Financing, tax rates, and accounting
I have my store set up but not sure if I have done things right? I am in Canada and want to initially sell into the US. Eventually I want to sell into Canada as well.
1. Do I set the currency to CAD or USD? I am selling products from Aliexpress, which are in USD.
2. To get paid by Shopify for orders, is it just with a bank account or can I use Paypal? What are the pro's and con's of both? and how does Paypal get set up? I know my customers will be able to pay by Paypal if that is set up but how do I get paid?
Maybe I have been working on this too long but I am not sure what to do and getting confused.
Savannah here from Shopify.
Great questions. So regardless of the currency that the items are listed in on AliExpress, you'll want to make that currency decision based on who your target market is. As a Canadian, you can choose to sell in CAD or USD. It sounds like your target market may be the US to start, so perhaps selling in USD would be a good strategy for now. You can also add a currency converter app to display your product prices in all sorts of currencies. They'll be converted to your default currency at checkout, but it may be a viable solution to allow fellow Canadians browse in their native currency.
If you're using Shopify Payments, you'll be paid by direct deposit into your bank account. That said, you can connect PayPal at the same time as Shopify Payments and allow your customers to select either. If they select PayPal, you'll be paid into your PayPal account.
Let me know if that makes sense, or if you have any further questions!
Savannah | Shopify Guru
Savannah | Shopify
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