Over 70% of carts are abandoned. Yikes! A bad checkout experience can make or break a site. That’s why customers look for the best checkouts and merchants want to use them. Enter Shop Pay. Your friends at Fyresite break down the benefits of Shop Pay – both for customers and merchants.
What is Shop Pay
Shop Pay is a one-tap express checkout. Customers can create an account that they can log into to use with any store that has Shop Pay. Merchants can follow these instructions to set up Shop Pay for their store.
Who Can Use Shop Pay
As a customer, anyone who makes an account with Shop Pay (which can be done at checkout of stores that use it) can use Shop Pay. To make an account, you need an email address and a password.
If you’re a merchant, you have to be on Shopify to use Shop Pay as it’s a Shopify exclusive. Shop Pay can be used by merchants regardless if they use Shopify Payments or a third party payment processor.
Why is Shop Pay Helpful?
Customers find Shop Pay helpful because of the ease, convenience, rewards, and their buy now and pay later program. With one login, a customer can easily access their account and checkout with many different Shopify stores, earning reward points with every checkout. With their own reward point system, customers earn rewards separately from a store’s loyalty program, allowing customers to get awards across multiple stores. For customers over 18 that qualify, there’s also the option to buy the product(s) now and pay in installments.
Merchants benefit from Shop Pay due to higher conversion rates. In fact, Shop Pay can increase conversion rates by 50% over guest checkout. This is great anytime of year, but even better during high sales times such as the winter holidays. On top of that, since Shop Pay offers many helpful features for customers, they’re more likely to use it and buy from a store that uses it.
Are There Limitations to Shop Pay?
Shop Pay installments are only available for balances between $50 USD to $17,500 USD. This includes the total after discounts, shipping, and taxes.
Shop Pay Fraud Protection
Whether you’re spending or earning money, fraud protection is important. Don’t despair; Shop Pay has options that help both merchants and customers.
Shopify Protect offers a merchant chargeback protection. Exclusively for Shop Pay, it is currently only available to US-based merchants and only works with physical products. For Shopify Protect to be valid on an order, the order must be fulfilled within 7 days of purchase and in possession of the carrier within 10 days of purchase. If there is a chargeback on an order that is protected with Shopify Protect, they will address fraudulent and unrecognized chargebacks.
Want to learn more about how to protect your store with Shopify Protect? Read our blog here.
Shop Pay has customer support available. If a customer suspects fraudulent activity with their card, they can contact Shop Pay Help and find answers and/or contact a live representative.
If you’re a merchant that wants to include a great accelerated checkout option, Shop Pay is for you. Shop Pay only works with Shopify. If you want to go onto Shopify and use Shop Pay today, reach out to Fyresite or use our affiliate link!