Getting your first sale is a huge milestone and I'm excited for you to experience it on Shopify. In order to receive payment, you need to set up your payment processing with a payment provider. What is a payment provider? A payment provider is a highly secured system that allows customers to buy from you using a payment method of their choice. Let's set up payments together. From the admin, choose "Settings," then choose "Payment providers." When a customer checks out, they can choose to pay for their order using any of the methods that you've enabled in your Shopify admin.
You can enable a variety of payment methods using Shopify. If you're eligible for Shopify Payments, you'll see it already set by default in your admin. Shopify Payments is Shopify's payment system. You can see the eligibility requirements in the resource section. If it's not available in your country yet, our team is actively working on getting you the best payment options for your region. Shopify Payments is the simplest way to accept payments online.
It eliminates the hassle of setting up third-party payment providers and it accelerates checkout for returning customers. Shopify Payments also isn't exclusive, meaning you can use other payment providers, like PayPal, at the same time. This gives your customers more options on how they'd like to pay for their purchase and it increases the likelihood that they'll buy. When a customer can pay using a method they're familiar with, it helps build trust and increases conversions.
Let's complete Shopify Payments setup together. Click on "Complete account setup." Add in your business details. Add in your personal details. Share a brief description of your product or service. For the customer billing description, you can change how your customer's purchase will show up on their credit card statement. Be sure that the description clearly displays your brand, so the customer recognizes the purchase if they review their payments.
Add in your banking information. Ideally, you have a bank account for your business, so you can keep your business separate from your personal banking, which will make it easier to manage your business finances. If that's not available yet, put in your personal details and you can change it later. This is how you'll receive payouts when a customer purchases from your store. Once you've read the terms and conditions, click "Save." Another benefit of Shopify Payments is that you can sell in multiple currencies.
I'll show you how to set this up. Click on "Manage." Firstly, you can see your payment options and select which options you want for your customers. Keep these all enabled so that customers have as many options as possible. Now, let's add currencies. Customers like to shop in their own currency. It gives them confidence to know exactly how much they'll be charged.
With Shopify Payments, you have the ability to accept payments in multiple currencies. When you add a currency, your prices are automatically converted based on the foreign exchange rate and our rounding rules. You can learn more about this in the resource section below. It's recommended that you only choose currencies from countries you're going to ship to. Now, to payout details. You can choose how you want the payout from your sale to show up on your bank statement.
It can be something generic like "Shopify," or, if you have more than one business income, you can specify with more detail. You can also choose your payout schedule. You may want to keep notifications checked, so you'll be informed when you receive a payment. Another benefit of Shopify Payments is advanced fraud protection. Shopify Payments conducts enhanced fraud analysis checks to let you know if an order is potentially fraudulent.
Shopify Payments has two fraud filters you can choose to enable, address verification systems, AVS, and card verification value, CVV. When online fraud does happen, it shouldn't stop you from building your business. Shopify is one of the safest places to start an e-commerce business. Not only do we offer these manual fraud prevention tools, but we also have machine learning algorithms that study payments and flag any questionable activity so you can investigate further.
And finally, you can choose to enable test mode to test out the experience of checking out. We're not going to do this yet, though we'll do this later in the course. Now, let's head back to payment providers. PayPal is one of Shopify's default payment providers because it's secure, widely used and trusted. As soon as you open your store, depending on your location, you'll be given a PayPal Express checkout account with the email you used to sign up for your Shopify store.
This is based on country, not currency. After you make your first sale with PayPal, you'll receive an email to set up your PayPal business account. If you activate Shopify Payments as your primary payment provider, you will not be charged any additional transaction fees for transactions processed with PayPal. You'll also notice you can deactivate PayPal if you prefer to keep your customers to one main payment option.
If you're not using Shopify Payments and want to accept credit cards, you can choose from over 100 credit card payment providers for your Shopify store. Note that with third-party providers, other transaction fees may apply. So when you integrate a new payment provider, make sure you understand all of the fees associated. While credit cards are a popular form of payment, in some parts of the world, not every customer is going to use one.
In order to help them place an order without a credit card, you can enable manual payment methods. After you receive payment, you can manually approve the order. Common types of manual payments include cash on delivery, money orders and bank transfers. If you're using Shopify Payments or another payment processor, by default, the credit card processing happens automatically. However, you can also choose to capture the credit card information and charge it later.
You have now completed payment setup and you're ready to receive payments from customers. It's important not to let your payment strategy slow you down. Even if you haven't enabled your chosen payment strategy, Shopify will still accept orders on your behalf. It's our goal to make sure you're not missing out on any sales.
