I would like to know if anything has changed on Shopify policy regarding the possibility of using Transferwise newest borderless account to be linked to shopify payments.
Thank you in advance
Hi, @vmsalve !
Katy here from Shopify. I hope all is well with you, and welcome to our Community!
I am afraid that it would not be possible to use this type of account with Shopify payments. In order to use our own payment gateway, you would need to be located in one of the following locations listed here and you must have a bank account which corresponds to this location. This needs to be a full checking account, or a current account in the case of both UK and Ireland. Our Help Center guide here goes through this in more detail for each location.
I hope this helps to clarify, though if you have any additional questions at all do feel free to let me know.
Shopify Payments is powered by Stripe and Stripe allows us to use Transferwise Broderless. It is an FCA authorised UK company so why wouldn't a UK Shopify merchant be allowed to use it?
Sounds like Shopify wants to reduce merchant choice in order to make money on currency conversion.
I completely agree with you Pierre, it's useless for us with setup in different countries that Shopify Payments require a physical bank. The world is digital now. I really hope for a policy change soon, could be a deal breaker for us as we grow. In so many ways Shopify's policies are designed for North America and we as merchants in Europe are stuck with admin headaches.
Hope you don't mind me chiming in here - I share the frustration.
@stine_lyng @Pierre_Larose @Katy Just to +1 around the frustration on this. Shopify builds on top of Stripe for Payments but chooses not to allow certain features fells just like a strategy for us to have to choose the worse possible business accounts (tx and fees wise) from the uk high street, and then they will come as saviours with their own business accounts (this is already being trialed in the US as specified here https://financialpost.com/technology/shopify-to-launch-its-own-take-on-the-business-bank-account).
Transferwise holds all your money on Barclays, which are a 'proper' bank, but I guess that doesn't count. Shopify also block Stripe in countries where Shopify Payments is available for good measure.