Top Woocommerce Payment Options in 2021
As you may know Woocommerce is the leader in ecommerce, powering over 5+ million websites for the past 9 years. Not only it offers setting up your own e-commerce website, but comes along with unique payment options.
Woocommerce was started back in 2011 by Automattic and got popular in no time, with stable versions and many major releases over the years.
The Woocommerce payment options, which are integrated within the plugin and can be activated, after installation and setup are more than enough for a starter.
The basic payment gateway options are both delivering a happy experience to the customer and owner of the shop, with an encrypted protection, which does not let money disappear in thin air.
If you feel frustrated or have any problems with your Woocommerce account, you can always write in their forums. It is for both free and premium users.
You also receive support regarding tickets, but if you go for the premium version of Woocommerce, you receive advanced support and Woocommerce version updates for 1 year.
Which are the basic Woocommerce payment options?
The default Woocommerce payment options are BACS, Check Payments, Cash on Delivery and PayPal Standard. Only with these 4 payment options, you can setup a professional Woocommerce store, accepting payments in different ways.
Woocommerce payment option – BACS
The Woocommerce payment option BACS or Bank Accounts Clearing System, lets you accept payments directly to your bank.
In order to set this payment option, you will need to verify with your bank account, that you are eligible for receiving money from other accounts and nothing could interrupt this process.
The ETA (stands for Estimated Time Arrival) is 2 to 3 business days, which could make this payment option a bit slow for sellers, who tend to receive payment and send products fast.
Regarding the BACS payment option, you will need to setup the whole process and manually update each order, so the Woocommerce system can move on to the next level and not notify you about pending orders.
The BACS Woocommerce option can be good for starting websites, who do not receive many orders and are not expected to server fast, than the normal time of 3 to 5 days (in most cases).
As BACS is not one of the most preferred Woocommerce payment gateways, it still does a great job for selling niche products or your own branded product, if it exists in the digital area.
For Physical products it still does a great job, but you will need to speak with your bank provider often, to make sure that the payment is being processed will go smoothly into your bank account.
Woocommerce payment option – Check Payments
Check payment or Cheque, is another great Woocommerce payment option, which allows you to accept checks through your Woocommerce store.
Even though the checks are a bit old fashioned way, used by people to pay and receive their money from the bank, Woocommerce offers this option as a default payment gateway.
Such as the BACS payment option the Check payment option, will keep your orders without update, and you will have to manually update products, in order to proceed to the next step.
For the check payment option, you and the customer will need to have a bank provider, who will accept the payment and transfer the payment to your bank account, which is available for withdrawal after 2 or 3 days (after the payment was processed).
As Woocommerce had quoted, regarding the cheque payment option.
As a store owner, you will need to make sure, that the cheque has been sent and approved by the bank provider, before approving or completing the order.
Any orders that were marked and completed before the cheque has actually came or is invalid, will be on your responsibility, so you will have to be extra careful, before making a next step.
The Woocommerce check option is a good idea if you are owning a small store, selling niche or branded products, such as the BACS.
On the other hand, if you have a small team, they can check if the cheques are coming successfully before sending the digital or physical product to the customer.
The check payment option, also has fields that can be filled in any way you would like, without any restriction.
These fields are to inform the customer about the payment option and how will his order be proceeded and in what time of matter.
Note that the normal time for sending a product is from 3 up to 5 business days and the time to receive the products can be from 3 up to 5 days too (if you are selling physical products).
This applies only if you are selling products within the country. If you are intending to sell products outside of the country, it may take up to 2 weeks for the product to be delivered in the address that was given.
Woocommerce payment option – Cash on Delivery
Cash on Delivery or COD is a widely preferred Woocommerce payment option. Loved by both the customer and shop owner, this plugin can do miracles and win you a lot more clients that you could ever imagine.
The intention and idea of this payment option is that not many people are having a credit or debit card to pay (if you include this payment option). That is where the Cash of Delivery payment option takes place.
In this way it is secure for the customer and the shop owner, as when the part is being sent, it can be check for fraudulent, cracks or malfunctioning.
With this payment option you do not need a bank provider or to have any type of card, in order to receive payments. You simply receive the money through your courier, which you sent the part through.
As one of the most preferred Woocommerce payment options, the cash on delivery option has a downside too.
If the customer refuses to pay for the part, has no money, or is absent on the days the delivery stays, the order will be sent back to the shop owner (applies for physical products).
When the physical product is returned, shipping expenses will be applied for both ways, which the shop owner has to pay.
In order to prevent a big loss of money, always make sure that the customer agrees for the product to be sent to the address and provide minimum order rates and shipping taxes in your products (applies for physical products).
Woocommerce payment option – PayPal Standard.
PayPal standard is the most preferred and globally trusted amongst the Woocommerce payment options.
Not only it makes the experience and process of sending and receiving payments easy, but it saves tons of time on updating your current orders.
PayPal Standard is a one click payment option, which securely sends the amount paid to your PayPal account.
Without having much to think, setting up a PayPal business account and enabling the PayPal Standard payment option, will make the user experience extremely better.
In most of the cases people are just deciding to order and pay with PayPal, as it is highly preferred and secure amongst the Woocommerce payment options.
If you would like to setup PayPal Standard, you will need to have an SSL certificate encrypted to your website, so transactions can be made.
Without the SLL certificate PayPal Standard will not respond to your website and receive any type of transaction into your account.
Even if you had done everything right and set your e-commerce shop with flat rates, shipping taxes and minimum orders, you will receive an error that the transaction cannot be made through this payment option.
In order to use PayPal standard payment option, you will need to setup a premier or business PayPal account, which needs you to have an age of 18+ and a legal ID card.
When using PayPal Standard, you are accepting their Terms of Service. On every order and sum, which was paid to your PayPal account, certain fees may apply.
These fees depend on the address and currency the person uses. Service fees are applied when converting the currency to your PayPal account.