I have watched a video that said if i use shopify payments then after I reach a certain amount fo revenue then I will be asked for certain documents (idk what ones exactly), and if I can't provide them then my shopify payments will be shut down.
If I can provide them then I will also get a reserve placed on the account.
I will be using the dropshipping from aliexpress model.
Can anyone confirm/deny this?
Great question, you will need to ensure that you have the correct documentation before using Shopify Payments. This'll include personal identification and usually documentation to verify the business too.
Sometimes, depending on the level of 'risk' your store has associated with it, you may be asked for additional documentation in addition to those above. Often called 'Enhanced Verification', that'll require you to verify documents such as:
The lesson here is to be prepared with this, before setting up your account - regardless as-to how tempting it may seem! Remember, Shopify can place your payouts on hold if these documents can't be submitted in time.
I hope this proves useful.
When you setup Shopify Payments, you choose how your business is 'setup' for the majority of businesses, it'd be a Limited Company. They'd simply have to send over the Company Incorporation Certificate to verify this.
Alternately, you can sign up as a sole-trader. Government-issued photo ID is should suffice in this instance.
The advice above is purely based on my own experiences, I'd encourage you to reach out to Shopify in advance of signing up for payments if you have any questions. You can contact the support team via phone, chat or email at https://help.shopify.com/questions
I'd also encourage you to review the Terms of Service for Shopify Payments, to ensure you're not selling any restricted items: https://www.shopify.com/legal