What’s The BEST Shopify Payment Gateway? – Beginners Guide to Shopify Dropshipping Ep 3

What’s The BEST Shopify Payment Gateway? – Beginners Guide to Shopify Dropshipping Ep  3


what is up hustlers welcome back to
episode 3 of this completely free dropshipping for beginners tutorial series
where I’m bringing back to basics and basically going over how to get into
drop shipping very lucrative business model at the moment so in this episode
I’m gonna be going over payment gateways very critical step for every drop
shipper and this is also going to be a good video for the ones that are ready
for the drop shippers who are already in the space but are unsure about which
payment gateway to go for and also how to set up payment gateways in a way that
is most profitable so let’s go okay so I get a lot of financial questions and the
most popular one being which payment gateway should I set up on Shopify and
first and foremost I need to say that I’m not a qualified accountant so this
is not professional advice but my answer to which pen gateway just set up is all
of them all of them and I’m gonna tell you why in a second
setting up a payment gateway is an extremely important part of the setup of
your store because it dictates how your customers money is gonna go directly
into your bank account so the first thing you need to do or my
recommendation is set up a different bank account go into a branch go onto
your local branch and ask for a new account reason being is because you
never want to muddle your personal finances with your business finances and
I’ve been there done that that’s a rookie mistake on my end but for the
people that are watching this video make sure that you open up a free account
just as long as there’s a new account and you can make sure that all your
savings and all your revenue you guys insert into that account separately okay
so at this point I’m gonna be assuming that you watched all the other episodes
previously and that you set up your Shopify account at the moment so I’m
gonna jump on my laptop here and run you through the exact payment gateway
options that you should be looking at okay so let’s get into the juicy and
exciting details of payment gateways so the easiest way I like to navigate
Shopify is just go into the search tool bar type in payment first option right
going through settings and navigating the menu like that so the first thing
that you’ll see is Shopify payments powered by stripe that is the default
payment gateway it is a very great great payment gateway I love it because it is
the cheapest to run and also it’s the most convenient it’s this automatic
setup so basically first time you set up your payment gateway you just need a
complete account setup simply by clicking that button there and just
entering your details you need to again make sure that they’re all accurate and
that they’re all you know there’s basically providing the real details
here because it’s very hard to change after you insert your details I’ve been
there done that and you need to reach out the shop fire in order to change
your details and it can be a pain so here’s the regular question that I get
what what payment gateway should I use because there is quite a few click chain
providers here you can see here that there’s a bunch of third-party credit
card providers and I’m gonna tell you exactly when and why you should use a
different pay payment gateway first and foremost I highly recommend shop shop
light payments it is the easiest way to get the money from your customers
however here is the biggest I guess biggest reason you would need to use a
different payment provider the biggest reason is if you’re outside of the
target market that you’re looking to sell to so for example let’s just say
obviously I’m in Australia but if I’m looking to target the US for example you
do not want to be offering your products in Australian dollars it gets completely
confusing and secondly if you use a an app say for example a price converter
app if you’re setting your prices in Australian and converting over to USD
its gonna look really wacky for example a twelve dollar Australian product might
be nine dollars 53 cents in USD and look that just looks unprofessional and
that’s gonna hurt your conversion rates and your overall store look you don’t
see a sauce for example you know setting their prices at $8 55 cents or
something not very clean-looking like that so that’s one of the reasons and if
you are looking to sell to the states and your outside of the states here’s
what I would recommend okay because shop five payments will not let
you set your prices to an external currency as in if you don’t live in the
States you can’t set it to USD what you need to be doing is I recommend going to
a different payment gateway and I highly recommend stripe use it usually or a
payment gateway that’s available to you that in and again this is up to you
there’s so many there’s so many different options here but only the day
that’s what you would be doing if you want to sell
elsewhere in that specific country now shop setting up and a different payment
gateway is infinitely more tough than setting up stuff like payments you need
to be providing a bunch of documents in what they call credit points you need to
be achieving sentiment or credit points with the certain amount of documents you
need to provide for example your passports your driver’s license all that
sort of stuff and then you potentially need to head to the bank to set this all
up but at the end of the day guys it is worth it certainly PayPal guys PayPal is
extremely important PayPal’s a little bit annoying the sense that they always
take the biased side when it comes to disputes or almost always however PayPal
is very very important when it comes to again conversion rates there’s a lot of
buyers out there who will land on your site start to checkout and if they don’t
see PayPal as an option to check out with then you can kiss that potential
buyer goodbye so first things first set up PayPal and how you do that is it’s
automatically turned on always set up to PayPal Express Checkout
what you want to do is head on to the PayPal site and for some reason a lot of
people are saying that you can’t set up PayPal unless you have a business LLC
or ABN if you’re in Australia or the similar likes in Europe or UK whatever
that’s not true guys you can simply set up a personal account and that’s all you
need to start off with until you start to scale to really big amounts of money
so go ahead and sign off free personal account and once you’ve got that account
make sure that the email address is reflected in your shop light back-end so
the email account that you sign up with on personal on PayPal website itself
needs to be inputted into the backend here otherwise the worst thing that you
want happening is it going to a random email address that’s not even connected
to account and that’s lost money right there finally guys alternative payments
like I said earlier in this video you want to activate as many payment methods
as possible because it just gives the customer as many ways to purchase as
possible and less ways to bounce off your website when they’re checking out
on your website so the biggest one I would recommend simply because it is
becoming so popular is after pay after pay is simply a financial system where
they allow buyers who purchased the product and make payment in increments
usually over three to four payments so all you need to do guys is again head on
to the after pay website and sign yourself up for free and then input your
merchant ID and secret key here which you can obtain from the after pay
website itself so that’s it guys manual payments I don’t really recommend bank
deposit cash on delivery money order because it is a very unless you’re doing
a specific job shipping store for example if you’re doing high ticket
items and you’re selling yachts for example not exactly yachts but you know
what I’m talking about like products that are worth thousands of dollars many
payments can work however if you’re selling items that you’re making you
know like $20 on and you’re making a thousand sale
you can imagine that a bank deposits in cash and delivery will not work very
well it’s very easy to lose track of many orders if you’re going from manual
payments so I don’t recommend that so that is it guys make sure that you’re
setting up as many payment options as possible for your buyer and you’re going
to see the conversion rates at the end of the day I jump up because I’ve been
in a position where I had to turn up PayPal for for a few days actually while
I was working out some problems with PayPal and I did see my conversion rate
be cut in half guys in half that was really painful so as much as I’m not the
biggest fan of PayPal it is very important and after pay is my preferred
alternative payment it works very well for me too so I hope you enjoyed this
episode guys watch out for more episodes in the future there’s many more episodes
coming out and as always keep on hustling

Comments

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    Alex S

    This particular topic is uncomfortable for people in countries that aren't in the Shopify Payments system.. You have to get an alternative credit card payment provider, and for it to get approved your store has to be legal and registered for tax matters… Does anyone knows how to deal with this?

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    Elis Chokshi

    Hi Ethan, Grt informative video mate…. Quick question, so if u r in aus and want to sell globally then would your recommendation be in terms of the default currency? If it's USD do we v to follow stripe atlas procedure or we can setup our payment gateway to accept payment in USD or whatever buyer currency be and get converted into AUD when payment gateway xfers it in our account accepting the conversion charges?

  6. Post
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    Andy Panda

    #HUSTLEFAM Thanks for sharing the nuggets. I'm bilding a wealth of knowledge with them!!! 🤜🏻🤛🏻

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    Alex S.

    stripe is 2% transaction fee. So u get paid $20, you pay the fee, it gets deposited in your bank account and you pay another transaction fee WTF.

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    James Hastings- Entrepreneur

    Ethan!!! Love your videos man! I think you really care and want to help people. I have heard so many horror stories from PayPal… Why not use PayPal alternatives like Stripe, Shopify Payments, Transferwise, Google Wallet, Amazon Payments, Payoneer, Authorize, or Payline data, etc… Would Amazon Payments be an option for credibility borrowed from Amazon or would it be a bad idea using a payment option from a gigantic competitor? Because some of these YouTube videos I see when I dig into payment gateways, everyone that is a seller posts videos to not use PayPal or offer multiple payment options since PayPal is such a hindrance on cashflow? Do recommend PayPal as EVEN an option, is it worth the risk? Please advise or provide a video on payment gateways.

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    Mason Putnal

    NeedIng some Help!!! Im new to shopify and orberlo, my question is do i need to have hundreds or thousands of dollars in an account to fulfill orders before shopify releases fund's for the sold items?Thanks

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    Sami Worldturner

    Awesome bro im a sponsored thai fighter in thailand too, just starting ecommerce and shopify business. In a period taking a break from the sport. Cool channel.

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    Soufiane Azag

    🔵الان اصبح بامكانك توفير الدفع عن طريق البطاقات البنكية. مهما كانت الدولة التي تقطن بها.

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    ّ✔️ يمكن اختيار العملة التي تريد حسابك ان يدعمها "USD, EUR, GBP…"

    ✔️ ضبط اعدادات الحساب لتفاذى مشاكل استرجاع الاموال من طرف زبائنك

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    ✔️ اعفاء ضريبي 0%

    ✔️ مواكبة العملاء لحل جل المشاكل التي قد يواجهونها مستقبلا مع حساباتهم

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    🔰 قم بالحجز الأن قبل ان يرتفع الثمن 🔰

    http://bit.ly/2WLNt5O https://www.facebook.com/CompteStripeLegally/

  24. Post
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    Ka

    I can't use a personal PayPal account. PayPal says, "You need a Business account for Additional Payment
    . It's free to sign up for a Business account. Please choose an option."

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    SODAIS.12

    THANKS FOR THE VIDEO, BUT I STILL HAVE A PROBLEM
    I Can't signup For Paypal and Stripe Because I live In Turkey and They Don't Allow me To Log in. like i can't create a account. i have a credit card and that's Master card and Still they don't have that option for shopify. So what should I Do?

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    Ross Land

    A video suggestion. When starting an ecommerce what do you suggest? open an llc, operate as a private, using the personal bank account, going offshore?? i have a big headache understanding this

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    CodeCommand

    I'm fucked though, I've got loads of items, ranging from $200-$1000 but the payment from the customer doesn't arrive for like 1 week, therefore I need the money to pay the supplier, I want to use the customers money to purchase the drop shipped item.

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    Viktor Pika

    Stripe is no longer available in Australia in the drop down menu in Shopify Payment Providers. What alternative do you suggest? I'm also based in Australia, selling to the US

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    Eirik Gjulem

    Thanks for your thoughts 🙂 Does shopify has any limit of payment providers which you could have in your store?

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    Adams Knox

    trust me guys royaltyhackers,com are the best hacking team i can recommend for you, they are legit , they got me $30,000 .,, ., ., .

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    jimcomccabe3

    Shopify usually holds your payments for 120 days which is pain in the ass because you need to pay yourself all your orders for 120. Fucking insane right ?

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    So Rathavithey

    Hi, brother, I'm live in Cambodia. What is a good payment gateway for me?
    https://www.shopify.com/payment-gateways/cambodia

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    ZICHUAN ONG

    do not use paypal, they will limit your account they hate dropshippers. their threshold is usd2.5k anything more they will ask for ssn

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    Millionaire Products

    Don't use shopify payment gateway if you're selling alot shopify will definitely hold your funds for 120 day's this video BS

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