Setting up Shopify Payments

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. Refer to the list of requirements for each supported country.

After you set up Shopify Payments, your customers can make credit card payments on your store.

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 third-party transaction fees for orders.

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.

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.

Depending on your region, there may be additional information needed to set up Shopify Payments. Refer to the list of requirements for each supported country.

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.

To learn more about the identity documentation requirements and what documents are accepted for each country, refer to the personal information requirements for Shopify Payments

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.

Information requirements for Shopify Payments

In response to regulations in different countries, 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. 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 might reach out to collect additional information about you and your business. These standard reviews can occur at anytime during the lifespan of your Shopify account.

The information that Shopify is required to collect differs from country to country, but typically includes documentation about the following:

  • the individual creating the Shopify Payments account
  • the business associated with the Shopify Payments account.
  • the individuals who ultimately own or control the business, which includes the business owner or a senior executive with legal signing authority for the business

Documents for identity and home address verification

If your identity is unable to be verified using the information that you provided at the time of Shopify Payments sign-up, then you might be requested to provide additional documentation. To verify an individual on a Shopify Payments account, two separate documents are required:

  • a document that serves as proof of identity
  • a document that serves as proof of home address

You can't use the same document to serve as both proof of identity and proof of home address.

Proof of identity documents require the following:

  • Documents must be uploaded in full color. For example, black and white scans aren't accepted.
  • Documents must be valid and not expired.
  • Documents must be clear and large enough to read.
  • Photocopies of identity documents aren't accepted.
  • Complete documents must be uploaded. A complete document contains the following:
    • both the front and back of a driver’s license or identity card
    • the entire personal information page of a passport
  • Documents may be uploaded in .png or .jpg format. Photos and color scans are acceptable.

For more information, refer to the full list of accepted document types for each country.

Proof of home address documents require the following:

  • Documents must be clear and large enough to read.
  • Documents must be dated within the past six months.
  • Documents must be complete. A complete document contains the following:
    • the full page of the document
    • the full name and address of the individual, which are clearly stated and legible
  • Documents may be uploaded in .png, .jpg, or .pdf format.

For more information, refer to the full list of accepted document types for each country.

Documents for business verification

If your business can't be verified using the information that you provided at the time of Shopify Payments sign-up, then additional documentation might be requested. The documents that you provide must include the business name, business address, and company registration number or VAT number.

For business verification, upload your official federal business registration document, if available, which includes your federal tax registration number.

Business documents require the following:

  • Documents must be clear and large enough to read.
  • Documents must be valid and representative of up-to-date registration.
  • Complete documents must be uploaded. A complete document contains the following:
    • the full business name, business address, and either VAT number OR company registration number of the incorporated entity are clearly stated and legible
    • all pages of a multiple-page document. Upload a PDF containing all the relevant pages
  • Documents can be uploaded in .pdf format.

For more information, refer to the full list of accepted document types for each country.

Beneficial ownership information

Companies registered in Ireland are required to provide beneficial ownership information. This information must be accurate and current. For more information, refer to the beneficial ownership information for Ireland.

Uploading your verification documents

Because of the sensitive nature of personal information contained in the requested verification documents, only documents that are uploaded through the secure banners in your Shopify admin are accepted. Documents sent through email or chat are redacted for security and privacy reasons and are rendered unusable.

Document review process

Your identity, address, and proof of legal entity document uploads must be reviewed and matched successfully to the information on your Shopify Payments account before your business can be fully verified.

Reviews can take up to 3 business days to complete. During the review process, your payouts might be placed on hold until your information is verified, but usually your store remains open and customers can still buy your products. After your information is verified, any payout or processing holds applied to your account are removed automatically.

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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