Setting up a Shopify store comes with various costs that every entrepreneur should know to ensure a successful and sustainable e-commerce venture.
Breakdown of the Costs Involved
Understanding the components of Shopify costs is key to smart money management. It’s like having a roadmap for your finances, helping you make savvy decisions and avoiding any surprise bumps along the way.
The Importance of Understanding Shopify Cost in the UK Before Setting Up a Store
Before you dive into the exciting world of Shopify, you must understand the ins and outs of the costs involved. Having a clear understanding upfront will ensure your budget is well allocated and you steer clear of any surprise bumps in the road.
Running a Shopify store involves more than just subscription plans. Various other costs come into play, including transaction fees, payment gateway fees, third-party app expenses, theme costs, and additional costs.
Shopify Transaction Fees
In the UK, Shopify transaction fees are determined by the payment methods your customers use during checkout. Suppose you opt for Shopify Payments, the platform’s default method. In that case, you’ll incur a variable fee ranging from 2% to 1.5%, depending on your Shopify plan, along with a flat fee of 25p. The transaction fee decreases the more advanced plan you are on:
- Basic 2.0%
- Shopify 1.0%
- Advanced 0.5%