With more and more businesses moving to the cloud, new players keep popping up, making headlines… and sometimes disappearing. That said, despite the competition, Shopify remains one of the most popular e-commerce platforms today. 

But what is it exactly, what payment options and benefits it offers, and are there better alternatives? Keep on reading to find out.

What Is Shopify?

First things first. Even if you are not an e-commerce aficionado or an online business owner, chances are high that you’ve already heard of Shopify. Shopify is one of the most popular e-commerce platforms that helps businesses unify payments, products and data within one platform. Opening an online store has never been easier! 

But that’s not all. Shopify not only supports various point-of-sale solutions but also allows businesses to manage payments, set subscriptions and recurring payments, track user data, and secure transactions. The system also comes with a variety of payment options to help process transactions and payments. No wonder many businesses globally, including online stores and retail point-of-sale enterprises, turn to Shopify to do business. From PayPal to wire transactions, just name it! 

How Does Shopify Work?

As we stated above, thanks to its numerous features and plugins, Shopify offers not only payment processing but inventory management, data tracking, and various marketing tools. The best part is that any business can sync its social media pages with its Shopify store, reach new leads, and engage with its customers.

You can easily get started. There is even a free trial, after which you can choose a payment plan to fit your business needs. After that, simply choose templates and themes for your store and start adding products, while scaling on your way to business success.

Pros and Cons of Using Shopify

There is no doubt that Shopify is a powerful platform, which is also easily accessible. But is it for you? It’s only up to you and your staff to decide. And of course, check out our list with some pros and cons to help you make an informed decision:

Pros of Using Shopify

Many businesses attest that Shopify offers a variety of advantages over traditional systems.

• There are many functionalities to choose from when signing up in order to match your business needs.
• Customer support is also available to help you get started and grow.
• The availability of multiple payment methods & third-party platforms, which we will discuss below, is another major advantage. 
• Shopify also supports different categories, such as physical goods, digital products, and services, except for adult content, event tickets, and pharmaceuticals, among others.
• Various third-party apps and plugins to integrate with Shopify are also within reach to give you more flexibility. 
• With Shopify, you can access numerous SEO and marketing tools for different types of marketing, such as ads, SEO, and more.

Cons of Using Shopify

Of course, each platform has its own challenges. Below are some negative sides of using Shopify.

• Shopify pricing plans may be costly for small businesses that need to access its full functionalities and capabilities.
• If you start using Shopify, you might experience difficulty with the blogging feature.
• Limited customization is also a problem, as the Liquid template language Shopify is built on may be complicated for some.
• Note there is no email hosting supported, so you will need a third-party extension to forward emails.

Shopify Payment Methods

Now that you know more – and if you think that the pros outweigh the cons – then you’ll be pleased to know that Shopify supports a wide range of payment methods. Three of the most popular Shopify payment options include:

1. Credit and debit cards: Given the popularity of debit and credit cards, we shouldn’t be surprised that this is one of the most popular payment methods at Shopify.
2. Third-party payment gateways: As Shopify integrates with many platforms, clients can also process transactions via PayPal, Stripe, and other alternative payment methods. And guess what?! Third-party apps like Apple Pay, Google Pay, Amazon Pay, and more can also be used.
3. Manual payment methods: To answer customers’ needs, Shopify also allows you to accept payments such as cash on delivery and bank transfers. The best part is that you can sell in multiple currencies, while automatically converting the prices to the customer’s local currency.

Which Are the Best Third-party Payment Providers and Alternative Payment Methods at Shopify?

The truth is that there is no one-size-fits-all approach. Thus, the best payment method will depend on your specific needs and business goals. You know your customers best, so it’s up to you to decide which provider or method to utilize for your shop. 

While we can’t say which Shopify payment option to choose, we can happily confirm that with Shopify, your payment processing system and data are always safe and secure. 

Which Businesses Can Use Shopify as a Platform?

We’ve talked about Shopify, its pros and cons, and the payment alternatives it supports. Sounds cool, right?! But is it for you? Let’s look at some businesses that can benefit from using Shopify:

• Online stores: Many small businesses and retailers find Shopify attractive and use it to manage their online stores. 
• e-Commerce marketplaces: Given its pros, Etsy and eBay sellers also use Shopify to sell their products online and scale.
• Service-based businesses: In today’s digital world, more and more service-based businesses, such as gyms, also take advantage of Shopify’s features.
• Subscription-based businesses: From box delivery options to streaming services, subscription-based businesses use Shopify to sell and increase their revenue.
• Dropshipping businesses: And even if you don’t have physical inventory, Shopify can help you sell products as well.

Because as Shopify is quite flexible, the platform can support various business models, including yours!

Conclusion

With more and more services becoming digital, it’s no wonder that shoppers and businesses turn to flexible payment methods and accessible online services. While in-store shopping is still a popular option, we have to admit that online stores are here to stay… and Shopify is one of the platforms that can help you set up your own online business. 

And if you ever need any help, we at Tarya Fintech can help you set your own business model and financial plans to help you retain customers and scale.