Shopify is a popular e-commerce platform that provides businesses with the tools to create and manage their online stores. One of the important factors that business owners need to know when using Shopify is the payment schedule.
In this article, we’ll discuss how often Shopify pays you and what you need to do to receive your payments.
Payment Schedule
Shopify pays its merchants on a regular basis, but the exact payment schedule depends on the payment gateway used. Shopify Payments, the built-in payment gateway, is the most common payment option used by merchants. If you use Shopify Payments to process transactions, you’ll receive your payments according to the following schedule:
- Daily Payouts: Available to merchants who use Shopify Payments in the United States, Canada, and Australia. Merchants receive their payouts daily, which means that you’ll receive your funds within two business days of the transaction.
- Weekly Payouts: Available to merchants who use Shopify Payments in all other countries. Merchants receive their payouts on a weekly basis, which means that you’ll receive your funds within five business days of the transaction.
If you use a third-party payment gateway, the payment schedule will depend on the gateway you use. You’ll need to check with your payment gateway provider to find out when you’ll receive your payments.
Payment Threshold
Shopify has a payment threshold in place, which means that you need to reach a certain amount before you can receive your payout. The payment threshold for Shopify Payments is $1 for daily payouts and $20 for weekly payouts.
If you don’t reach the payment threshold, the funds will be held until the threshold is reached.
Receiving Payments
To receive your payments, you need to set up your payment information in the Shopify Payments settings. This involves providing your bank account information, including the account number and routing number.
You’ll also need to verify your identity by providing some personal information, such as your date of birth and social security number.
Once you’ve set up your payment information, Shopify will automatically deposit your payouts into your bank account according to the payment schedule and payment threshold.
Conclusion
In conclusion, Shopify pays its merchants on a regular basis, depending on the payment gateway used. If you use Shopify Payments, you’ll receive your payouts on a daily or weekly basis, depending on your country.
You’ll also need to reach the payment threshold before you can receive your funds. Setting up your payment information in the Shopify Payments settings is essential to receive your payouts.
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