Shop Pay
 | |
| Type of business | Payment processing |
|---|---|
| Founded | 2017 |
| Headquarters | Ottawa, Ontario, Canada |
| Parent | Shopify |
| Commercial | Yes |
| Registration | Free |
| Current status | Active |
Shop Pay (formerly Shopify Pay) is a checkout and payment method developed by Shopify. Users add shipping and billing information to a Shop account, which enables one-click checkout on online stores that offer Shop Pay.
In 2024, Shopify reported that Shop Pay had over 150 million users worldwide.[1]
Service
[edit]To use Shop Pay, customers add their contact, shipping, and billing information during their first check out at an online store that offers Shop Pay.
For future checkouts on participating stores, customers can authorize purchases with Shop Pay via a six-digit code sent by text or email. Once the code is entered at checkout, the order is processed.[1] Customers’ payment information is encrypted and stored on PCI-compliant servers, then shared with businesses after an order is placed.
Shop Pay users must have a Visa, Visa Debit, Mastercard, American Express, or other card supported by the online store from which they're purchasing.[2] The list of supported payment methods is typically available on the payment screen at checkout. Customers must activate their card before using Shop Pay, and billing information must match the information on file with their bank.
Shop Pay relies on a payments processing service, such as Shopify Payments (the default option) or another payment provider, to process transactions.[3] Businesses on other platforms, such as Facebook Marketplace, can also offer it as a payment method.[4]
History
[edit]In April 2017, Shopify announced the checkout feature called Shopify Pay.[5] Later that same year, the company announced a new package tracking app, Arrive, which tracked customer orders from brands on the platform and other online shopping sources.[6]
Early in 2020, a rebranded Shop Pay button appeared on participating checkouts; later that spring, Arrive was rebranded as Shop.[7][8]
In 2024, Shop Pay expanded to other commerce platforms and no longer required businesses to be on Shopify to use it.[9]
Related products
[edit]Shop Pay Installments
[edit]Shop Pay Installments is a buy now, pay later solution for Shop Pay. The service is offered in partnership with Affirm Holdings, Inc.[10]
Shop Cash
[edit]Shop Cash is Shop's rewards program, which gives customers who check out using Shop Pay 1% back. Shop Cash can be spent only on the Shop app or website.[11]
Availability
[edit]Shop Pay is available in Australia, Austria, Belgium, Canada, Denmark, the Czech Republic, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.[12]
Shop Pay Installments is available only in the United States. Shop Cash is available only in the United States and Canada.
See also
[edit]References
[edit]- ^ a b "How Shopify and Shop Pay Make Money". investopedia.com. Retrieved 2024-11-25.
- ^ "Shopify's Shop Pay: What it is and How it Works". HackerNoon. Retrieved 2024-11-25.
- ^ "Shopify Payments Review 2024: Features, Pros & Cons – Forbes Advisor". forbes.com. Retrieved 2024-11-25.
- ^ "www.facebook.com/help/273593321031874". facebook.com. Retrieved 2024-11-25.[self-published]
- ^ "Shopify Pay aims to complete the picture for online checkout". TechCrunch. 20 April 2017. Retrieved 2024-11-25.
- ^ "Shopify's new Arrive app is your package tracking pal". TechCrunch. 29 November 2017. Retrieved 2024-11-25.
- ^ "Shopify Pay gets a new name, logo". mixdexhq.com. 15 February 2020. Retrieved 2024-11-25.
- ^ "Shopify launches Shop, a new mobile app". TechCrunch. 28 April 2020. Retrieved 2024-11-25.
- ^ "Shopify expands its payment option, Shop Pay, to its merchants on Facebook and Instagram". TechCrunch. 9 February 2021. Retrieved 2024-11-25.
- ^ "Shopify, Affirm open access to buy now, pay later service for US merchants". BetaKit. 11 June 2021. Retrieved 2024-11-25.
- ^ "Shopify's Shop app introduces a new 'Shop Cash' rewards program". TechCrunch. 2 June 2023. Retrieved 2024-11-25.
- ^ "help.shopify.com/en/manual/payments/shopify-payments/supported-countries". help.shopify.com. Retrieved 2024-11-25.
