Shopify Payments is the simplest way to accept payments from customers.
But you may be wondering, how do you get paid?
Hey guys, Nadeem here. Payouts are how Shopify Payments sends
money made from your sales to your bank account.
You’ll only receive payment through Shopify for orders that are paid for using Shopify Payments.
If your customer uses an alternative payment provider like PayPal,
the money for those orders will be available through those third-party gateways.
Make sure to check the terms of service of these providers for further details.
If you have Shopify Balance enabled on your store,
it is automatically set up to receive your Shopify Payments Payouts. Otherwise,
here’s how you can access them. Head to “Settings”
Then, click “Payments” You’ll see the option to “View Payouts”.
Your Payouts screen will show, the date of the payout, status of the payout, the total changes,
refunds, adjustments, total fees subtracted, the final payout amount.
The pay period is the amount of time between the customer placing the order,
and the day you receive the money in your bank account or Shopify Balance account.
Payouts are paid every business day, as soon as those funds are available.
If you choose to, you can schedule your payouts to be paid
on a specific day every month or week. To do this, in the Shopify Payments section
of your payments settings, click “manage”. Scroll down to set up your payout schedule.
On the payout page, the datesare for the previous and next scheduled payouts.
If you have a balance of funds available, that will also show here.
By clicking on the date of a scheduled or previous payout, you’ll see the details of the
payouts including the dates of all included orders, their corresponding order number,
the type of transaction it was and lastly the charges, fees and the final amount you receive.
The day an order is placed on your store is determined from
the time that the order was placed in the UTC time zone.
Orders made from Friday through Sunday are grouped together.
Once an order has been received, it will take a few days for the payment to be processed.
The length of your pay period is determined by the country your store is located in.
When using Shopify Balance, you can receive your Shopify Payment earnings
in as little as one business day. If you’ve created a payment schedule,
your pay period will be adjusted to take all of these into account.
This can be a little confusing. So, let’s take a look at an example.
Let’s say your store is located in Toronto and your customer, Priya makes an order on Monday at
eleven am. It will be accounted for on Monday at four pm, UTC time. Because the store is in Canada,
it can take up to 3 business days to process. If you don’t have a payment schedule setup,
the payout should arrive in your bank account by Thursday, the first available business day.
Here’s a look at what happens if the order is on a weekend and you have a payment schedule set up.
If Priya makes the same order on Friday at 8pm, the order will be accounted for on
Saturday at 1am UTC time. Because this is the weekend, the payout will need upto 3 business
days after Sunday to process the payout. However, if you have payouts scheduled for every Monday,
you will only see the money in your account the following Monday.
Keep in mind, the time frames provided are estimates and there could still be
delays in receiving your payouts. If you have questions about your payouts,
make sure to contact our support team. With Shopify Payments you are only charged
a credit card rate which is a fee you’re charged every time a credit card is used.
These fees are subtracted from your charges to give you the final amount you receive.
Also subtracted from the total for charges are any refunds you’ve
processed in this particular pay period. If your payout doesn’t have enough funds for
the return, there are two possible outcomes based on your location.
The remaining amount for the refund is either
deducted from the next payout until the full amount has been covered
or the balance is deducted in full from your bank account on the day of your payout.
To see which applies to your location, check out our links below.
Keep in mind, when an order is refunded, the credit card fees for that order are not.
If your payout balance is negative, you might not be able to issue a refund.
In this case, refunds are listed as pending until you have enough sales to have a positive balance.
Occasionally, you might see an amount in the adjustment column of your payouts.
Adjustments are additions or subtractions from payouts that occur when changes are
needed for your payout total. Adjustments might happen after
winning a chargeback or from sales and returns from Facebook orders.
After all these fees and adjustments are considered,
your final payout amount is calculated. Adjustments are added or subtracted from
your charges. From this any other fees or refunds are then subtracted.
This gives us our final payout amount.
The status of a payout will either be displayed as
In transit, meaning funds are in the process of being sent to your bank account.
Paid, which means the payout was sent to your bank,
but may still need to be processed before it can be deposited into your account.
Or Failed. Payouts can fail because of an issue with your
bank account. If a payout fails, you’ll be sent an email, a notification will appear in your admin,
and a hold will be placed on all future payouts until the issue is resolved.
To resolve any issues with your account, you’ll need to reach out to your bank directly.
Knowing where your money is and how you get paid is an important part of any business.
With Shopify Payments, it’s one step closer to your bank account.
For more information on everything shown in this video, visit help.shopify.com