According to Ecommerce News Europe, the solution integrates third-party payment gateways into Shopify Checkout, so merchants can add them as payment options for their customers. The payment gateways can be created as Shopify apps.
The Payments Platform was revealed by Shopify during it annual Shopify Unite event. The new platform will replace Shopify’s legacy integration points and will allow third-party payment providers to create payment gateways as apps. Additionally, Shopify has made its checkout faster, so any online retailer now has the capacity to handle tens of thousands of purchases per minute.
Moreover, thanks to the introduction of Checkout Extensions, developers can build apps into Shopify Checkout. These checkout customisations will also work in Shop Pay. Following similar initiatives by Apple, Google, and Amazon, Shopify has revealed it will lower its cut of developer revenue across the Shopify App Store and the new Shopify Theme Store.
In addition, developers will pay 0% (instead of 20%) revenue share for the first USD 1 million they earn annually on the platform. The one million mark resets annually, Ecommerce News Europe stated.
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