American Express typically carries higher interchange fees, which are passed on to you as the merchant. While Shopify Payments offers a blended rate, merchants may still see variations.
0.7% + 25p base fee per transaction
Biometric ID & fraud checks
Instant settlement
No chargebacks
No card scheme fees
What About Pay by Bank?
Depending on your integration and plan Shopify may apply third party payment fees (2.0%, 1.0%, or 0.5%). Revised on 31.03.2025
Pay by Bank (powered by Wallid) is an account-to-account (A2A) payment method using open banking rails. It doesn’t rely on card networks, which means
Real Cost Comparison £100 Order Paid by Visa
Shopify Plan; Shopify Payments Fee (Visa);Pay by Bank Fee
Shopify Payments is a reliable native checkout option, but Pay by Bank is a powerful addition — especially for merchants focused on reducing transaction fees and improving settlement speed. Remember, depending on your integration and plan Shopify may apply third party payment fees.
Even after adding Shopify’s third-party transaction fee, Pay by Bank remains competitive — especially with:
No card network processing
Instant bank settlement
Elimination of chargebacks
It’s not a replacement — it’s a smart complement to Shopify Payments, giving customers a lower-cost, secure way to pay while enhancing your overall checkout experience.
Note: Fees may vary and are provided for informational purposes based on publicly available data. Last updated: 31.03.2025
Wallid’s Pay-by-Bank app integrates directly with Shopify checkout, enabling instant bank payments, significantly lower transaction fees, and zero chargebacks.
Wallid’s Pay-by-Bank Express Checkout delivers a fast, frictionless experience by connecting directly to customers’ bank accounts — increasing conversion rates while lowering fees