One of the most important factors in the success of your online store is the payment system you use. Not sure which one to choose? We’ll help you choose the right one for your needs.

Usability

How easy is it to use? How intuitive is the UI? Those are some of the questions you need to ask yourself before making a decision. The easy answer is that it depends on what you’re looking for. You can’t really generalize and say that PayPal is easy to use and intuitive while Amex is difficult and clunky. Each one has its perks and its shortcomings. PayPal is fairly intuitive and simple but if you need high monthly fees you’re better off with Amex.

Another important point to make is that no matter what payment system you choose you will eventually end up handling financial transactions. It’s just a matter of time before you have to make a purchase to make a purchase. So, for the sake of convenience, choose the one that you feel more comfortable with. If you haven’t used before, PayPal is extremely safe and secure to use and has a fairly clean UX. On the other hand, Amex has been around for ages and is well-known for its trusted brand. If you’re new to handling transactions online then go with PayPal.

Features

What features does it offer? Does it have a shopping cart? What are the withdrawal limits? What are some of the extra benefits that make it stand out? These are all important things to consider before making a decision. The more features a payment system has the more you’ll need to look out for. It’s always a good idea to choose a standard that can be used for multiple platforms.

It’s no secret that Shopify’s premium plan comes with a free shopping cart, a built-in affiliate program, and free backups. All of these things make them the go-to platform for online stores. Additionally, they support all the major payment systems so you don’t have to worry about being locked into one particular platform.

If you need a simple and free solution then Stripe is a great choice as well. You can easily setup your business credit card to work with Stripe and they even have a handy Chrome extension you can use to make purchases easily from anywhere.

It’s important to consider whether or not you’ll need additional features. If you’re set on using PayPal then be mindful of how much you’ll need to spend on it. With Stripe you can achieve the same goal with no additional fees. The downside is that if you don’t plan on using a shopping cart you’ll have to look for another solution.

Scalability

How much traffic can it handle? How much growth can you expect? Those are some of the questions you need to ask yourself before making a decision. The good news is that you can use tools like Google Analytics to easily find the answers to these questions. The higher the number the better. It’s always better to go for a system that can handle a high traffic rate rather than paying for a service that can only handle a certain amount of visitors.

There are a few things to consider though. You don’t want to choose a payment system that charges you every month just to use it. Chances are you’ll end up going over the limit and having to pay extra. So, it’s important to research the rates before you make a decision.

Shopify’s standard plan costs $5 per month and the price goes up depending on the amount of transactions you have. For example, their premium plan costs $15 per month and offers all the same features as their standard plan plus additional perks like free domain privacy and the ability to make anonymous purchases.

You could also try implementing Stripe’s invoicing features to automatically create invoices from your customers and then simply pay them via Stripe.

Cost

How much does it cost to use? How much are you expected to pay? Those are some of the questions you need to ask yourself before making a decision. The good news is that you don’t need to break the bank to start an online store. In fact, you can use tools like Shopify’s Starter Plan to launch a small online store with all the essential features for free.

Shopify’s Starter Plan costs $0 per month and gives you access to all the features mentioned above. Additionally, you can use their affiliate program to promote products you’re selling and make money passively from home. All you need is a computer, an internet connection, and a smartphone to get started.

You don’t need to break the bank to start an online store. In fact, you can use tools like Shopify’s to launch a small online store with all the essential features for free.

Sustainability

Does it have an eco-friendly approach to online payments? Is there a way to give back to the environment? Those are some of the questions you need to ask yourself before making a decision. The good news is that there are services like Stripe’s Eco Mode that can be enabled when you create a new account. When activated, this mode makes all the transactions on your behalf more sustainable.

Stripe’s Eco Mode gives you the choice of either paying with a credit card or paying with a phone number. When you pay with a credit card your purchases are charged to the card and a 3% fee is taken out. When you pay with a phone number all the charges are done manually through a call to a 3% fee-free phone number. Additionally, all the fees made through Eco Mode go to projects that benefit environmental causes. So, by making fewer purchases you’re actually helping to sustain the environment.

It’s important to choose a payment system that has an eco-friendly approach to payments as much as possible. Going green is one of the major pillars of sustainability. So, if you’re serious about sustainability you don’t need to limit yourself to just one option.

Now that you have a better understanding of what to look for in a payment system you should be able to choose the right one for your needs. Not sure which one to choose? We’ll tell you which one to choose in the next section.