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 Payment providers page in the Shopify settings. When you set up Shopify Payments, you'll need the following information:

  • your Employer Identification Number (EIN)
  • your banking information
  • the average price of your orders
  • the average shipping time of your orders

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 Shopify 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 Canada, the United Kingdom, Ireland, Australia, New Zealand, Hong Kong, Japan, and Singapore can accept Visa, Mastercard, and American Express debit and credit cards.

Businesses in Germany can accept Visa, Mastercard, American Express debit and credit cards, as well as SOFORT.

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 cart rate and the subscription fees for your store's Shopify plan, there are no monthly fees, no hidden fees, and no setup fees for Shopify Payments. There are no additional charges to accept American Express or international orders. When you're using Shopify Payments as your processor, any other subscription transaction fees are waived.

If you decide to change your plan at any time, then your Shopify Payments credit card rate will be 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 will be displayed in the All payouts table. You can navigate there from the Dashboard and scroll down to click All payouts.

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.
  • Canada - If your payout currency is CAD, 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, the bank account must be with a physical bank in Canada, in USD currency, and eligible for ACH transfers.
  • 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 - The bank account must be with a physical bank in Hong Kong and in HKD currency.
  • Ireland - The bank account must be with a physical bank in Ireland, in EUR currency, and eligible for FPS transfers.
  • Japan - The bank account must be with a physical bank in Japan, a Futsu account, and in JPY currency.
  • New Zealand - The bank account must be with a physical bank in New Zealand, in NZD currency, and eligible for BECS transfers.
  • 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.
  • 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

Steps:

  1. In the Accept payments section, click Add a provider.

  2. Select Shopify Payments, and then click Continue.

  3. In the Shopify Payments section, click Complete account setup.

  4. Enter the required details about your store and your banking information.

  5. Click Complete account setup.

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

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