A payment processor is a company that manages transactions so that shoppers can buy your product. Every e-commerce store must have a payment processor to accept payments from credit cards, debit cards, and other smart payment options.
Payment for processing fees depends on your e-commerce platform plan. For example, the online credit card payment processing fee of Shopify's basic plan is 2.9% + US $0.30 per transaction. The cost of the advanced Shopify program is 2.4%. If you are receiving payment on-site, the fee will be lower because the risk of fraud is lower.
Every Shopify program comes with a Shopify payment, which helps you start selling immediately. Once you open Shopify payments, you can accept credit cards and other popular payment methods, such as shop pay, apple pay, and Google pay.
Shop pay is provided as the checkout option so that customers can easily use the saved payment and transportation information to checkout. More than 20% of shoppers have set up shop pay.
【Source text: by report】
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