The customers faced by Shopify independent stations are basically overseas customers, mainly North American and European customers, and some Southeast Asian customers. No matter which market you are in, you need to collect payment from customers. These payments are in foreign currency, so you need to convert the foreign currency received into our country’s currency to facilitate business turnover.
A must-have payment collection tool – PayPal
The most basic payment collection tool for cross-border e-commerce sellers is PayPal. As the most widely used payment collection tool in the world, PayPal has relied on years of hard work and good buyer experience to have more than 277 million active users, covering 202 countries and regions, and supporting up to 25 currencies. PayPal’s starting charging standard is 4.4% of the order amount + 0.3 USD; if the payment amount is large, you can get a discount of 3.4% of the order amount + 0.3 USD; the currency conversion fee is based on the wholesale exchange rate and is 2.5% higher. If you withdraw money to domestic Or a US bank card, then there is an additional charge of US$35 per transaction.
You can think of PayPal as the foreign Alipay. The difference is that PayPal uses the user’s email address as the account identifier (mobile phone number cannot be used). After its users bind their bank accounts in the background, they can easily purchase online and quickly transfer funds between PayPal accounts through this email address (transfers between Chinese users are not currently supported).
Given PayPal’s market dominance. For independent website sellers, no matter which website building method they use, whether it is Shopify, WooComere, Magento, etc., it is necessary to use PayPal to collect payment for the independent website.