How to choose and configure Magento 2 payment methods

Your payment gateway processes and transfers money from your customer’s account to your account. It’s a crucial part of any Magento stores. As an open-source eCommerce platform, Magento fully supports resourceful payment methods. You can offer your customers different types of payment flexibly: either payment through the bank, the cash collecting agencies, PayPal, Amazon or Google, nation-wide or overseas. Some specific types of payment to list out:

Magento Payment Methods

Magento 2 comes with different types of payment methods. To check them out, you need log into your Magento 2 Admin Panel. Move to STORES > Configuration > Sales > Payment Methods > OTHER PAYMENT METHODS.

Magento offers the following basic payment methods:

  • Check/money order
  • Bank Transfer
  • Cash on delivery
  • Purchase Order
  • Zero Subtotal Checkout

When it comes to managing online stores, there are many things to consider: from determining your target audience to setting up your products and starting to sell. Most importantly, you have to establish a trustworthy relationship with your customers. And the only way to do that is by ensuring safe payment methods. So how to choose some great payment method for your eCommerce website? This article can help you decide which one is most suitable for your needs, by providing you with notes on how to make the selection.

How to choose Magento payment methods for your Magento eCommerce site

1. Consider how many payment methods you choose for your business

The most popular payment methods worldwide in recent years are credit cards, e-payment services (PayPal and others), debit cards, and direct bank transfers. In Vietnam, it’s mostly open account, letter of credit, cash in advance, documentary collections, at least as far as the interface is concerned. However, if you plan on expanding your international presence, your store might need to accommodate more payment methods in order to increase the conversion rates and boost sales universally. In short, the scale of your business and the popularity of payment methods can affect your number of payment methods you choose. Choosing wisely will definitely have a positive impact on your business.

2. Relate to Magento store edition of your eCommerce website

The edition/type of your Magento store is one of the things that affect your payment methods choice. Magento Commerce and Magento Open Source offer different functionality and features. The Commerce platform is a premium product that requires more investment at the start, but with much more features than the Open Source platform. However, by having less features helps the Open Source platform become a costless type for you to choose. You need to consider the purpose of your eCommerce website in order to choose an appropriate Magento store edition, because this will affect your payment methods a lot in the future.

3. Consider having a secured transaction interface

The problem of cyber-criminal in this decade is becoming one of the major issues for online users. Customers now want to feel safer so you need to be careful about the payment form and the included security steps. In other words, as a smart and quick-witted store owner, you need to protect your Magento eCommerce store from frauds (both criminal fraud and illegal chargebacks) during the checkout process. According to some professional surveys, 37% say they have abandoned an online purchase because they did not feel their payment would be secure. This is where you need some safe and easy secure payment methods that will protect your customers from fraud as well as your business from losing money. The payment methods should be immune against all payment frauds.

4. Check the processing payment fees

Check the processing payment fees that your chosen payment methods can cost as a form of payment is a key step for your Magento website to grow. After all, you likely pay for most of your own expenses with your payment fees, and you should let your customers do the same. But learning how to accept the processing payments at your point of sale or online can get complicated, and you’ll need to understand the various business processing fees involved in this process. That being said, choosing the right payment methods can make a huge difference in mitigating your own processing fees. The result is more affordable, clearer transaction fees across the board—a win for any business that uses the right payment methods for your Magento eCommerce site.

5. Watch and learn your customer experience

Your customer experience may have a huge impact on your chosen payment methods. That’s when you must configure those for bettering the service. If anything goes wrong with your payment methods, double-check is necessary. Update and set up new payment methods can vary the customer’s choice, which will skyrocket the experience. After all is said and done, a great payment gateway gives your customers a streamlined and enjoyable experience. It offers an easy check-out and the interface feels and looks safe. You may enable auto-fill and saved payment info for your customers’ convenience. The benefits of quick and easy payments in the end that your customer experience will also boost your site to the fullest.

How to configure Magento 2 payment methods?

Step 1: Firstly, you move to Stores –> Configuration section of Magento 2 admin.

Step 2:

  • At this step, you need to expand “Sales” tab
  • Click on “Payment Methods” section where you can find list of all default payment methods.
  • Expand “Bank Transfer Payment” to configure it on your Magento website and you can find various options to configure payment method.
  • Enable : This option allow you to enable or disable bank transfer payment method.
  • Title: Enter appropriate title to show payment method option in frontend for clients.
  • New Order Status: Set order status after utilizing this payment method.
  • Payment from applicable countries: Choose countries to show and  enable using this payment method.
  • Payment from Specific Countries: If you want to permit some of the countries of the world to enable using this payment method, then choose those specific countries here.
  • Instructions: Sometimes payment methods ask additional information to show clients on frontend. Here, to permit customers pay to your bank account, bank details need to be shown. You can specify these bank details in this section.
  • Minimum Order Total: Set minimum order amount to qualify utilizing this payment method.
  • Maximum Order Total : Set maximum order amount to limit using this payment method.
  • Sort Order: While enabling multiple payment methods on Magento 2 , you need to specify location of listing all of them in an order.
  • After successfully configuring each setting, click save.

Step 3: After you have saved payment method, it will show up in frontend if meets the criteria you have set from backend. Also, clients can choose payment method to pay and place order successfully.

You can also configure other default payment methods in similar method.

Final words

That may sum up some notes to choose payment methods that are suitable for your Magento eCommerce website. All you should do is consider the factors introduced above and draw some chosen methods in your mind before selecting and implementing the right payment solution for you. By doing it sensibly, you can improve your customer’s experience, boost your brand’s affinity and increase revenue.

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