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Shopify launches payment solution in partnership with PayPal

Published July 04, 2022 - 3 mins reading time
SMALL BUSINESSES Companies

Thanks to the new payment solution launched by the e-commerce giant in partnership with PayPal, merchants will be able to manage their finances and track their orders directly from their online store interface. Shopify's aim is to extend its range of services for online sales professionals.

Making life easier for e-tailers

Shopify Payments is an all-in-one solution enabling French businesses to " sell everywhere and to everyone ". Customers can pay in the currency of their choice and select their preferred payment method, eliminating the need for businesses to use an external payment service provider.

In concrete terms, Shopify's solution is designed to simplify the lives of e-retailers, bringing them a number of advantages.

Firstly, they can close more sales more quickly thanks to the 90 currencies available and the various local payment options. What's more, merchants who offer Shop Pay to customers wishing to pay faster can significantly increase their conversion rates and reduce cart abandonment by around 30%. The integrated payment solution developed by Shopify no longer forces customers to leave the online store to pay for their purchases. As a result, the payment experience remains seamless, with no redirection to another site.

Secondly, Shopify Payments enables merchants to manage their orders, payments and refunds from a single platform that corresponds to the administrator interface of their online store. They can then view the status of their finances and track their business performance at a glance.

Finally, the other advantage offered by Shopify concerns savings on transaction fees. In fact, the e-commerce platform imposes no additional fees on Shopify Payments transactions. In a press release published on June 27, 2022, Shopify points out that third-party transactions generate fees of between 0.5% and 2%.

A partnership with PayPal

As part of this new offering, Shopify has teamed up with PayPal, which has almost 400 million customers worldwide, and will receive a share of payment commissions. The breakdown of revenues between the two groups has not been disclosed.

This agreement gives the American giant direct access to several million business customers.

" This is our strategy for establishing ourselves in the market," Caroline Thelier, Head of Southern Europe at PayPal, tells Les Echos newspaper.

Already available in 17 countries, Shopify Payment is now available in France. E-merchants can already activate this feature by going to the payment settings in their Shopify administrator interface. Once configured, they can start receiving payments immediately. Activation is quick and easy, as it comes as standard with the account.