopify.
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