Shopify has launched Shopify Payments for its merchant partners based in Portugal. The company’s own integrated payments system allows Portuguese merchants manage payout and chargeback with much ease. It also accelerates checkouts powered by Apple Pay and Google Pay.
With the help of Shopify Payments, Portuguese merchants can sell their locally produced goods in 133 currencies while still getting paid in Euros.
What is Shopify Payments?
Shopify is a Canada-based multinational company that allows small business owners to set up their e-commerce store. It provides tools, techniques and guidance to help local merchants sell their products across the globe. Shopify Payments is one of its many useful tools that simplifies the process of online selling. It ensures online payments acceptance without a third-party payment app.
Merchants don’t even need to register their bank account credentials with Shopify. All they need to do is create a Shopify store and automatically set up Shopify Payments to accept all major payment methods. As per Shopify Help Center, Shopify Payments is currently available in 20 countries.
What About Safety?
Shopify Payments is completely safe for merchants as it provides a two-step authentication security. “If you decide to deactivate two-step authentication in the future, then you expose your account and financial information to potential criminal attacks,” Shopify states in disclaimer.
Here is the two-step authentication required to log in to the Shopify Payments account:
- Credentials: First, Shopify asks for your account credentials — email address and password.
- Security Key: After entering account credentials, Shopify asks for a security key sent on a mobile device registered with your Shopify account.
Extra Charges?
Shopify Payments integration does not charge anything from merchants for third-party transactions. Customer payments are processed through Shop Pay, which also comes in installments option, and Paypal Express. Customers can also opt for payment methods like cash on delivery (COD) and bank transfers using Shopify Payments.
Except for merchants based in Austria, Belgium, and Sweden, no Shopify Plus merchant has to pay transection fees for Shopify Payments.
Multiple Currencies
The biggest feature of Shopify Payments is that it allows merchants to sell in multiple currencies. However, this feature is currently available for merchants using Shopify Markets. “We’re in the process of releasing Shopify Markets to all Shopify merchants,” states Shopify in Help Center.
About Shopify Markets
Shopify Markets is an integration that allows merchants to online sell their products to anyone across the globe. It aims to democratize small business owners’ access to a cross-border commerce. Recently, the Canadian e-commerce giant launched Shopify Markets Pro to help merchants expand their business globally. It covers more than 150 countries.
Launched in 2021, Shopify Markets has helped over 175,000 merchants sell their locally produced goods across the internet. In the biggest e-commerce market — the United States, Shopify Markets claims to have helped an average merchant to sell products to over 14 other countries.
Partnership For Pro
Shopify has partnered with Global-e for Markets Pro to enable overnight business expansion to more than 150 countries.
“Whether selling internationally for the first time, or scaling a nascent part of their business, merchants are faced with new and evolving complexities, like tax, duties, pricing, language and payments. With Shopify Markets Pro, and our partnership with Global-e, we’re empowering merchants to rapidly scale their international sales using a merchant-of-record solution that would typically be inaccessible to independent brands,” Rohit Mishra, Director of Product at Shopify, said.
“And because Markets Pro is integrated directly with the Shopify admin, it gives merchants a single, unified view of their business—no matter where they’re selling,” he added.
How Shopify Payments Integration Works?
The integration allows you to sell locally made products in multiple countries. To make it easy for customers to buy, Shopify Payments shows them the prices in their native currency. International buyers can easily place orders using their preferred payment method at the checkout page. Shopify Payments also ensures that customers receive refunds in their local currency.
“You can choose to have prices converted automatically using the current market exchange rate, or converted manually using an exchange rate that you choose,” explains Shopify.
It depends on your Shopify plan — Basic or Plus — to choose from a given set of international pricing features. Shopify Plus also allows merchants to control prices for different countries. “If your store is on the Shopify plan or higher, then you can set price adjustments and custom rounding rules for different countries or regions. To set product prices by country or region, your store needs to be on the Advanced Shopify plan,” states the e-commerce platform.
For the merchants that sell in multiple currencies, Shopify Payments allow a country selector option within the Shopify theme. The integration enables customers to “select their local country or region so that your store displays their local currency”.
