Shopify’s “Checkout” button, called “Shop Pay,” is more than just a simple “checkout button.” It makes customers much happier and could help your store make more money. But there’s more. Let’s find out what Shop Pay is and if it’s safe and quick.
What Does Shopify’s Shop Pay Mean?
Shop Pay, which used to be called Shopify Pay, is a way for Shopify stores to speed up the checkout process. Since it was first released in 2017, this app has become one of the most popular ways to pay. Nearly 1.3 million business owners have already chosen Shop Pay as their way to accept payments.
Shop Pay is a part of the store that acts as a virtual shopper for customers while they shop online. This app promises to make it easier for people to pay, track, and buy things online.
Features of Shop Pay
Shop Pay has a lot of helpful features for both buyers and sellers. Let’s look at some of Shop Pay’s most important features.
Shop Pay for Buyers’ Best Features
Shop Pay has features that make it stand out for both online customers and merchants. Let’s start with the features that are meant for online shoppers.
- The main goal of Shop Pay is to speed up the checkout process. So, you only have to give your payment information once, and the platform will remember it whenever you go to a Shop Pay-accepting online store.
- One of the best things about Shop Pay is that you can choose how you want to pay for purchases, either in full or in installments. You can pay the whole amount all at once or split it up into several interest-free payments.
- Transactions Are Automatically Recorded: Shop Pay keeps track of every order you’ve ever made, so you can look at your purchase history to see all the details about your past Shop Pay purchases.
- Easy Access To Customer Service: Shop Pay gives you instant access to the online resources of the store you are shopping at. So, you can use all of the links, FAQs, and other tools the store gives customers to help them.
- Customized Shopping Suggestions: Shop Pay can also give you shopping suggestions, but it does so in a different way. The platform uses different types of data, some of which come from your shopping habits and some of which come from what you tell it, such as your favorite store.
- Shop Local: With this feature, you can choose the shops in your area that you like best or search for shops in your area.
Shop Pay’s most important features for retailers
You’ve already gotten some of its best features for online customers. These features that are important to shops have made it very popular:
- Marketing Automation: Shopify’s standard checkout modules offer many marketing opportunities, but Shop Pay has gone one step further. Shop Pay is already on customers’ devices, so businesses can easily send automated marketing messages along the customer journey.
- Shop Pay keeps an eye on several factors to figure out how well retailers are doing. All of these help you not only get accurate information about the success of your business but also build customer trust.
- Shop Pay lets retailers choose how and what their customers will see during the checkout process. This means that the store and checkout can be completely customized. Shop Pay lets you customize several important parts and also lets you add custom photos for your business, like your cover photo and logo, as well as your contact information and customer service resources.
- Shop Pay Button: One of the best things about Shop Pay is that retailers can now use it even if they don’t have a Shopify store. Unlike in the past, businesses that don’t use Shopify can now get help from Shopify. Just adding a Shop Pay button will let them sell on Facebook, Google, and Instagram.
- Mobile app to handle notifications, shipping, and marketing: The Shop Pay merchant app makes it easy to handle all aspects of your business.
- Placement On Curated Lists: One of the main ways that online businesses show potential customers their products is through product suggestions, curated lists, and local shopping options. All of these are also available with Shop Pay.
What does Shop Pay do?
Small businesses can turn on and off Shop Pay in their Shopify account settings. Small businesses can use Shop Pay whether or not they use Shopify’s built-in payment processor or another payment processor. Shop Pay can be used by businesses that sell on social media platforms like Instagram or Facebook.
Here’s how Shop Pay works at the checkout:
- During the checkout process, customers who use Shop Pay are taken to the page where they can review their orders. When they approve the transaction, they get an email or text message with a number. When they enter the code on the checkout page, the order is finished.
- Customers can make another purchase on the same device without having to re-verify themselves by using the saved information.
- Customers can change their Shop Pay account information and stop using Shop Pay at any time.
- Shop Pay lets customers choose between pickup and delivery services if a business offers them.
Is Shop Pay Secure?
Shop Pay is safe for many different reasons.
Customers and retailers can both feel safe when making purchases thanks to things like PCI compliance, SMS verification, and encrypted data. This is very important now, when fewer customers than ever trust online businesses. Customers and businesses can do business with more confidence because of the extra security.
Even on the merchants’ behalf, the processor is in charge of all payment security parts. There is no need for technical knowledge. Shop Pay is a great choice for businesses that don’t want to hire a developer to make their website easy to use.
How Fast Is Shop Pay? The pros and cons of Shop Pay
Shop Pay was made to make your checkout process easier and faster, which will improve customer satisfaction and increase conversion rates. Shop Pay is already accepted by thousands of Shopify stores. These businesses have seen checkout times get done up to 40% faster and the number of repeat customers increase by up to 18%.
Let’s look at the pros and cons of Shop Pay:
PROS:
- Reduces cart abandonment: When a customer decides not to finish a transaction, it may seem like a missed opportunity. Customers who have Shop Pay enabled can skip the time-consuming step of entering their personal information and go straight to making a purchase.
- Shoppers save time because Shop Pay is 70% faster than a standard checkout and has a 1.72x higher conversion rate, according to statistics from Shopify. Every online seller likes to see those numbers.
- Customers are more likely to choose your brand over the competition if they know that buying from your business will be easy and quick.
- Several Ways To Reach customer service: There are many ways to find answers to your questions. There is an active online community, a support center with a list of frequently asked questions (FAQs), and a chat and email service to ease any remaining worries.
- Carbon-Neutral Deliveries: Shop Pay has already done a lot to protect rainforests around the world and is now working with other groups to plant 4.6 million trees. Taking part in this project means doing things like using Shop Pay.
CONS:
- Still, here Are Things To Be Done: Customers have to choose to take part, and in some cases, they still have to type in a one-time code sent by SMS.
- Maybe Not Still Important: It raises the risk that information about customers may not always be up-to-date, since details are not constantly recorded and checked by hand. Customers can, however, use the tool at any time to update the information that is already on file.
- Only Better For Some Types Of Shops: This tool might not be as important if you don’t have many loyal customers. You might focus on selling expensive items that people only buy once. But customers who buy these large items might still benefit from Shop Pay Installments.
How to let Shop Pay work on your Shopify store
Now that you know almost everything important about Shop Pay. You can also choose other appropriate payment methods based on the people you want to sell to. Now let’s find out how to set up Shop Pay on your Shop Pay store.
- Go to your Shopify dashboard by logging in.
- Go to Shopify Payment > Manage on the Shopify Admin dashboard.
- Scroll down to the section called “Accelerated Checkouts,” then click on “Shop Pay” to enable Shop Pay payment.
- Just click Save.
Shopify Payments and Shop Pay
There are two different products: Shop Pay and Shopify Payments. Shopify Payments is an integrated payment processing solution that lets small businesses accept credit cards and other types of payments after setting up a Shopify account and turning on the functionality.
Shop Pay handles transactions through third-party vendors or Shopify Payments.
Payment processing companies often charge fees and limit the kinds of goods you can sell if you use their service. The issuer, the acquirer, and the company that handles credit card transactions all charge fees for their services.
Pay Fees Shop
The fees for Shop Pay are small. Those who already use Shopify and Shopify Payment can use Shop Pay for free. Also, there are no late fees for Shop Pay installment payments. Even so, people who miss payments may never be able to use installment payments again.
So, Shopify charges 5.9% plus $0.30 for each payment plan order. Like other costs, installment fees are decided on a case-by-case basis and may be different from one company to the next.
Who Can Use Shop Pay?
Shop Pay works best for people who run most or all of their businesses online. Most of its unique features, like quick checkout and saving payment information, can be used for online sales.
Also, if your business benefits a lot from customers making frequent, repeat purchases, Shop Pay may make these transactions faster and easier, making customers more loyal and reducing the number of carts that get left behind.
One Last Thing
Shop Pay is a simple, free service that lets your customers check out quickly, safely, and easily if you use Shopify Payments as your payment processor and have a Shopify store. On dropship-empire Blog, you can find more tips that will help your online business.