If you’re considering Shopify one of the things that you’re going to want to know is how you’re going to get paid. Shopify has a built-in payment gateway that uses their credit card machines to process all of your sales. At regular intervals, Shopify pays the storeowners what they are owed, minus any credit card fees that come with your Shopify plan. This is actually a really great way to accept payments because it is 100% secure, already integrated into your Shopify site and very easy to use. But you might be wondering how you get paid. Here is the lowdown on how Shopify pays their storeowners.
Shopify Funds Transfer
So, how to Shopify actually pay you? The fact is, you’ll be able to set that up yourself and your site’s admin area. You can have your money in as little as three days if you live in the United States or Australia. If you live in Canada or the United Kingdom you have to wait seven days. Remember, those are business days not days of the week. For banks, business days are Monday, Tuesday, Wednesday, Thursday and Friday only, as long as they aren’t on federal holidays when they are closed.
However, that doesn’t mean that Shopify works by the same rules that banks do. Shopify will transfer your funds every day. So, you might see that it is paid in your account, but you actually haven’t gotten a payment yet. That means, most likely, the deposit has been sent out but your bank hasn’t actually processed it and put it into your account. It could be the same day that you see it says paid or it could be the very next day depending on the processing speed of your bank.
Some of the other things that you need to keep in mind is that your first payment probably isn’t going to happen soon. Shopify wants to make sure that there is no fraud going on with all of their new members and so they take the time to carefully check whenever somebody has a first time payment. It is usually only a few extra days. Also bear in mind, that for some products, Shopify is required to pay only every 30 days. Finally, you’ll also have the occasional refund to deal with. Shopify deposits refunds immediately after issue but it could take a few days to get your customers bank account or credit card.