WooCommerce – How to Choose the Right Payment Method

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Choosing the right payment method is a very important aspect when you set up an online store using WooCommerce. The available options are quite large when you browse through the WooCommerce marketplace. The trick lies in deciding on the best possible option for your store, considering a lot of factors including the customer location and currency. When you are just setting up the store, the default options might be sufficient to handle your transactions. But as your sale numbers increase, you would really want a lot more features to ensure seamless, secure transactions. Here are some aspects to consider while trying to decide on the right payment gateway for your WooCommerce store.

Choosing a WooCommerce payment method – some aspects to know

It’s better-set things right at the start itself regarding the choice of, payment gateway companies.

Create an account

You need to create an account with the payment gateway company to activate that service on your store. Stripe allows you to test their payment gateway on your store before creating an account.

Read the terms and conditions

Payment gateway companies have their own fees, and terms & conditions for transactions. Although you have linked the payment gateway through WooCommerce, the later payment related interactions are through a direct channel between the store owner and the payment gateway company.

Decide on your account type

Based on your account and subscription type with the payment gateway company, the options available to you will differ. You need to carefully evaluate the available options and your business requirements before setting up an account with the payment gateway company. Popular payment companies, such as PayPal, provide additional options like merchant services and multi-user access on their ‘Premier’ and ‘Business’ accounts.

Setting up your WooCommerce payment method – few things to consider

While setting up your payment gateway, consider a few of the below-mentioned suggestions.

PCI Compliance

Security features need to be flawless when you are running an online store. If you are directly accepting the payments on your store, you need an SSL certificate for PCI Compliance. You can avoid this by setting up a redirect channel, where your customer is redirected to the payment gateway site to process the payment and then led back to your store to complete the checkout process. This is generally preferred by a lot of store owners as it relieves them from the PCI compliance headache.

Currency support

Having support for your currency is an important factor in a WooCommerce setup, as WooCommerce allows only one base currency at a time. You can customize to create your own currency set up, if your currency is not listed in the currency drop-down. Another workaround in such a situation would be to install a plugin that would help you set up a custom currency. Premium plugins are available to change the currency on the shop display page without changing the base currency.

Recurring payments for subscription products

If you are selling products that are subscribed by customers and need periodic renewal you have to define how it works – automatic or manual. Read the Subscription Renewal Process article in WooCommerce Docs to understand more.

Payment Gateway methods to consider after setting up the store

After you complete setting up your store, there are diverse options to consider. Relative to the rise of your business needs, you can progress to get to the best payment gateway. The below series of steps might help you with it.

Start with default WooCommerce payment methods

Core WooCommerce install will give you three offline payment gateway options – BACS, Check Payments, Cash on Delivery, along with PayPal Standard. You will also be able to download two free extensions – PayPal Powered by Braintree and Stripe. The trouble with offline options is that you will have to manually manage the orders. Online options offers you the convenience of real time management of orders. PayPal Standard is known all around the world and is a safe and simple option to setup at the early stages of your store. Your customers can pay using their PayPal accounts or by credit card.

Try free WooCommerce free payment method extensions as you progress

WooCommerce offers two free extensions that are widely preferred by store owners – PayPal Powered by Braintree and Stripe. These are secure and seamless and will definitely contribute to the efficiency of your store. Read our tutorials for PayPal Powered by Braintree and Stripe for further information.

Get premium payment method extensions for added functionalities

Premium Extensions offer versatile features to enable your WooCommerce site to function in a compelling way. The primary advantage of premium extensions is that you can incorporate the advanced security features of payment service providers on your store in a simple and straightforward process. You can ensure that your customers’ data is protected without investing too much time, effort and money.

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