A closer look at Shopify’s multi-currency features in Canada
This article will go over how the multi-currency payments system works, how to set it up, and how you can use it with Wise to grow your business
The e-commerce market in Canada has been steadily growing over the years, with total sales amounting to US$2.34 billion in March 2022.¹ With the rise of online shopping and more consumers turning to digital platforms for their purchases, its crucial businesses to have a strong online presence. And that begins with choosing the right e-commerce platform.
BigCommerce and Shopify are among the top-rated e-commerce solutions globally, offering powerful features and tools to help businesses succeed in the competitive world of online selling.
In this guide, we'll compare BigCommerce and Shopify specifically for Canadian businesses, and introduce the Wise Business account as a reliable solution for handling your cross-border payments.
BigCommerce is a cloud-based e-commerce platform that currently powers over 40,000 active online stores globally and has a strong presence in Canada.² Shopify has quickly become one of the most popular e-commerce solutions worldwide, catering to 4.8 million online stores.³ Shopify is a bit more established than BigCommerce, with 5 more years of experience.
Both platforms offer a range of features such as customizable templates, inventory management, marketing tools and customer support. They are also user-friendly and do not require coding or technical skills to set up an online store.
One key difference is that BigCommerce allows businesses to sell through multiple channels, including social media platforms like Facebook and Instagram. Shopify also offers this feature but at an additional cost.
BigCommerce offers three plans at three pricing structures:
They also offer an enterprise plan that follows custom pricing, requiring you to contact sales for more info. However, it’s important to note that this is US pricing; Canadian pricing for BigCommerce is not available online.⁴
Shopify offers four plans at four pricing structures:
While both services are open about their subscription plans, you’ll see that BigCommerce is a little more flexible, offering custom pricing for their most robust plan. However, Shopify is more up-front about smaller fees, like card rates. Overall, though, both services lack information about the real costs of services, specifically currency conversion.
BigCommerce and Shopify have user-friendly interfaces and offer a simple setup process, making it easy for businesses of all sizes to get their online store up and running quickly. However, BigCommerce may require a slightly steeper learning curve compared to Shopify because Shopify is a larger and more recognizable platform.
Both platforms offer 24/7 assistance through various channels such as live chat, phone, and email.
While Shopify has French-speaking support agents for francophone Canadians, BigCommerce does not offer this option. This could be a determining factor for businesses looking for support in their preferred language.
BigCommerce and Shopify offer a wide range of payment gateway options for Canadian businesses, including popular choices such as Moneris and Interac e-Transfer. However, some gateways may require additional fees or third-party integration on either platform.
Currency conversion and handling CAD transactions are available for both. Shopify allows businesses to sell in multiple currencies with its “Shopify Payments” feature, which automatically converts the transaction into the business' chosen currency. BigCommerce offers integrated multi-currency support through its partnership with payment processor Adyen.
BigCommerce and Shopify offer international sales capabilities, allowing businesses to sell their products or services globally. However, there are some differences between the two platforms when it comes to handling cross-border payments.
BigCommerce supports multi-currency transactions, but only through certain payment gateways, such as PayPal and Stripe. Businesses will have to pay additional fees for currency conversion when using these gateways. Shopify offers its payment solution, Shopify Payments, which supports over 100 currencies⁶ and eliminates the need for third-party payment providers.
For Canadian businesses looking for a cost-effective solution for international transactions, a Wise Business account is a great option. With Wise, businesses can receive payments in multiple currencies and hold them in their account without paying any conversion fees. They also have the option to convert funds at the real exchange rate when needed, saving up to 8 times on currency conversion fees compared to banks.
Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.
BigCommerce and Shopify can be integrated with popular Canadian shipping carriers such as Canada Post, making it easy for businesses to manage their domestic orders. However, they differ in handling cross-border shipping.
BigCommerce has a built-in feature called "Borderfree" which allows businesses to sell in multiple currencies and handle duties and taxes for international shipments. Shopify offers various apps that can be integrated into your store for managing cross-border shipping. These include solutions like ShipStation and Easyship.
BigCommerce and Shopify offer a wide range of customizable themes and templates, allowing businesses to create a unique online store that reflects their brand. However, Shopify has a larger selection of themes compared to BigCommerce.
Both platforms offer options for businesses to expand their sales channels beyond just their e-commerce website. Shopify easily integrates with social media platforms like Facebook and Instagram and marketplaces like Amazon and eBay. They also have the option to set up physical retail stores through the POS (Point-of-Sale) system. BigCommerce offers multichannel selling through its integrations with platforms like Facebook and Instagram but does not have a POS system for physical stores.
Both platforms offer a range of apps and third-party integrations, with Shopify having a larger app marketplace. For businesses seeking bilingual or local SEO features tailored for the Canadian market, both platforms have options available.
BigCommerce and Shopify offer built-in SEO tools to help businesses improve search engine rankings and drive more traffic to their online store. They also have various marketing features, like email marketing, social media integrations, and discount promotions.
Both platforms offer a range of apps and third-party integrations, with Shopify having a larger app marketplace. For businesses seeking bilingual or local SEO features tailored for the Canadian market, both platforms have options available.
BigCommerce and Shopify provide tools for managing Canadian sales taxes like GST/HST and provincial taxes. However, their compliance with Canadian regulations differs.
BigCommerce is fully compliant with Canadian data protection laws and outlines its measures to protect customer data.
In contrast, Shopify has faced criticism for not being fully compliant with Canada's Personal Information Protection and Electronic Documents Act (PIPEDA).⁷ Businesses should consider this when choosing between the two platforms.
BigCommerce and Shopify are excellent e-commerce solutions for Canadian businesses. However, depending on your specific business needs and goals, one platform may be more suitable.
For startups or small businesses looking for a user-friendly interface and affordable pricing plans, Shopify would be an ideal choice. On the other hand, growing enterprises that prioritize multi-currency support and international sales capabilities may find BigCommerce a better fit.
After making an informed decision, consider the Wise business account for managing cross-border payments efficiently and cost-effectively.
Sign-up for your free Wise Business account today and see how we can help you grow your business globally. 💸
Sources:
Sources verified on 20 June 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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