The video explains how to select an appropriate payment provider for an online Wix store. It begins by defining payment methods (credit cards, digital wallets, bank transfers, etc.) and emphasizes offering multiple methods to customers. It then clarifies the role of a payment provider—processing transactions, handling refunds/chargebacks, and issuing payouts to the merchant’s bank. Wix’s native solution, Wix Payments, is introduced as a unified dashboard for managing all transactions. The core of the guide outlines five key factors to evaluate when choosing a provider: (1) business location and supported currencies, (2) available payment methods, (3) processing fees (percentage plus fixed, plus any extra fees), (4) payout cycles (daily, weekly, monthly, or custom), and (5) compliance with the provider’s terms, especially prohibited products/services. The presenter advises merchants to prioritize the factors most relevant to their business and directs viewers to a follow‑up video for setting up Wix Payments.
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In this video, you'll learn how to choose a payment provider and get tips on picking the best payment solution to sell online. Let's start with payment methods. A payment method is the way customers pay you for your products or services. There are many types of payment methods such as credit cards, digital wallets, bank transfers, and more. You can and should add more than one payment method so your customers can choose their preferred way to pay at checkout. So what is a payment provider and why do you need one? And what's the difference between a payment method and payment provider? A payment provider processes every transaction for your business like payments you receive from customers. The payment provider then transfers funds to your bank account so you can get paid. These are called payouts. Your provider also handles other transactions like refunds and chargebacks. Payment providers operate in different countries and can offer multiple payment methods. Keep in mind, available payment methods depend on your location. WIX has a huge network of payment providers worldwide, so choose the one that best suits your business and location. WIX also offers a native payment solution, WIX Payments. With WIX Payments, you can manage all your transactions and payouts from a single integrated dashboard. Watch this video to learn how to set up your WIX payments account. Next, let's talk about choosing a payment provider. There are five key points you need to where is your business located? Which payment methods does the payment provider offer? What are the processing fees? What are the payout cycles, and does the provider support your business type? First off, where is your business located? Your payment provider needs to be able to connect to your bank and should support your currency so payouts can be easily transferred to your bank account. Next, think about the payment methods the provider offers, meaning how can customers pay for your goods and services? Each payment provider supports different payment methods, from major credit cards to digital wallets and more to sell online. You can only connect one provider for credit card payments, but you can allow multiple payment methods for your business. Next, find out what fees are charged for each transaction. Most providers charge processing rates based on a percentage of the transaction value plus a fixed amount. Some providers charge additional fees such as transaction fees, monthly fees, fees based on your payment method, method and more. With wix, you don't pay any additional fees for using a third party provider to control your business's cash flow. Research payout Cycles how often will the provider transfer money to your bank? How often will you get paid? Payment providers allow daily, weekly or monthly payouts. Some even offer custom payout cycles. Make sure your payment provider can transfer funds on a schedule that works for you. Finally, review the payment provider in depth. What are this provider's terms and conditions? Before you decide on a payment provider, make sure they support and process payments for products and services you offer. Most providers have a prohibited products and services list. Review it carefully. If you're on their list, you might not be able to sell with them and will need to select a different provider. Bottom line Think about the points that matter to you most and pick the payment solution that's best for your business. To learn how to set up your WIX payments account, check out the next video.
