Setting up Shopify Payments

After you set up Shopify Payments, your customers can make credit card payments on your store. You can activate Shopify Payments from the Payments page in the Shopify settings. When you set up Shopify Payments, you need the following information:

  • your Employer Identification Number (EIN)
  • your banking information

Depending on your region, there may be additional information needed to set up Shopify Payments.

Accepting payments

With Shopify Payments you're automatically set up to accept all major payment methods as soon as you create your Shopify store. Your card rate is based on your store's Shopify subscription plan, and you can change plans whenever you want.

Businesses in the United States can accept Visa, Mastercard, American Express, JCB, Discover, and Diners Club debit and credit cards.

Businesses in Australia, Hong Kong SAR China, Ireland, Italy, New Zealand, Singapore, Spain, and the United Kingdom can accept Visa, Mastercard, and American Express debit and credit cards.

Businesses in Japan can accept JCB, Visa, Mastercard, and American Express debit and credit cards.

Businesses in Canada can accept Visa, Mastercard, and American Express debit and credit cards. Additionally, businesses in Canada using the all-new Shopify POS can accept Interac debit cards for in-store tap transactions for up to $100 CAD using the Tap & Chip card reader.

Businesses in Denmark can accept Visa, Mastercard, and American Express debit and credit cards. If you want to accept payments using MobilePay, then you need to enable an alternate payment provider in your Shopify Alternative payment methods settings.

Businesses in Germany can accept Visa, Mastercard, and American Express debit and credit cards, as well as payments using SOFORT and Klarna Pay Later.

Businesses in the Netherlands can accept Visa, Mastercard, and American Express debit and credit cards, as well as payments using iDEAL.

Businesses in the Belgium can accept Visa, Mastercard, and American Express debit and credit cards, as well as payments using Bancontact, and iDEAL.

Businesses in Sweden can accept Visa, Mastercard, and American Express debit and credit cards, as well as payments using Klarna Pay Now, Klarna Pay Later, and Klarna Slice It.

Costs of using Shopify Payments

Shopify Payments costs vary based on your plan. You can lower credit card rates by upgrading your subscription with Shopify. You can see the full list of pricing broken down by plan on Shopify's pricing page.

Beyond the credit card rate and the subscription fees for your store's Shopify subscription plan, there are no monthly fees, no hidden fees, and no setup fees for Shopify Payments. When you're using Shopify Payments as your processor, there are no transaction fees for orders for stores located in most countries.

If you decide to change your plan at any time, then your Shopify Payments credit card rate is updated. When you activate Shopify Payments, you stop paying the subscription transaction fees listed on Shopify's pricing page. Likewise, if you're using Shopify Payments and switch to another payment processor, then you begin paying the subscription transaction fees to Shopify. These fees are over and above the fees paid to your new third party payment processor.

The total fees for each payout and pending transaction are displayed in the Transactions table. You can either view the information in browser or export to a CSV file.

Steps

  1. From your Shopify admin, go to Settings > Payments > View payouts.

  2. Click View Transactions.

  3. Click Export.

  4. Select the range of transactions you want to export and the type of CSV file, then click Export balance transactions.

The CSV file will contain the following information:

Transaction Date The date and time that the transaction occurred, including the time zone. Example: 2017-06-20 11:26:40 -0400
Type The type of transaction. Example: adjustment or refund
Order The number associated with the order.
Card Brand The type of card used for the transaction. Example: visa
Card Source The method by which the card was charged. Example: swiped
Payout Status The payout status of the transaction. Example: pending
Payout Date The date of the payout.
Available On The date that the payout will be available.
Amount The amount of the transaction.
Fee The fee applied to the transaction.
Net The difference between the amount and the fee.

Personal information requirements for Shopify Payments

In response to regulatory changes in your country, you're required to provide information about you and your business. The information is collected to help identify merchants using Shopify Payments, including the beneficial owners of a particular corporate entity. These regulations are required for companies that process payments or otherwise handle money and require these companies to collect information to identify their customers. The purpose of collecting this information is to comply with regulatory requirements designed to prevent money laundering, terrorist financing, and other financial crimes.

As local rules and regulations evolve, Shopify and its partners may reach out to collect additional information about you and your business.

Bank account requirements for Shopify Payments

Make sure that your bank account meets the following requirements before you connect it to Shopify Payments:

  • The account is a full checking account, or a current account in the UK and Ireland.
  • The account uses the payout currency of your region.
  • The account can accept electronic bank transfers.

Each region also has local requirements that the bank account must adhere to:

  • Australia - The bank account must be with a physical bank in Australia, in AUD currency, and eligible for BECS transfers.
  • Austria - The bank account must be in EUR currency, be eligible for SEPA transfers, and have an IBAN that starts with the following letters: AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE.
  • Canada - If your payout currency is CAD, then the bank account must be with a physical bank in Canada, in CAD currency, and eligible for ACH transfers.
    If your payout currency is USD, then the bank account must be with a physical bank in Canada or the US, in USD currency, and eligible for ACH transfers.
  • Denmark - If your payout currency is EUR, then the bank account must be in EUR currency, be eligible for SEPA transfers, and have an IBAN that starts with the following letters: AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE. If your payout currency is DKK, then the bank account must be in DKK currency, be eligible for SEPA transfers, and have an IBAN that starts with DK.
  • Germany - The bank account must be in EUR currency, be eligible for SEPA transfers, and have an IBAN that starts with the following letters: AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE.
  • Hong Kong SAR China - The bank account must be with a physical bank in Hong Kong SAR China and in HKD currency.
  • Ireland - The bank account must be with a physical bank in Ireland, in EUR currency, and eligible for FPS transfers.
  • Italy - The bank account must be a business bank account in EUR currency, be eligible for SEPA transfers, and have an IBAN that starts with AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE.
  • Japan - The bank account must be with a physical bank in Japan, a Futsu account, and in JPY currency.
  • The Netherlands - The bank account must be a business bank account in EUR currency, be eligible for SEPA transfers, and have an IBAN that starts with AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE.
  • Belgium - The bank account must be a standard checking bank account in EUR currency, be eligible for SEPA transfers, and have an IBAN that starts with AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE. Other types of bank accounts, and accounts with virtual providers are supported, but might result in increased payout failures.
  • New Zealand - The bank account must be with a physical bank in New Zealand, in NZD currency, and eligible for BECS transfers.
  • Singapore - The bank account must be with a physical bank in Singapore, and in SGD currency.
  • Spain - The bank account must be in EUR currency, be eligible for SEPA transfers and have an IBAN that starts with the following letters: AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE.
  • Sweden - If your payout currency is EUR, then the bank account must be in EUR currency, be eligible for SEPA transfers, and have an IBAN that starts with the following letters: AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, IE, IT, LU, NL, NO, PT, or SE. If your payout currency is SEK, then the bank account must be in SEK currency, be eligible for SEPA transfers, and have an IBAN that starts with SE.
  • United Kingdom - The bank account must be with a physical bank in the United Kingdom, in GBP currency, and eligible for FPS transfers.
  • United States - The bank account must be with a physical bank in the United States, in USD currency, and eligible for ACH transfers.

Most checking accounts can accept the electronic bank transfer types listed above. Checking accounts that are set up to accept only wire transfers don't work with Shopify Payments. To confirm that your account can accept the transfer type listed for your region, contact your bank.

Set up Shopify Payments

Before you set up Shopify Payments, you should decide on your store currency. Your store currency is the currency that is used in your Shopify admin. It's the currency that you price your products in and that's used in your reports. You should select a store currency before you make your first sale. If you need to change your store currency after you've made your first sale, then contact Shopify Support to change your store currency.

Only the store owner can change the payment provider.

Steps:

  1. Activate Shopify Payments in one of the following ways:
    • If you haven't set up a credit card payment provider on your account, then click Complete account setup in the Shopify Payments section.
    • If you have a different credit card payment provider enabled, then click Activate Shopify Payments in the Shopify Payments box, and then Activate Shopify Payments in the dialog. This removes any other credit card payment provider from your account.
  2. Enter the required details about your store and your banking information, then click Save.

How to complete account setup

When setting up a Shopify Payments account, it's important that the form is correctly and completely filled out to reduce the possibility of verification issues from our banking partners in the future.

In the Business details section, choose the business type. If applicable, add in your Business Number, EIN, or Taxpayer Identification Number (TIN) depending on which country your business is located in. The address in this section should be the address listed on any business creation documentation that you have.

If you set up the Shopify Payments account as a LLC or incorporation, then you still need the name and date of birth of someone in the business listed under Personal details. This is a requirement from our banking partners for verification purposes.

The request for ID, documentation, and date of birth are under Section B1-3 of the Shopify Payments Terms of Service Agreement. To review our Terms of Service in full, scroll to the bottom of the page and choose your country.

After you set up Shopify Payments, you can configure your settings or make a test transaction on your store.

If you want to transfer ownership of your Shopify Payments account, then contact Shopify Support. If you sell your store using Shopify's Exchange Marketplace, then the process is taken care of by the Exchange team.

Payment method manual review process

Some payment methods for Shopify Payments must be approved before you can use them. When you activate Shopify Payments, the approval process for applicable local payment methods and credit card methods begins automatically. A payment method remains in “manual review” status while your application is reviewed. If your application is approved, then you can begin using the payment method.

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