Understanding & Managing Your Shopify Payments Payouts

[Trevor]

Feeling overwhelmed with managing your Shopify Payments payouts? Don't fret! We’re here to guide you through the payout process and explain some common difficulties often confused with missing payouts.

1. Viewing Payouts

Confused about a missing payout? The first stop is the Payouts section in your Shopify admin. Head over to Settings > Payments and under the Shopify Payments section, click View Payouts.

You'll see a clear overview of your oncoming and previous payouts, along with their respective dates and balances. This section is especially handy if your payouts are scheduled.

2. Understanding Pay Period

Pay period refers to the period between a customer's order placement and the payout sent to your bank account. This duration can vary by country and can be found under the "Pay Periods" section after clicking your country.

Don't forget that business days are Monday to Friday, excluding holidays. So, orders made on weekends will be grouped together and dispatched as a single payout on the next business day.

3. Scheduling Your Payouts

Would you like your payouts to arrive at regular intervals?

Shopify gives you the flexibility to set up a weekly or monthly payout schedule. You could adjust this by going to Settings > Payments > Manage > Payout schedule in the Payout details. This can make your payout management simpler and more predictable. Our Help Center has more details if you need them!

4. Decoding Payout Statuses

A glance at your payout page will present you with three statuses:

• Paid: This indicates that Shopify has dispatched the payout to your bank, and now the payout is subject to your bank's processing times.
• Failed: Sometimes, the bank may reject a transaction tied to a payout due to incorrect details or insufficient funds for a debit. More details on this can be found in your failed payout banner. More information about the issue is also available in our blog post: Understanding Shopify Payment Payout Failures And How To Fix Them
• In Transit: This status means that the transfer is on its way to the bank account mentioned.

Hold off on contacting Shopify Support until waiting for 10 business days from the date when the payout has been paid. This ensures it isn't merely a processing delay or a failed payout.

5. Missing Payouts

If you're facing unsuccessful deposits, the first step would be to check your banking details within Shopify admin. Proceed to Settings > Payments > Manage to review.

If your payout is marked as 'Paid' by Shopify after 7 business days but not received by you, it could mean the bank is holding the funds, waiting for instructions, or they've been sent to incorrect banking details. Shopify only knows the payment failed once the bank sends us a failed status 10 days after sending the payout. 

6. Trace IDs

If a payout hasn't returned as failed within 10 days, we can provide you with a Trace ID. It's like breadcrumbs to your lost payout. The trace ID, combined with other relevant details, can help your bank find your missing payout. The ACH or Transfers department at your bank can help with this.

Most times, you'll find that your payout is just waiting to appear on your bank statement, which can lead to potential misunderstanding. So, always allow a little time for the funds to appear. 

We hope this guide clarifies any concerns you have about managing Shopify Payments Payouts. Remember we're always here to help if you have more questions. Please feel free to contact Shopify Support at any time!