Wednesday, May 18th, 2022

Introducing WooCommerce Payments (and Who Should Use It)

From checkout page design to digital wallet, choosing a payment structure for your eCommerce business can be challenging. The good news is that WooCommerce Payments offers a simple solution. However, you may be wondering how it works and whether it will meet the unique needs of your online store.

Luckily, with a little preparation, you can easily decide whether WooCommerce Payments is the right option for you. After exploring some of its key features and unique add-on structure, you will be able to make an informed decision.

In this post, we will learn how WooCommerce Payments works. Then we’ll review its benefits and who might consider using it. Lastly, we’ll share three easy steps to get started. Let’s dive right in!

This year, the WooCommerce plugin is celebrating its ten year anniversary. Since 2011, this highly customizable eCommerce solution has remained wildly popular for online businesses using WordPress. It also integrates well with some of the best WordPress themes for enterprises.

One of its most useful extensions is WooCommerce Payments:

This companion plugin is free and available to use with any existing WooCommerce account. With its streamlined workflow, it simplifies the payment process for you and your customers. That way, you can focus on conversions and increase your income.

What are the benefits of using WooCommerce Payments?

First and foremost, every online business is unique, and therefore has different requirements for a content management system (CMS). However, there are many advantages to using WordPress, and especially WooCommerce Payments.

Just like WordPress, WooCommerce Payments is extremely user-friendly. Plus, you can easily tailor it to meet your exact needs. Here are some of its useful features:

  • Available in 15+ countries
  • Manages payments in 135+ currencies
  • Accepts digital wallet payments like ApplePay
  • Enables automatic deposits
  • Provides safe and secure online payments
  • Integrates with WooCommerce Subscriptions

These are just a handful of the many benefits WooCommerce Payments offers to its users. As a package, these features help you sort out confusing payment processes.

With wide payment options and easy transactions, you are more likely to increase conversions and satisfy customers. It is expected that they will keep coming back to your online store.

Who Should Consider Using WooCommerce Payments?

WooCommerce Payments is a robust yet versatile payment solution for almost any small to medium-sized online business. However, there are some considerations you should be aware of before using them.

Perhaps most importantly, a key prerequisite for using WooCommerce Payments is a WordPress website and a WooCommerce account. It is only compatible with this particular CMS and plugin. So, if you already use an alternative platform like Squarespace or Wix, this may not be the solution for you.

Additionally, unlike other bundled site builder solutions, WooCommerce Payments may require you to purchase a select few add-ons to enhance its capabilities, such as WooCommerce subscriptions. While this structure will be cost-effective for most users, it may not be ideal for solo-entrepreneurs or for micro-businesses looking for an all-inclusive plan.

Lastly, you can also estimate your company’s budget along with the fees you will be responsible for. The good news is that WooCommerce Payments has no setup fees, no monthly costs, and reasonable transaction fees. The structure varies for each country, but let’s take a look at how fee payment works in the United States:

With WooCommerce Payments in the US, your business pays 2.9 percent + $0.30 for every transaction made with a credit or debit card issued domestically. For cards issued outside the country and for currency conversion, a percentage fee is added.

As you can see, there are many other payment types, so you would be wise to do your research before signing up. You may want to see a full list of transaction fees by country, especially if your business is located outside the US.

How Can You Use WooCommerce Payments? (3 steps to get started)

If you are already running a WordPress site, chances are that WooCommerce Payments will be a great solution for your online business. Let’s see how you can get started in three easy steps!

1. Install and Activate WooCommerce Payments

As we mentioned earlier, before you can proceed, you’ll need to download and install the WooCommerce plugin (if you haven’t already). Once this is fixed, also install the WooCommerce Payments plugin:

Simply access your WordPress Dashboard, then go to plug-in , add plugins search more WooCommerce Payments, click on Install now and then Active on the same screen.

2. Connect Your WordPress Site to WooCommerce Payments

Connecting your WordPress site with WooCommerce Payments is easy. now you should see one Payment Tab in the left-hand menu. click on Payment, On the following screen, select Set-up,

Then enter the email address associated with your WordPress site and click to continue,

Your eCommerce website should now be connected to WooCommerce Payments.

3. Verify Your Details

Finally, you’ll be asked to enter some basic business details to verify your site’s connection to WooCommerce Payments. Just fill the following form, enter your information for this type of entity, mobile numberAnd E-mail, then click on next,

After completing this process, you will be taken to the WooCommerce Payments settings screen. If you want to start receiving payments right away, you’ll also want to Enable WooCommerce Payments Here by selecting the box.

Additionally, you may want enable express checkout while you’re at it. be sure to click on save Changes, and that is all!

Conclusion

We know that setting up a consolidated and comprehensive payment structure for your online business can seem overwhelming. With so many payment tools available, it can seem impossible to narrow it down.

Fortunately, WooCommerce Payments can serve as a great solution for many businesses. If you decide to go this route, remember these three simple steps:

  1. Install and activate WooCommerce Payments.
  2. Connect to your WordPress site.
  3. Verify your details.

Do you have questions about using WooCommerce Payments for your online store? Let us know in the comments section below!