This article will examine how Shopify payments work and the process around withdrawals and pay periods.
Getting paid by Shopify is a seamless process. When integrated with your bank account Shopify will automatically send payouts to you which take 24-72 hours to process.
This article will cover some specifics about how shopify payouts work for your store. It will also cover related items such as pay periods, Shopify payment fees, and how to view your payouts.
The pay period refers to the amount of time between the date that a customer’s payment is captured and the date that those funds are sent to your bank account.
The length of the pay period depends on the country you are selling from. For further country specific details you can refer to Shopify’s guidelines right here.
Shopify Payment Fees
On top of your monthly store and app fees Shopify charges transaction fees at payout. The standard payout fee is 2.9% + $0.30 of each transaction.
How To View Your Payouts
Viewing your payouts in Shopify is simple. You can find it displayed in a section of your dashboard.
- In your Shopify Admin, navigate to Settings > Payouts
- In the Shopify Payments section click the view payouts button
Shopify is a popular e-commerce platform that allows merchants to set up and run their own online stores. One important aspect of running an online store is managing payments and payouts. In this article, we will explain in detail how Shopify payouts work and how merchants can access and manage their funds.
When a customer places an order on a Shopify store, the funds from the sale are first collected by Shopify and held in a pending status. This is to ensure that the funds are available to cover any potential refund or chargeback requests. Once the funds have cleared and the order is marked as fulfilled, the merchant can then access the funds through the Shopify Payouts feature.
To access Shopify Payouts, merchants must first set up a payment account. This can be done by going to the Shopify Payments settings in the merchant’s admin dashboard and selecting the “Payment providers” tab. From there, the merchant can select the payment provider that they wish to use for their payouts. Currently, Shopify supports payouts through PayPal and bank transfers.
Once the payment account is set up, the merchant can then access the Shopify Payouts feature by going to the “Finance” section in the admin dashboard. Here, the merchant can view their payout schedule, which shows when the funds will be transferred to their payment account. The schedule varies depending on the payment provider, with PayPal transfers typically taking 2-3 business days and bank transfers taking 4-5 business days.
Merchants can also view their payout history, which shows the date and amount of each payout, as well as the status of the payout (e.g. pending, paid, failed). If a payout fails, the merchant can check the reason for the failure and take steps to resolve the issue.
There are also other features of Shopify Payouts like seeing how much is held, how much is available, how much is in transit, how much is pending, and how much is lost.
It’s important to note that Shopify may hold funds for a certain period of time, depending on the payment provider and the merchant’s location. This is to ensure that there are sufficient funds available to cover any potential refund or chargeback requests.
In conclusion, Shopify Payouts is a feature that allows merchants to access and manage the funds from their online sales. By setting up a payment account and using the Shopify Payouts feature, merchants can easily view their payout schedule, history, and status, and take steps to resolve any issues that may arise. It is an important aspect of running an online store, and Shopify makes it easy for merchants to manage their funds.
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