What is Shopify Payments?

Shopify Payments is Shopify's built-in processor, powered by Stripe behind the scenes. It eliminates the 0.5%-2% third-party transaction fee Shopify charges when using external processors. Rates start at 2.9% + $0.30 on Basic and drop to 2.4% + $0.30 on Advanced. It also enables Shop Pay accelerated checkout, which significantly boosts conversion rates.