Photo by Andrea Piacquadio from Pexels:
Every year, billions of store transactions are processed around the world. eCommerce businesses must continue exploring the best secure and flexible payment gateway available.
According to Statista, digital and mobile wallets accounted for roughly 45 percent of global e-commerce payment transactions in 2020. This record made the use of digital wallets the most popular online payment method globally. This proportion is expected to exceed 50% by 2024. Credit cards came in second place with a 23 percent market share in 2020, a figure that is expected to fall in the coming years.
Share of selected payment methods as percentage of total e-commerce transaction volume worldwide in 2020, with a forecast for 2024 from statista.com
With these massive metrics and projections for e-retailers, a trustworthy payment solution is required. This ensures WooCommerce store owners can capitalize on the marketshare.
There are numerous payment processing plugins available in the market to assist you in collecting payments from your customers. However, the fees charged by these payment gateways per transaction are frequently the reason you need to look for an alternative.
It’s rare to find a dependable payment processing system with no setup fees, no monthly fees, and a reasonable fee per transaction. However, store owners can now say goodbye to these exorbitant charges on product sales thanks to WooCommerce Payments.
What is WooCommerce Payments?
WooCommerce Payments
WooCommerce Payments is a payment processor developed by WooCommerce for eCommerce websites. It is built for the WooCommerce plugin for WordPress.
It is a plugin that allows you to collect payments, track cash flow, and manage recurring revenue directly. You can do all this from your store’s dashboard without any setup or monthly fees.
Additionally, it is the only Woo-integrated payment solution that accepts credit/debit cards and local payment options with no setup or monthly fees.
WooCommerce Payments is a fully-integrated solution that allows you to monitor transactions, handle disputes, track deposits, and track recurring revenue; all from within your store, freeing up your time to focus on growing your business.
What’s the best part about this new plugin? It helps you manage your transactions effectively. You will no longer need to leave your dashboard and go to a third-party payment processor like Stripe or PayPal. You can also handle refunds and disputes all from it’s dashboard.
Customers don’t have to leave your site or create an account with PayPal or Square to purchase with WooCommerce Payments. They can enter their payment information directly into your online store.
This means this payment plugin not only benefit merchants but also improves the customer checkout experience without having to switch screens to complete a transaction.
Such quicker checkout process can also reduce cart abandonment rates. In general, the simpler the checkout process, the higher the sales.
Now that we know what the WooCommerce Payment plugin is, let’s understand who is it for? It is currently available to users in 18 countries. Details are in the image below:
WooCommerce Payments Available Countries
Who is WooCommerce Payment For?
Image by StockSnap from Pixabay
The WooCommerce payment plugin is for those who want a native checkout experience on their WooStores and accelerate their business.
Whether you’re selling memberships, accepting installments, or making it simpler for customers to reorder their favorite products, it’s integrated dashboard makes managing subscription payments a breeze.
The WooCommerce payment is for those who want to do the following:
- Access their earnings fast: WooCommerce Payments automatically deposits your available balance into your nominated account daily, on a two-day rolling basis. Additionally, eligible merchants can get immediate access to their funds with Instant Deposits. This comes at a cost of just 1.5% of the payout amount (the U.S. only). See the FAQs about deposits.
- Earn recurring revenue: With free access to the features you need to sell subscriptions online, WooCommerce Payments includes built-in subscription functionality (in the U.S. only). Combining a well developed store with this plugin can bring serious power, flexibility, and growth for a store owner.
- Optimize their store: It helps you streamline your checkout experience by allowing your customers to pay directly in your store with their preferred currency. You can accept payments in 135+ different currencies. Additionally, you can let shoppers save their credit card information for quicker checkouts.
Check out our WooCommerce Development Services for payment integrations and all matters of WooCommerce.
What WooCommerce Payment will Do for You?
Image by Steve Buissinne from Pixabay
WooCommerce payments have got lots of benefits. It makes payments very simple, with no monthly fees, and is exclusively designed for WooCommerce stores.
It securely accepts major credit and debit cards and allows customers to pay you directly without leaving your store. You can view and manage all your transactions from one convenient place (your WordPress dashboard).
You can easily see payments, track cash flow into your bank account and manage refunds. You can also stay on top of disputes without the hassle of having to log into a separate payment processor.
- Manage transactions from the comfort of your store: These features were only available on your payment provider’s website, but now they are part of your store’s integrated payments dashboard. This enables you to:
- View the details of payments, refunds, and other transactions.
- View and respond to disputes and chargebacks.
- Track deposits into your bank account or debit card.
- You can pay as you go: WooCommerce Payments is free to install, with no setup charges or monthly fees. Pay-as-you-go fees start at 2.9% + $0.30 per transaction for U.S.-issued cards.
- Team Support: Just getting started with your store set up? You can get in touch with WisdmLabs. They are a platinum certified WooCommerce Expert to support you as you get started. Our team of experts are available to answer the questions you may have about WooCommerce Payments installation, setup, or use.
How much does WooCommerce Payment Cost?
Photo by Khwanchai Phanthong from Pexels:
Let’s explore how WooCommerce Payments’ fees compare with some popular competitors. The following transaction fees are collected by WooCommerce Payments:
- Domestic credit cards or debit cards: 2.9% plus 30 cents per transaction.
- International credit cards or debit cards: 2.9% plus 30 cents, plus an extra 1% fee on top of that.
- Disputes: $15 per lost dispute.
Stripe Fees
Stripe collects the following transaction fees for annual transactions of $1 million or less:
- Domestic credit cards or debit cards: 2.9% plus 30 cents per transaction.
- International credit cards or debit cards: 2.9% plus 30 cents, plus an extra 1% fee on top of that. if a currency conversion is needed.
- Disputes: $15 per lost dispute.
PayPal Powered by Braintree Fees
PayPal Powered by Braintree doesn’t charge WooCommerce users fees until they reach $50,000 in transactions. Following that, Braintree charges the fees below:
- Domestic credit cards or debit cards: 2.9% plus 30 cents per transaction
- International credit cards or debit cards: 2.9% plus 30 cents, plus an extra 1% fee on top of that if a currency conversion is needed
- Disputes: $15 per lost dispute
The bottom line: WooCommerce Payments fees are comparable to those charged by competitors.
The Pros and Cons of using WooCommerce Payment
Photo by mentatdgt from Pexels
Pros
- Manage Transactions from the comfort of your store and on one dashboard.
- Benefit from simplified payment management without having to log into a separate payment processor.
- It is native to the WooCommerce and WordPress ecosystem.
- WooCommerce Billing On your website, it accepts and processes credit cards.
- Keep track of payments, refunds, disputes, and deposits.
- Accept major credit and debit cards securely and increase conversion by allowing customers to pay you without leaving your store.
WooCommerce Payments handles all of this.
Cons
- It can only be used within the WooCommerce and WordPress ecosystem.
- There are no provisions yet for importing historical data.
- Some businesses will most likely have to wait until advanced features are added.
- It is not available in all countries yet, unlike PayPal.
How to Install WooCommerce Payments
For a user who already has a WordPress site, WooCommerce Payments will most likely be a great solution for their online business. Now let us take a look at how you can get started in three easy steps:
1. Install and Activate WooCommerce Payments.
Download the WooCommerce Payments FREE Version now.
After that, install the WooCommerce Payments plugin as well:
- Simply access your WordPress dashboard.
- Go to Plugins > Add Plugins
- Search for WooCommerce Payments or select the downloaded zipped file from your computer.
- Click on Install Now and then Activate on the same screen.
2. Integrate Your WordPress Website with WooCommerce Payments
It is simple to connect your WordPress site to WooCommerce Payments. In the left-hand menu, you should now see a Payments tab. Click on Payments. On the following screen, select Set up:
Next, type in the email address associated with your WordPress site and press the Continue button:
WooCommerce Payments should now be connected to your eCommerce website.
3. Verify Your Details
Finally, you’ll be prompted to enter some basic business details to verify your site’s connection to WooCommerce Payments. Simply fill in the following form as seen in the image and click on Next:
After you finish this step, you’ll be taken to the WooCommerce Payments settings page. To start receiving payments right away, Enable WooCommerce Payments on the dashboard.
Conclusion
With this comprehensive piece, we hope you have enough information about the WooCommerce Payments plugin to take a call on how to proceed. We can assure this plugin can provide the smoothest checkout experience on a WooCommerce store.
Are you ready to check out this new exciting plugin in your store? Download the FREE version here.
If you want professional help in integrating this plugin payment gateway into your store, Contact us today.
Till next time, enjoy!
Please note, some of the links in this blog post might be affiliate links. This means if you go on to purchase a product using such a link, we receive a small commission (at no additional cost to you). This helps us support the blog and produce free content. We only recommend products we work with or love. Thank you for your support!
Leave a Reply