Accepting payments and understanding pay periods with Shopify Payments in Singapore

This article outlines the process of accepting payments with Shopify Payments in Singapore. Shopify Payments is a payment solution that allows businesses based in Singapore to accept a range of payment methods, including Visa, Mastercard, American Express, UnionPay debit cards, and UnionPay credit cards. You can also offer customers Apple Pay, and Google Pay payment methods.

Businesses in Singapore can also accept payments using Bancontact, and iDEAL.

Businesses in Singapore 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

Key benefits and features

Review the following key benefits and features when using Shopify Payments in Singapore:

• Accept multiple payment methods: Shopify Payments allows you to accept major credit cards, providing a seamless checkout experience for your customers.
• Automatic setup: When you create your Shopify store with Shopify Payments activated, you're automatically set up to accept major payment methods such as Visa, Mastercard, American Express, and UnionPay debit cards, and UnionPay credit cards. You can start accepting payments after completing setup.
• Automatic payouts: Funds from your sales are automatically deposited into your bank account on a regular basis, making it easy to manage your cash flow.
• Flexible card rates: The card rate for your transactions is based on your store's Shopify subscription plan. You have the flexibility to change plans whenever you need, allowing you to choose the pricing structure that best suits your business.
• Integrated with Shopify: As an integrated payment solution, Shopify Payments simplifies the management of your online store by consolidating your payment processing and order management in one platform.
• Secure transactions: Shopify Payments ensures the security of your customers' payment information through advanced encryption and fraud detection measures such as 3D secure checkout.

Fees for Shopify Payments in Singapore

Shopify Payments fees are location-dependent and can vary. To get the most accurate and detailed information regarding fees, visit the plans and pricing page for Singapore. This page provides a breakdown of the rates and fees associated with Shopify Payments based on your selected plan.

Note

The plans and pricing page is accessible only in the language and currency specific to that country. If you need to translate the plans and pricing page, then you can use a browser extension, such as the Google Chrome extension.

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View payment rates in your Shopify admin

If you've already chosen a subscription plan, then you can access information about the specific rates and fees applicable to your store location and chosen plan.

Steps

1. From your Shopify admin, go to Settings > Payments.
2. In the Shopify Payments section, click Manage.
3. View the rates that apply to different payment methods.

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.

Pay periods in Singapore

In Singapore, the pay period for transferring funds from your Shopify Payments sales to your bank account is four days. The actual timing for when the funds display in your account depends on your bank's processing times. You have the option to customise this pay period to a daily, weekly, or monthly payout schedule. You can't receive payouts on weekends or public holidays.

When you switch from one payout schedule to another, any pending payouts will be delayed until the next applicable payout date under your new schedule. For example, if you normally receive payments weekly on Monday and you change your payout schedule to every Friday on the preceding Thursday, then your funds won't be available until Friday of the following week. You should avoid frequent changes to your pay period to prevent delays in receiving your payouts.

Learn more about getting paid with Shopify Payments.

View your payouts

You can view your payouts in the Shopify admin to review any transfers that are pending, in transit, paid, or failed.

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1. From your Shopify admin, go to Settings > Payments.
2. In the Shopify Payments section, click View payouts.

Minimum Payout amount

With Shopify Payments in Singapore, the minimum payout amount that can be paid out to your bank account is 1 SGD. If there’s a payout for less than this amount, then the payout remains in pending state until more funds are available to pay out.