Integrate Paystack Checkout in Shopify to Sell Subscriptions
Despite having more than half the share of the payments market for Shopify in the world, Shopify Pay does not operate in Africa to accommodate the needs of Shopify store owners in that country. (Check out this list of countries where Shopify Pay does work.) This is why it is important to fill this gap by learning to integrate Paystack checkout in Shopify to optimize your store’s payment processing particularly when it comes to subscriptions.
What is Paystack?
Paystack is arguably the best payment gateway in Nigeria for Shopify store owners. Paystack was founded by Nigerians (and later acquired by Stripe), which is why it is so adept at understanding the local issues in Nigeria. (More on that later)
Now, let us cover the three most important reasons that make Paystack a stellar option for all Shopify store owners in Nigeria:
1. Easy to Use + Multiple Payment Options
Payment options are rapidly expanding in Nigeria owing to its booming economy. Keeping in line with this, Paystack too offers a lot of payment options to best facilitate you and your buyers. Not only that, its easy to use interface ensures that it is a walk in the park for your customers to choose between a variety of payment options.
See the following image for a better look at how easy it is to set up payment options when trying to integrate Paystack in Shopify store:
2. Made for Nigerians by Nigerians
A big help that Paystack offers to all Shopify store owners in Nigeria is that it supports the Nigerian Naira (the country’s local currency). This makes processing payments by Nigerian customers super easy as most people, especially in lower income countries, usually do not have the ability to make payments in more well-known foreign currencies like USD or Euro.
Paystack is even cognizant of the Nigerian marketplace since it is itself a child of this market. This is evidenced by its robust customer care services that have routinely earned it favorable reviews by Nigerian businesses and up and coming entrepreneurs.
3. An Established & Trusted Name in the Market
All in all, and especially due to the above-stated two factors, Paystack is an established name in Nigeria that is already being used by a lot of Shopify store owners to process their payments. Unless you are really pressed for cash and want a cheaper alternative that may be riskier, it is always safer to bet on something that is time-tested like Paystack. This becomes especially important in the case of payment gateways as they must efficiently and securely process your payments to prevent any instances of fraud.
Furthermore, with Stripe’s security architecture, you can be sure to have industry leading encryption and tokenization.
You have done your part.
Let SubscriptionFlow take it from here!
subscription management software.
Also Read: Make The Most of Your Tech Stack by Paystack SubscriptionFlow Integration
Understand the local and international fees of Paystack Checkout before you integrate Paystack Checkout in Shopify
Buckle up, because things are about to get technical.
First things first: Paystack does not include any hidden charges or any additional cost of setting up your account after configuration. Furthermore, depending on whether your volume of payments qualifies for it, Paystack even offers volume-based discounts.
Fees for local transactions
When it comes to all local transactions (i.e. transactions within Nigeria), Paystack only charges a small fee of 1.5%. This is in addition to Paystack’s deduction of 100 Nigerian Naira for each transaction. It is important to note that this fee is forfeited for transactions below 2500 Naira ($1.69 USD).
This fee keeps increasing till it is finally stopped at 2000 Naira, after which Paystack will process all payments without any additional fee deduction.
Fee for international transactions
When it comes to all local transactions (i.e. transactions in which the store is within Nigeria but the buyer is outside of it), Paystack will charge 3.9% in addition to the usual 100 Naira. Furthermore, to accommodate those international clients who wish to have their total costs transparently written in USD or whatever their currency of payment may be, Paystack also offers auto-conversion between Naira and various supported currencies. This ensures that say, your customer sitting in Cleveland, Ohio, sees the fee for the products on your Shopify store in USD and not in Naira. Many technophobic customers hesitate before doing a five-second Google search to convert the price from one currency to another, so this feature is included to facilitate them.
How will the integration of SubscriptionFlow with Paystack help a Nigerian Shopify store owner?
SubscriptionFlow is a robust subscription-management software that can set up and consequently manage your store’s subscriptions for you. Read ahead to see how integrating it with Paystack can boost your Shopify store:
1. Management of Recurring Payments
Recurring payments are all the rage today because they are a sure-shot way of ensuring that your Shopify store keeps generating income. This helps you maintain a bottom line that you can leverage to expand your store in the future. You can set up recurring payments for all your different products and, with SubscriptionFlow, you even have the choice of customizing shipping labels to reflect the aesthetics of your store.
2. Retention of Customers
As a data-driven subscription-management software, SubscriptionFlow offers key insights to its users about their buyers to ensure that you always remain one step ahead of them. These insights can come by way of shopping patterns to help you discern which of your customers may be at risk of churning away. Doing this will help you retain customers. (Remember, it is almost five times cheaper to retain an existing customer than to get a new one!)
3. Increased Customer Lifetime Value
Customer lifetime value is defined by the amount of money a customer spends on your product(s) over the course of the time they make transactions with you. For Shopify stores that sell a lot of subscription-based products, you can reward your paying customers with tailored messages and holiday discounts to help improve their customer lifetime value. A happy customer is more likely to meet recurring payments than an unhappy one!
Also Read: Shopify-Paystack—An Ultimate Business Solution for eCommerce Businesses
Bottom line
You need to integrate Paystack checkout in Shopify as it is arguably the best Shopify payment gateway for Nigeria. With an additional integration of SubscriptionFlow, you will be optimizing the payment processing and subscription management of your store to fully utilize its economic potential.
Book a demo with SubscriptionFlow now to improve your Shopify journey!
