How does Shopify pay you? Shopify payouts explained

1 out of 10 ecommerce stores are built using Shopify.¹ It’s a popular platform for building online stores and selling through ecommerce. As of January 2023, 4.5 million ecommerce websites are powered by Shopify.¹

But creating your online store on Shopify and making sales is only half of the process. The other half is getting paid. If customers pay you through Shopify Payments, then you’ll receive your payments via Shopify Payouts.

This guide will help you navigate the process and see how long it takes for Shopify to pay you. You'll also find information on how to receive Shopify payouts with Wise Business to save money.

Receive payments from Shopify
with Wise Business

How does Shopify pay you?

You can receive payment from Shopify through several methods. It currently sends payouts via wire, bank, and PayPal transfers.²

Shopify supports third-party payment providers, such as PayPal and Amazon Pay, to process customer payments. These providers have their own ways of paying you.

When you receive payment through third-party payment providers, you won’t see the payout information in your Shopify admin.

But, if you use Shopify Payments, getting paid is straightforward. Shopify Payments is Shopify’s own payment provider, powered by Stripe. It processes your payments through Shopify payouts.

You’ll receive payments through Shopify payouts when your customer pays either with Shopify Payments, or through accelerated checkouts like:

• Apple Pay
• Shop Pay
• Google Pay
• Meta Pay³

Read on to discover:
Where to view your Shopify payouts How long does Shopify payouts take Shopify payout fees How to receive Shopify payments with Wise Business

Where can you view your Shopify payouts?

To view your Shopify payout information, you need to:

• Go to your Shopify admin
• Select “Settings”
• Select “Payments”
• Select “View payouts”

Here you can see each individual order, its status and amount. You’ll see previous as well as scheduled payouts.⁴

How long does it take for Shopify to pay you?

Shopify pays you within 1-3 business days after capturing a customer payment.³ This can vary depending on where your store is located.⁴

You can also schedule your payouts to get paid at recurring intervals.⁴ When using Shopify Payments, you can check your pay period to see when you’ll get paid.³

If you use Shopify Balance, payouts can take as little as one business day to receive.

Shopify payout fees

Shopify doesn’t charge any fees for payouts. But there are other fees before payout to consider.

There are transaction fees, which vary depending on your Shopify subscription plan.

For every transaction, there are payment processing fees and third-party transaction fees if you use a third-party payment provider.

If a currency conversion is involved, there’ll also be a conversion fee to pay.⁵

Receive Shopify payments in multiple currencies with Wise Business

While there are no payout fees on Shopify, there are other fees involved in transactions. Especially if you want to sell overseas.

If you receive your payouts by PayPal, bank account, or wire transfer in USD, and then convert to another currency after the payout has arrived, then the payout will be subject to the exchange rates and currency conversion fees that are set by PayPal or your financial institution.⁶ These rates can often be higher than expected and include markups.

Another issue with international sales, is that your payout bank account needs to be located in the same country as your store. For example, if your store is located in the US, but you want to be paid in CAD, then you need a CAD account that is based in the US.⁷ This can be a hassle to find and set up.

You can avoid this hassle, and high currency conversion fees by opening a Wise Business account and connecting it to Shopify.

Wise is a smart online alternative to traditional banks. You can register for free in the US, and simply pay a one-off fee for local account details.

You can receive Shopify payouts to your USD balance in Wise, and then easily exchange currencies at the real mid-market rate. You can also get ten major local account details to accent payments in currencies such as GBP, EUR, CAD and more. Send, spend, hold, and manage all your balances in one place with no hassle of opening multiple accounts.

Register with Wise Business today🚀

Add your Wise Business account to your Shopify account to receive payments by:

• Logging into your Shopify account and going to “Settings”
• Select “Payment Options”
• Enter your Wise Business account details for the currency you want to get paid in
• Check everything over and confirm

And that’s it! You can start receiving like a local, saving you on high fees and hidden markups.

🔍 More Shopify articles you may find useful:
What is Shopify Payment? Guide, Pros & Cons Shopify vs Amazon: Which is the best choice for you? How to send an invoice on Shopify Stripe vs Shopify: Which is the best choice? How to integrate Shopify and Payoneer

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Sources:

1. 10 Shopify Statistics You Need To Know In 2023
2. Getting paid · Shopify Help Center
3. Getting paid · Shopify Help Center
4. View and schedule payouts · Shopify Help Center
5. Fees and costs · Shopify Help Center
6. Shopify payouts
7. Getting paid in deifferent currencies

All sources checked May 3, 2023.