I am in the process of becoming a shopify customer but I am concerened about the comments another member has made about shopify not paying him monies that were sent to him for sales on his website.
Has anyone else got the issue of money being held back from their sales by shopify ?
Hank here from Shopify.
Thank you for reaching out about your concerns here, you are right to do your research, and to seek reassurances when looking to join a new platform.
I understand your concerns which are completely normal and although each case is specific, some stores can be affected by chargebacks and inquiries, which is a common occurrence when any online website accepts credit or debit cards.
I can 100% confirm that Shopify does not hold any funds as Shopify is not a bank. When chargeback claims come in from a customer, the banking partners may hold the disputed funds until the investigation is complete. Then upon completion, the funds get released to whatever the outcome was as deemed by the banking partners.
Another issue that relates to the above is fraud prevention. This would be more to protect the store owner, from any fraudulent orders that can occur, and stop the above chargeback situation. It also depends on what payment gateway you use within your store, as each offers different levels of protection, to prevent you from losing any funds.
I hope some of the community offers you more input, but the above two are certainly the two major factors, and those guides explain the reasons behind them, and I can confirm that Shopify does not withhold any money. and if any is, it is being held as I previously explained by the banking partners as a hold.
Let me know if you have any other questions, and I'll happily assist you further!
All the best,