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When Does Shopify Pay Me?
Last modified: June 22, 2024
Every other week (or every month depending on your company and country) most of us can’t wait for that day…. Pay Day!
While some of you may love your job and if you were a billionaire would still work even for free, we all still like that feeling of getting our paycheck. We work hard and want to be rewarded and let’s face it, we all need money to live.
When you have a Shopify store it’s not exactly the same as just going to an already established company and doing 9-6 in an office. You use your Shopify eCommerce as a way to make money when people buy products from your store. Understanding how to get paid from Shopify is crucial for your business operations. So…you’re probably wondering “Well when do I get that money?”, keep reading to find out.
What is Shopify Payments?
Let’s start with understanding what Shopify Payments is. This is a payment service through Shopify which processes and accepts payments from your customers.With Shopify Payments your customers can pay with credit cards, debit cards, etc.
When Do I Get Paid?
Now when do you get paid? Once a payment from a customer goes through Shopify Payments it will take 24-72 hours for the money to show up in your bank account. The reason for this bit of a gap in the duration of the pay period is that it varies from country to country.
For example, the pay period for the United States is two business days but the pay period for Canada is three business days.
No matter what country you live in it won’t take longer than 3 business days for you to see money in your bank account for purchases made by customers through your Shopify online shop.
Understanding Shopify Payments
Importance of Payment Methods
When setting up a store, it’s vital to grasp Shopify Payments. By knowing its workings, you can offer diverse payment options, enhancing the customer experience. This knowledge aids in managing funds and reducing issues like disputes. As part of your business operations, consider offering store credit as an additional payment method to increase customer loyalty.
Setting Up Shopify Payments
For smooth payouts, it’s crucial to set up your admin and payment details correctly. Shopify offers daily payouts, making financial planning easier. Ensure you input accurate bank details to prevent payout schedule issues.
Payment Gateways
Payment gateways are essential as they connect buyer’s banks to our merchant accounts. Options like PayPal have varying transaction fees. A reliable payment processor ensures smooth transactions and offers multiple payment choices.
Factors Influencing Shopify Payments
Payment Thresholds
Shopify payments have thresholds, a minimum sales amount before funds are sent. If sales don’t reach this amount, payouts wait. For instance, if the threshold is $100 and you make $80 in sales, you won’t receive payment until you hit $100. To boost sales and reach thresholds faster, you can also consider creating a free shipping discount as part of your marketing strategy.
Country and Currency
Your location and chosen currency can impact Shopify payments. Ensure your country and currency settings are accurate for hassle-free payments.
Chargebacks and Disputes
Sometimes, customers might dispute transactions. When this occurs, the disputed amount is held until resolution. It’s vital to address these swiftly to ensure steady payouts.
Conclusion: When Does Shopify Pay Me?
You’re all caught up. Remember, if you don’t see money in your account from purchases made within the last day or so don’t freak out. No matter where you live it can take at least a day to see that money but no more than three business days.
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What if my payout is delayed?
Payout delays can occur due to bank holidays or verification processes. If delayed beyond usual, contact Shopify support for assistance.
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What should I do if my payout fails?
If a payout fails, all subsequent payouts are paused until resolved. Check the ‘Transfer failed’ banner on your Payouts page in Shopify for guidance, and if needed, update bank details or retry payout. If unsure about the failure reason, contact your bank.
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How does the pay period vary by country for Shopify Payments?
The pay period, the time from order placement to money in your bank, varies by country: Australia, 2 business days; Canada, 3; Hong Kong SAR China, 4. Check your country’s pay period to manage finances effectively.
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