Shopify Payments: Pay Periods and Payouts || Shopify Help Center

Summary

This video script demystifies payout periods for online store owners, explaining the time lag between order placement and receiving funds. It clarifies that payouts occur daily on business days once funds are available, with processing times varying by country. For U.S.-based stores, it can take 2-5 business days, with the example of a New York store receiving Monday's order payouts the following Monday. The script also guides on scheduling payouts and notes that timeframes are estimates, subject to change.

Takeaways

• 📅 Payout periods are the time between an order being placed and the money appearing in your account.
• 💰 Payouts are the funds you receive from orders and are paid every business day once available.
• ⏱️ Orders are determined by the UTC time zone, affecting when they are accounted for in the payout process.
• 🇺🇸 For U.S.-based stores, the pay period can range from two to five business days for processing.
• 📦 The processing time can vary depending on the country where your store is located.
• 📅 If an order is placed on a weekend, it will be accounted for on the next business day in UTC time.
• 💼 Payouts for weekend orders will be processed after the weekend, taking up to five business days.
• 🔄 You can schedule your payouts to a specific day every month or week through your admin settings.
• 📆 If payouts are scheduled and an order is placed over the weekend, the money will appear on the next scheduled payout day.
• 🕒 Timeframes for payouts are estimates and can vary, with the possibility of earlier or delayed receipt of funds.
• 🛒 Shopify Payments aims to streamline the process of receiving your hard-earned money into your bank account.

Q & A

What is the definition of a pay period in the context of this script?

A pay period refers to the amount of time between the customer placing an order and the money from that order appearing in your account.

What does the term 'payout' represent in the script?

Payout is the money you receive from an order, which is paid every business day as soon as the funds are available.

How are orders placed on weekends treated in terms of payout processing?

Orders placed on Friday, Saturday, or Sunday are grouped together and processed after the weekend, taking up to five business days in the U.S.

What is the significance of the UTC time zone in determining the day an order is placed?

The UTC time zone is used to standardize the time an order is placed, regardless of the customer's local time zone.

How long does it typically take for a payout to be processed in the U.S.?

In the U.S., the pay period for processing a payout is anywhere from two to five business days.

If a customer places an order at 11 a.m. on Monday in New York, when is it accounted for in UTC time?

The order would be accounted for on Monday at 4 p.m. UTC time.

What is the first available business day for a payout after processing is complete?

The payout should arrive in your bank account on the next business day after the processing is complete.

Can you schedule your payouts to a specific day every month or week?

Yes, you can schedule your payouts by going to the settings in your admin and clicking on payments in the Shopify payments section.

What happens if you have your payouts scheduled for every Friday and a customer places an order on a weekend?

If the order is placed on a weekend and payouts are scheduled for every Friday, the money will be in your account the following Friday.

Are the provided timeframes for payouts guaranteed?

No, the timeframes are estimates, and there could be delays or early receipts of money.

Where can one find more information about Shopify Payments and the processes shown in the video?

More information can be found on help.shopify.com.