I recently had a chat with a merchant that doesn't offer PayPal, Stripe or other popular payment providers. Only cards and a country-specific provider.

They didn't want to introduce the 'cool kids' of payments because of their fees. But it made me think, is it worth having all of these?

To spare you the deliberations: you should have PayPal, Stripe, etc.

That's what your customers are used to and it's often a deal-breaker for them if you don't. 

There are many payment methods that you can use for your Shopify store. However, most customers are fully used to a few. Consider your potential customers and choose the most suitable one.

• With Shopify Payments, there are no additional transaction costs, but it's offered in only a few countries.
• Paypal has a consistent flat-rate price structure and accepts a wide variety of currencies. But customer assistance is erratic.
• Stripe employs a straightforward and easy-to-understand flat-rate pricing scheme. There will be no startup or cancellation costs. However, it is currently available in around 46 countries.

Consider your Monthly Order Volume

Your monthly order volume is another critical factor.

For new stores with low to moderate order volumes, it's vital to start with the most widely accepted payment methods to cover a broad customer base without overwhelming yourself with too many options.

As your store grows, you can consider adding more niche payment methods to cater to specific customer segments.

Analyze your Industry/Niche

Payment preferences can also vary by industry/niche. For example:

• Fashion and Apparel: Shoppers often prefer credit cards and digital wallets for online purchases.
• Electronics: Offering financing options or installment payments can be a game-changer.
• Subscription Services: Credit cards and PayPal ensure recurring payments are handled smoothly.

In Conclusion

If you're new/small, start with Shopify Payments and PayPal to cover a broad base. Monitor your sales and customer feedback to identify if there's a demand for additional payment methods.

As your business grows and you start to understand your customers' preferences better, you can gradually introduce more specialized payment options that cater to your specific audience.

Remember, the key is to make the payment process as seamless and frictionless as possible to maximize conversions and customer satisfaction.