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Tuesday, June 6, 2017

SHOPIFY PAYMENTS HOW IT WORKS

Using Shopify Payments

Shopify Payments is the simplest way to accept payments online. It eliminates the hassle of setting up a third-party payment provider, and merchant account, then entering the credentials into Shopify. Shopify Payments comes fully integrated with your store and includes a wide variety of functions that let you manage your entire business and financials in one place.

Pay periods

Your pay period refers to the amount of time between the day a customer places an order on your store, and the day the funds from that order are sent to your bank account.
The length of your pay period depends on the country your store is based in.

United States and Australia

There is a delay of 3 calendar days between the date that an order is paid and the date that the money is deposited into your bank account.

United Kingdom and Ireland

There is a delay of 4 business days between the date that an order is paid and the date that the money is deposited into your bank account.

Note

If you're in the United Kingdom or Ireland, then you will now see "Earthport PLC Shopify" on your bank statement when the money is deposited into your bank account, instead of "Shopify".

Canada

There is a delay of 7 calendar days between the date that an order is paid and the date that the money is deposited into your bank account.

View your payouts

To view your payouts:
  1. In the Shopify Payments section, click the View payouts button.
    The View payouts button for Shopify Payments
You should now see the Payouts page. The payout schedule shows you your upcoming payouts. The All payouts section has a list of all your payouts. Payouts marked as Pending are for sales that you've made, but that haven't been sent to your bank account yet. Payouts marked as Paid have already been sent to your bank account.
From this page, you can also view the details of any specific payout.

View a specific payout

There are two ways to see the details of a specific payout:
  • In the payout schedule, click the amount of the payout.
  • In the All payouts section, click the date of the payout.
After you click either link, you'll see the page for the payout you chose. The Overview section shows the total amount of the payout, as well as a breakdown of the chargesrefundsadjustments, and reserves. The Transactions section shows the details of each transaction included in the payout.

Failed payouts

Sometimes a payout will fail. Usually this is because there is an issue with the bank account that you have on file. Until the issue with your bank account is resolved, there will be a hold placed on all your pending payouts.
After you resolve the issue or update your bank account details to a valid checking account, you will receive the funds from the failed payout in your next scheduled payout.
If you are unsure why the payout failed, you should reach out to your bank to investigate the issue.

Error messages and notifications

When a payout fails, you get an email. You also get a notification on the home page in the Shopify admin.
On the payout page, there is an error message that explains why the payout failed, and what you can do to resolve the issue. Depending on the issue that caused the payout to fail, you might see a link you can click to update your bank account details. Some error messages will suggest that you contact your bank to resolve the issue, then retry the payout.
After the issue is resolved, you can click the Retry payout button on the payout page. If you retry the payout before the issue is resolved, then the payout will fail again.

Costs of using Shopify Payments

Shopify Payments costs will vary based on your plan. You can tap into lower rates as you upgrade your subscription with Shopify. For a full list of pricing broken down by plan please navigate over to https://www.shopify.com/payments or https://www.shopify.com/pricing.
The pricing for Shopify Payments is all inclusive. There are no monthly fees, no hidden fees, and no setup fees beyond the regular subscription fees for your store's Shopify plan. There are no additional charges to accept American Express or international orders. When you're using Shopify Payments as your processor, any other subscription transaction fees are waived, putting money back in your wallet.
If you decide to change your plan at any time, your Shopify Payments card rate will be updated. When you activate Shopify Payments you will stop paying the subscription transaction fees listed at https://www.shopify.com/pricing. Likewise, if you're using Shopify Payments and switch to another payment processor, you will begin paying the subscription transaction fees to Shopify. These fees would be over and above the fees paid to your new third party payment processor.
The total fees for each payout and pending transaction will be displayed in the All payouts table. You can navigate there from the Dashboard and scroll down to click All payouts.

Verify your identity

After you have made a significant number of sales using Shopify Payments, you'll need to verify your identity through the Payments page in your Shopify admin. You can verify your identity by submitting a government-issued photo ID or your SIN.
When you're required to submit a photo ID, you'll receive an email from Shopify and a notification will appear on the home page of your Shopify admin.
Until you verify your identity, you won't be able to use your Shopify Payments account. If the photo ID that you submit cannot be verified, then you'll need to resubmit it.
To submit your photo ID:
  1. In the Shopify Payments section, click Edit:
    The Edit button for Shopify Payments
  2. Click Submit photo ID:
    The Submit photo ID link
  3. In the Submit photo ID dialog, click Choose file.
  4. Select a picture of a photo ID from your device.
  5. Click Submit.

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