I got the email too a few days ago (Email below). I am new to shopify, only been 2 months. I got really worried as i spent a lot of money to build my shopify site. I contacted shopify support and they said it is a phishing email address as the email address the email is sent from is 'email@example.com'. This is not their email and their email is @Shopify.com. They also confirmed that they do refund transaction fees when a refund is made. I dont know whether to believe them or not. I will wait until May 10th to know for sure. I will make a purchase from my own store after this date and refund myself and see if the transaction fees are refunded back to me. This is the only way i will be able to tell for sure. Or if anyone knows already that this is a bogus email and that shopify is refunding transaction fees, please let me know. It would be much appreciated.
Personally I am thinking they would not implement a refund policy like this as they will lose so many customers. I will leave shopify 100% if they are doing this for real.
We are making changes to your Shopify Store, that will go into effect on May 10, 2021, including a change to our current Shopify Payments Terms of Service.
For more information on getting paid with Shopify Payments, please visit our Help Center.
If you have any questions about these changes, please don’t hesitate to get in touch with us.
Does any one else not see how this is completely weaponizable ...
Any jerk with a grudge could literally attack any store using shopify for hundreds of dollars at a time...
Step 1: Order thousands of dollars worth of product.
Step 2: Refund.
Step 3: Repeat.
This is ridiculous.
Unfortunately, this is correct and has been for almost a year now. Once a payment has been captured, issuing a refund means you will be losing BOTH the ~2.9% transaction fee AND the .30 cents per transaction. This will cover any/all transactions where the credit card has actually been charged. Their excuse is that these fees cover the costs of processing refunds.
Check your financial summaries from Shopify after you issue a refund. The amount given back to you will be less the transaction fee and .30 cents.
As stated previously, please change your payment capture to 'manual'. At the very least, this will prevent you from capturing payments until you acknowledge the sale is legitimate and you are ready to ship out the product(s).
@mgarland does this apply to everyone regardless of country or payment method? I'm in the UK and using PayPal as my payment method. PayPal already has this policy in place and not refunding the 2.9% transaction fee. Does this mean I am losing out on 2% from Shopify and 2.9% from PayPal?? This is insanity
@MadspeedUms No, if you're accepting payments through PayPal, then Shopify is not collecting a transaction fee and only charging you the .30 cent per transaction. So for refunds, you will lose PayPal's transaction fee as well as the .30 cents from Shopify. You will not lose an additional 2.9% from Shopify since Shopify is not processing your transaction.
If this is an issue with Shopify payments, then just use a third party payment option who do refund transaction fees for returns.
If stripe is the issue for Shopify then Shopify should stop using them as a payment processor and use someone else. This will really damage them and many people will not use them due to this ridiculous policy. I was planning to build another 2 websites on shopify but changed my mind and decided to build them on WordPress.
Does anyone know if they intend to resolve this issue in the near future? It is crazy to think that they can allow something like this to happen