Shopify Payments for Finland
Businesses based in Finland can use Shopify Payments to accept Visa, Mastercard, Maestro, American Express, and UnionPay debit and credit cards. You can also accept Apple Pay, Google Pay, and Shop Pay.
Businesses in Finland can also accept payments using Bancontact and iDEAL.
Requirements for Shopify Payments
To use Shopify Payments, ensure that you can meet the following requirements.
Prohibited businesses
Some types of businesses and services are not permitted to use Shopify Payments. To check if your business can use Shopify Payments, review the list of prohibited business types on the Shopify Payments Terms of Service for Finland.
Bank account requirements for Shopify Payments
Make sure that your bank account meets the following requirements before you connect it to Shopify Payments:
- The bank account is in EUR currency and with an EU or Finland-based bank.
- The bank account is eligible for SEPA transfers.
- The bank account has 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.
Checking accounts that are set up to accept only wire transfers don't work with Shopify Payments. Savings accounts, flex-currency accounts, and money-transferring services that mimic bank accounts aren't supported by Shopify Payments. Although non-Shopify virtual accounts are supported, you might experience more payout failures with these accounts.
To confirm that your account can accept the transfer type listed for your region, contact your bank.
Personal 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 stores 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 contact you to collect additional information about you and your business. These standard reviews can occur at any time during the lifespan of your Shopify Payments account.
The information that Shopify has to collect differs from country to country, but typically includes details about the following people and organizations that are involved:
- 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
To help the verification process, when providing documents as evidence, ensure that your documentation:
- is clear and large enough to read
- is correct and valid
- is up-to-date with the most recent date possible
- is complete with all details visible
- is free of any errors or typos
- matches the information provided
For more information, refer to the full document requirements for identity and address verification and business verification.
Acceptable document types for individuals and businesses in Finland include the following.
Identity documents:
- Passport
- Driver's license - scans of front and back are required
- Identity card - scans of front and back are required
- Residence card - scans of front and back are required
Address documents:
- Utility bill - dated within 6 months
- Bank statement - dated within 6 months
- Mortgage statement - dated within 6 months
Company/entity documents:
- Financial statements
- Articles of association
- Trade registration
- Commercial register extract
- VAT registration
Accepting payments
In most countries, when your business is a sole proprietorship you're automatically set up to accept all major payment methods as soon as you create your Shopify store with Shopify Payments activated. Your card rate is based on your store's Shopify subscription plan, and you can change plans whenever you want.
Businesses in Finland can accept Visa, Mastercard, American Express, and UnionPay debit and credit cards, as well as payments using Bancontact and iDEAL.
The following accelerated checkout methods can be used with Shopify Payments in Finland:
Businesses in Finland using Shopify Payments can accept payments online and in person with Shopify POS. To accept payments in person with Shopify POS, you can use either of the following options:
- a Shopify-supported card reader with Shopify Payments
- an external card terminal with a third-party payment processor
Pay periods
Your pay period refers to the amount of time between the moment that a customer's payment is captured and when those funds are sent to your bank account. The timestamp for capturing a customer's payment is recorded in Coordinated Universal Time (UTC). Payments captured on Friday, Saturday, and Sunday are consolidated and sent as a single payment.
In Finland, the pay period is 3 business days. The minimum amount that can be paid out for Shopify Payments accounts in Finland is 1 EUR. If there's a payout for less than this amount, then the payout stays in pending state until more funds are available to pay out.
Learn more about getting paid with Shopify Payments.
Tax reporting
As a merchant, you are required to abide by all applicable regulations, including tax reporting. Depending on your jurisdiction, Shopify Payments might also be required to report your sales to the local tax authorities.
Shopify Payments fees don't include Value-Added Tax (VAT) for stores in Europe with the exception of Ireland. You might need to account for VAT at the local applicable tax rate on your VAT return. To get this information, you can either download a generated invoice, or export a file with your transaction information.
For stores in Ireland, 23% VAT is charged in addition to the Shopify Payments fees.
Download a generated invoice
You can download monthly invoices to submit with your tax claim. Each invoice includes the total VAT paid on transaction fees for all orders made in your store that month. Generated invoices use the UTC time zone, which might be different from your store's time zone. If you want a report that uses your store's time zone, then you can export a list of your store's transactions as a CSV file.
The invoice for each month generates on the 5th of the following month. For example, the invoice for June generates on July 5th. If there aren't any transactions with Shopify Payments for a month, then no invoice generates for that month.
Steps:
- From your Shopify admin, go to Settings > Payments.
- In the Shopify Payments section, click View payouts.
- Click Documents.
- In the Tax documents dialog, for the invoice that you want to download, click Download PDF.
Export transactions
You can export a list of your store's transactions as a CSV file. The CSV file includes a VAT column for European merchants.
Steps:
- From your Shopify admin, go to Settings > Payments.
- In the Shopify Payments section, click View payouts.
- Click Transactions.
- Click Export. A CSV file downloads in your browser.
- Open the CSV file in a spreadsheet editor.
- The last column of the CSV file displays the amount of VAT collected on each transaction.
- Use the SUM tool to calculate the total amount of VAT that you've collected.