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
Picking the right ecommerce platform could uplift your sales and make day-to-day operations as smooth as butter. Pick the wrong one, however, and you might have to deal with frustrated customers and mourn missed opportunities. We are going to look at Shopify and WooCommerce, both popular ecommerce platforms that boast their own sets of strengths and weaknesses that you should weigh. We’ll also check out the Wise Business account for all your local and international business needs.
Shopify
Key features | Key Considerations |
---|---|
Drag-and-drop store creator | Costly plan prices as your business scales but costly credit card rates if you’re a small business |
Customizable templates | Limited customization opportunities |
Access to Shopify native apps and plugins, including 100+ payment providers1 | Uses less popular coding languages |
Centralized platform with marketing and operations tools | Paid themes are expensive |
International capabilities with localization | Difficult to migrate your store |
WooCommerce
Key features | Key Considerations |
---|---|
Open-source platform | Can take time to set up SSL certificates |
Integration with plugins and extensions | Requires more developer knowledge |
Integrated with WordPress | Doesn’t have offline point-of-sale solutions |
80 payment gateways available without additional transaction fees2 | Hosting is not included |
High level of flexibility and customizability |
Shopify is the perfect pick if you’re looking for an all-in-one complete package and don’t want the fuss of the technical stuff. If you're unfamiliar with coding, Shopify's editor and built-in features simplify store setup. Especially if your business is setting up your first-ever online store, it’ll give you access to all the ecommerce essentials like versatile shipping options, marketing and analytics tools, and an overall platform that’s easy to grasp.
WooCommerce is user-friendly too, but in the sense that it gives you full control over your ecommerce store. Rather than limit you to templates and typical sales features, WooCommerce is a WordPress plugin that lets you customize your store to your heart’s content. Experienced coders can create a bespoke experience, and less tech-savvy owners can explore numerous themes and plugins. . The best thing about WooCommerce is that it seamlessly integrates with plenty of third-party services, which means you can up your SEO or analytics game, no problem.
These two ecommerce platforms are made for business owners who want to create the best shopping experiences for their customers. Between them, though, there are several aspects that differ.
Shopify has three pricing tiers:
Each tier has more features and lower card rates as you go up the ranks, with online transaction card rates going down from
There are also increasing discounts on shipping fees and enhanced support and checkout capacity.
WooCommerce doesn’t operate on a subscription-based format because it’s such a customizable platform. That means you’ll have a lot more control over cost, but it could also mean having to keep track of what you’re spending money on. You’ll need a hosting provider, a domain, a theme (paid or free), and have to pay for separate apps and plugins, including store management, security, marketing, and customer experience tools, just to name a few. For their native payment gateway, WooPayments, there are no setup charges or monthly fees either – you simply pay the same costs as the Basic plan in Shopify.
Where Shopify stands out most is its out-of-the-box setup process. All you have to do is create an account and the platform will guide you through every step until your store is fully set up. Its simple built-in features work together in an ecosystem, which means you won’t have to rely on third-party apps to cover all bases.
Meanwhile, WooCommerce can take a little more time. There’s a basic setup wizard to set up all your basics, but then it’s all up to you – which is a huge plus for those who want to spend the time choosing and configuring all the plugins and features they want. You can mould your workflow virtually any way you wish.
The idea of user-friendliness can differ from person to person. Some may find the all-in-one, limited nature of Shopify not very user-friendly, while others may enjoy the easy-to-use store builder that it offers. Those who prefer a fragmented approach that models itself off the WordPress admin panel will enjoy the decentralization of WooCommerce and find it a lot more accommodating to their work style.
Per transaction card fee | Transaction fee | Currency conversion fee | |
---|---|---|---|
Shopify | 2.4% - 2.9% + $0.30 | 2% | 1.5 - 2% |
WooCommerce | 2.9% + $0.30 | None | 2% |
Both platforms have their own native payment solution: Shopify Payments for Shopify and WooPayments for WooCommerce. Each solution offers an array of payment options, including digital wallets, debit and credit cards, and installment payments, as well as localized options as well. WooPayments charges the same per card transaction costs as Shopify’s Basic plan at 2.9% + $0.30/transaction.
While Shopify and WooCommerce both have a wide range of integrations with other payment providers, WooCommerce has a leg up over Shopify in that you can use a different payment gateway without extra fees.
Shopify tacks on an extra 2% per transaction for these third-party platforms on top of their 1.5 - 2% currency conversion fee.4,5 . WooCommerce charges an international payment fee of 1% and a currency conversion fee of 2%.6
International payments always come at a cost – literally and figuratively. Businesses seem to have to accept the fact that they’ll incur extra or hidden fees and have to deal with hefty currency conversion fees for every transaction. With the Wise Business account, you can get more out of your sales and improve your bottom line. Here’s more:
With the multi-currency account, you can hold and manage 40 currencies and make transactions using the mid-market exchange rate – free of any markups. Each transaction charges minimal fees, starting at just 0.33%. Need to pay vendors or other businesses around the world? You can make batch payments of up to 1000 at once, with easy invoicing features built into the platform. We’ve also got debit cards for your business and employees, so spending is tracked and transparent. To keep your books in order, Wise seamlessly integrates with popular accounting software such as QuickBooks, Sage Cloud, and more.
Get your Wise business account in a few clicks! 🚀
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.
Shopify and WooCommerce are teeming with resources that ensure you’re never left in the dark. Both have a robust blog, a help centre, dedicated account support teams, and forums, as well as 24/7 chat and ticket support through your account. This means that you’ve got options and more than one place to look if you’re having issues with your site or a plugin, or simply need advice from other entrepreneurs.
WooCommerce has that decentralized aspect to it, where your store is what you put into it and the plugins and apps you bolster it with. That means the more you scale, the more plugins you’ll need. In turn, you’ll need more manpower and manual effort to handle all these tools. On the other hand, Shopify is built to scale along with you, with tiered pricing plans that you can seamlessly move up to if you require more capabilities and features, larger capacities, and better support options.
Making a final decision hinges on your inherent needs and technical expertise. While beginners to the space might have an easier introduction to ecommerce through Shopify, those who crave limitless customization and freedom will love WooCommerce. Whether you select Shopify, WooCommerce, or another platform altogether, a Wise Business account is a great way to handle all your international and local financial transactions and get more value from your sales.
Get your Wise business account in a few clicks! 🚀
Sources:
1 - Payment Providers and Online Payment Gateways (2024) - Shopify Canada
2 - WooCommerce Payment Gateways
3 - Shopify Pricing
4 - Why does Shopify charge a 2% transaction fee for third-party providers?
5 - What currency is used to determine fees in a transaction with WooPayments? Documentation - WooCommerce
6 - Shopify: Fees and costs
Sources verified on 2 July 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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