Payment processing is the backbone of every eCommerce website, thus properly configuring each payment option is critical for your Online Store’s performance. The aim of this article is to help better understand how to set up preferred payment methods in Magento 2. We would primarily cover the Default Magento Payment Methods for now.

Every eCommerce business’s operations (and ultimate success) depend on an effective payment method. The payment page is the final stop in the process of drawing customers to the store and establishing a remarkable buyer’s journey. On this page, the payment option that the customer can use to complete the transaction is the most crucial component. For that, it’s essential to have already set up preferred payment methods in Magento 2.

A little mistake or fault in the payment process might lead to a loss of business. Given the significance of payment methods, it is critical to comprehend payment integration in your eCommerce website.

To start the process to set up preferred payment methods in Magento 2, please log in to your Magento Admin Dashboard and browse to Stores > Configuration from the left menu bar.

Please expand the “Sales” tab and click on “Payment Methods” after you’ve reached the “Configuration” page.

This page might be the most important step to set up preferred payment methods in Magento 2. This page will show you the payment methods, services, and gateways that Magento supports. Before we begin establishing each payment option, you will be able to pick the nation in which your business runs under the “Merchant Location” section.

Zero Subtotal checkout

“Zero Subtotal Checkout” is a payment option that applies to orders having a subtotal of zero. This approach can be utilized if a discount coupon covers the full purchase amount, including shipping expenses, or if the price of a product is zero and free delivery is provided for the transaction. 

The “Zero Subtotal Checkout” approach is activated by default, as you can see. If you want to disable it, uncheck the “Use system value” option and choose “No” from the “Enabled” dropdown menu.

The “Title” field that follows specifies the name for this payment option that will be shown at checkout. You have the option of leaving the default title or entering your own.

Select the order status that will be assigned to all orders processed using this payment method from the “New Order Status” selection menu.

Cash on Delivery

“Cash on Delivery Payment” method does not require a payment to be submitted online, instead your customers will need to pay for their purchase upon delivery. If you decide to use this method you may want to consider adding an additional charge for the purchase delivery.

Similar to the previous example, you must decide whether to allow this method, give it a title, provide the order status, pick the nations that apply to it, and specify the sort order. We recommend that you keep the “New Order Status” at “Processing” until you confirm that the payment was properly received. 

You will notice some additional settings specific for the “Cash on Delivery Payment” method if you choose this as your preferred payment method in Magento 2.

This is another important step when you start to set up preferred payment methods in Magento 2. Under the “Instructions” area, you may add instructions for your customers on how they should handle the payment.

The “Minimum Order Total” and “Maximum Transaction Total” parameters allow you to choose the minimum and maximum order amounts that will qualify the order for the “Cash on Delivery Payment” method.

Bank Transfer Payment

“Bank Transfer Payment” is a payment method that does not necessitate online payment. Customers can pay for their orders by transferring the order amount directly from their bank accounts to your merchant bank account.

Much like the last example, you must decide whether to allow this method, give it a title, provide the order status, pick the countries that apply to it, establish the sort order, and specify the minimum and maximum order amounts. We recommend that you leave the “New Order Status” field set to “Processing” until you check that money was successfully received for this method as well.

Check / Money Order

Similarly to the preceding payment options, when choosing to set up preferred payment methods in Magento 2, “Check / Money Order” does not need an online payment; instead, it allows you to accept payments by checks or money orders. In Magento, this payment option is enabled by default.

You will note that the settings are identical to those of the previous payment methods. You must decide whether to allow this method, give it a title, define the order status, pick the nations that apply to it, set the sort order, and provide the order amount’s minimum and maximum value range. We recommend that you leave the “New Order Status” at the default “Processing” status until you check that money has been successfully received for this method.

You will be offered with two more method-specific parameters and then proceed to end your process to set up preferred payment methods in Magento 2.

Purchase order

Your clients can use the “Purchase Order” payment method to execute payments for authorized Purchase Orders (PO) by referencing the PO number. A PO is a purchase order that is issued in advance by the firm making the purchase.

This payment method’s setting is identical to the previous ways we’ve looked at while discussing how to set up preferred payment methods in Magento 2.

You must again decide whether to activate this method, give it a title, define the order status, pick the nations that apply to it, provide the minimum and maximum value range for the order amount, and set the sort order. 

Once you finish the process to set up preferred payment methods in Magento 2, please remember to click the “Save Config” button after configuring your preferred payment methods to save your changes. This would ensure that you have successfully chosen and set up preferred payment methods in Magento 2.

Also, please make sure to flush the cache of your Magento store once you save your changes. You can do that by navigating through the left menu bar to System > Cache Management > Flush Magento Cache.

As you can see, establishing the default payment methods is rather simple. We hope you found our tutorial to be straightforward to follow and that you were able to effectively set up your payment methods. You are now ready to begin making online sales and accepting payments from clients.

Conclusion

Once you’ve finished configuring all of the required Magento 2 Payment Methods, you can use the admin panel to similarly incorporate other standard payment methods. We hope that this tutorial on configuring preferred payment options in Magento 2 has aided you in optimising the setup of your Magento 2 store.