E-commerce platform Shopify introduced on Monday Shopify Payments, its credit card processing system that allows merchants to accept and manage Visa, MasterCard and American Express payments through the platform as opposed to a third-party gateway.
“Traditional payment acceptance methods for ecommerce merchants are extremely complicated,” Louis Kearns, the director of payments at Shopify, said. “You have to go through a third-party provider and be approved for a merchant account before you can process payments. And once your store is up and running, your finances are never synced up with your sales and inventory. That’s why Shopify Payments is such a big step for the ecommerce industry. It’s the first and only payment solution that lets you accept credit cards and manage all of your finances directly through your ecommerce platform. This is a game changer.”
Shopify Payments offers instant setup and approval, real-time payment tracking, full integration with the online store and chargeback recovery.
The service comes at no additional cost to customers with existing Shopify plans. Merchants on the Starter plan will pay 2.9 percent plus 30 cents per transaction, while unlimited plan customers will pay 2.25 percent plus 30 cents per transaction.