I'm using the Shpify Payments as provider for payments on my store.
I have a Transferwise account and want to use it for pay outs from Shopify Payments.
Starting january 2019, Transferwise will not accept payments (wire or ACH) if the account holder name doesn't start with "Transferwise FBO", juste before the account holder name.
I don't see any place were to update this information in Shopify.
Any ideas ?
Nick here from Shopify.
Great question. I looked into this for you and spoke to our finance team about it to be sure. Transferwise is something which is not supported with Shopify Payments and you wouldn't be able to use it to accept payments in this instance. To work with Shopify Payments you would have to be using a full chequing account in an actual bank in your country.
Hope this helps.
All the best, Nick
Is this still an issue? I did a bit of research.
1. Shopify customer support informed me that linking a transferwise account to shopify payout is possible however it may result in higher payout failure. Shopify informed me that this is due to an issue with Transferwise accepting payments. I have been advised to check with Transferwise - which I did.
2. Transferwise informed me that the reason there are sometimes issues with payments is due to the currency/location of the account - meaning if the currency is GBP, then tranferwise can only accept the payment if it's coming from a Shopify account located in the UK. However, I believe there would be less issues regarding USD transactions.
So my questions to Shopify now are:
1. Can I restrict all the payments on the website to be made in USD only, regardless of where the transaction is being made? And regardless of the buyer's credit card currency?
2. How do I link my Transferwise account to Shopify?
3. In which country is the Shopify USD account located? US?
Yasmine from Tafta.