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[Sticky] What is Shopify Payments

Dan Barrett
(@store-master)
Member Admin
Joined: 12 months ago
Posts: 47
Topic starter  

Shopify Payments is a payment processing service provided by Shopify. Here's a summary of key points about Shopify Payments:

  • Setup: Shopify Payments can be activated from the Payments page in the Shopify settings. During setup, you'll need to provide your personal or business registration number (or identifier depending on your country and business type) and your banking information​1​​2​.

  • Eligibility: Shopify Payments is only available to stores that have locations in certain countries and regions. Supported countries include Australia, Austria, Belgium, Canada, Czechia, Denmark, Finland, France, Germany, Hong Kong SAR, Ireland, Italy, Japan, The Netherlands, New Zealand, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, United Kingdom, and United States. Some types of businesses and services are not permitted to use Shopify Payments​3​​4​.

  • Bank Account Requirements: Checking accounts that are set up to accept only wire transfers don't work with Shopify Payments. Savings accounts, flex-currency accounts, virtual accounts, and money-transferring services that mimic bank accounts also aren't supported by Shopify Payments. Depending on your region, there might be additional bank account requirements for Shopify Payments​5​​6​.

  • Costs: Shopify Payments costs vary based on your plan. You can lower credit card rates by upgrading your subscription with Shopify. 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​7​​8​.

  • Security: To use Shopify Payments, you must secure your account by setting up two-step authentication​9​.

  • Verification: It's crucial to correctly and completely fill out the form when setting up a Shopify Payments account to reduce the possibility of verification issues in the future. The first and last name provided must match what's shown on your legal government-issued ID​10​.

  • Alipay: Shopify Payments supports Alipay. However, I was unable to retrieve the complete information about how to set up Alipay with Shopify Payments. I recommend visiting the original link you provided to get the full information on that subject.

Please note that this information was provide by AI as of the last update in May 2023, and I recommend checking the original source or Shopify's official website for the most up-to-date information.

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