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Multi-currency and payouts to multiple accounts?

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MackJon
Excursionist
26 0 7

Hi,

Is it possible to get Shopify Payments to pay into separate accounts, or add more payment providers for individual countries?

With all the promotion of Shopify multi-currency, we opted to combine our sites earlier this year. It's now much easier to operate, but it's a nightmare for book-keeping. Is there a way to have multiple shopify payments on the system, so (for example) that the EU transactions payout to the EU side of the business and the UK transactions go to a UK account?

Or is there an alternative provider who can do this for us?

Or, should I just give up and go with running multiple stores again?

Cheers

Jon

Accepted Solution (1)

Accepted Solutions
Maz
Shopify Staff
Shopify Staff
473 74 66

This is an accepted solution.

Hey @MackJon,

 

Your question is a great one! I can appreciate how this would be beneficial for you and your business. 

With Shopify Payments, currently this is not possible as there is only room for one bank account on file. All funds would be sent to the bank account on file, unless you opt to change your bank account details. If you would like EU transactions to go to an EU bank account and UK transactions to go to a UK account, then you would require multiple stores.

I am currently unaware of a provider that has this option, however I have noted this feedback with our developers to review. While it's not possible right now, it may be something that could be considered in the future.

 

Let me know if you need anything else!

 

 

Maz | Social Care @ Shopify 
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View solution in original post

Replies 16 (16)
Maz
Shopify Staff
Shopify Staff
473 74 66

This is an accepted solution.

Hey @MackJon,

 

Your question is a great one! I can appreciate how this would be beneficial for you and your business. 

With Shopify Payments, currently this is not possible as there is only room for one bank account on file. All funds would be sent to the bank account on file, unless you opt to change your bank account details. If you would like EU transactions to go to an EU bank account and UK transactions to go to a UK account, then you would require multiple stores.

I am currently unaware of a provider that has this option, however I have noted this feedback with our developers to review. While it's not possible right now, it may be something that could be considered in the future.

 

Let me know if you need anything else!

 

 

Maz | Social Care @ Shopify 
 - Was my reply helpful? Click Like to let me know! 
 - Was your question answered? Mark it as an Accepted Solution
 - To learn more visit the Shopify Help Center or the Shopify Blog

MackJon
Excursionist
26 0 7

Hi,

Thanks for the info. Yeah, it does seem a shame, as it looks like that's the only option available to me. 

We'd be happy to sign-up for Shopify payments in the other countries we operate. Overall we've got most of the single site operating using features like multi-currency, local pricing, translation for each region - so it's behaving as it should. However, we're probably now going to have to create and sync multiple sites again - which is what the single site has removed.

To confirm, there is no roadmap or plan for this? It seems this is the way Shopify is heading (single store, multiple markets), especially with the 'Shopify Markets' coming, that this would be a logical step. I need to make the decision in the new year about how we progress and I'd hate to find out that this would come in at some point.

Jon

Maz
Shopify Staff
Shopify Staff
473 74 66

Hi Jon,

 

I really appreciate your feedback on this and wanted to thank you for that. We definitely understand that being able to separate sales for each location, and add different bank accounts for payouts means a lot to you as part of your business workflow.

For the moment, while we have had a lot of feedback surrounding this, we currently do not have a timeline of if and when this feature would be rolled out to our merchants. Although there's no guarantee of an approval and when it will be rolled out in future updates, I have high hopes for this. Additionally, you can keep an eye on our Shopify Changelog page, to keep updated on the latest news about our platform.

Have a great day!

 

 

Maz | Social Care @ Shopify 
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rye_boy
Tourist
5 0 2

@MackJon I am in the same boat as you were. I have 2 stores and I am planning on combining them because of operational issues and inventory management.

What did you end up doing? Did you go back to separate your stores again to keep the currency separate?

I am not sure if I should just keep 1 store, from the 2 stores.

Any insight or help would be appreciated.

MackJon
Excursionist
26 0 7

Hi,

Didn't get any further with this unfortunately and it is just causing a lot of pain.

My advice would be not to create a single store at the moment, there's so many issues, limitations and workarounds to consider. For example, this one has been going unfixed since last June 

Basically it's a bug where all the warehouses are considered as one, so even if the warehouse cannot ship to the customer location, but is the only one with stock, Shopify allows the customer to purchase anyway. I've got a workaround, but using multiple paid apps to fix it. 

There's also the issue that % discounts work on the native currency, not the currency the customer i... This one took ages to figure out what was happening as we have 3 currencies on the store. 

My advice - test everything and be prepared for brand new issues you never considered before!

 

Jon

rye_boy
Tourist
5 0 2

Jon!
Thank you so much for the advice!!

One of the main reason we want to switch to a single store from multiple store is the inventory management because Syncio doesn't sync the bundles well.

Anything else I should be aware of that you could possibly warn me of?

chegar
Tourist
10 0 5

Stripe, the platform in which Shopify Payments uses, does offer multi currency payout to multiple bank accounts. Will Shopify Payments offer this? It is certainly available for them to do so through Stripe's API (I've confirmed with Stripe). Or will Shopify choose to force FX conversions on it's merchants to squeeze a little more out of each transaction? It's a shame we can't connect directly to Stripe as a payment provider like the old days and gain all of Stripe's functionality.

Maz
Shopify Staff
Shopify Staff
473 74 66

Hi @chegar!

 

Thanks for jumping on this thread.

 

 

As mentioned already above, we currently do not have a timeline of if and when this feature would be rolled out to our merchants. That being said, there has been a lot of feedback surrounding this, and it might be possible in the near future.

 

I will submit this to the current existing feedback as every upvote counts! As our platform is constantly growing and improving, our team love to get feedback from our merchants on what features/edits they need to improve their workflow. So once I submit this as a feature request on your behalf, our team can review the request. So hopefully, this can be something that is available in the future. I hope this helps!

Maz | Social Care @ Shopify 
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SeanMcEl
Tourist
11 0 2

I am in the same boat - I have 4 stores, currently targeting the UK (with a .com TLD), the US, the EU (multilingual) and Australia. For SEO, running everything under the TLD would be best as the domain authority of all sites is just getting diluted as the content is pretty much identical for each one. But we pay into 4 separate bank accounts as we are 4 different businesses.

 

I really wish Shopify would offer this feature. Woocommerce offer a feature where multiple vendors can sell off your site which would fulfil our criteria and I'm sorely tempted to jump ship to a Wordpress/Woocommerce solution which would be a pity as I love the simplicity of Shopify but the inability to link more bank accounts is a real headache.

 

Sean

www.cannyco.com

jonesin
New Member
2 0 1

Same issue as above. 
3 separate bank accounts, that require me to maintain 3 separate websites and triples my workload. Would greatly appreciate it if Shopify would create a solve for this.

Maz
Shopify Staff
Shopify Staff
473 74 66

Hey @SeanMcEl & @jonesin!

 

Thank you both for hopping on this thread and sharing your feedback with me!

 

Just to let you know, I have also added this feature request with our developers for review. It's great to get this feedback as the more votes we get the more likely this could be added in the future.

Maz | Social Care @ Shopify 
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dhb24
New Member
1 0 1

@Maz - we are also in the same boat. It's a significant pain for our company not being able to setup multiple payout bank accounts in one Shopify account. It would save on Foreign Currency losses if we could have our GBP revenue go into one bank account, EUR into another bank account, and USD into another. We are a UK company but pay our suppliers in USD and would like to retain the USD from customers rather than convert automatically to GBP all the time. If this was possible then our company grow more profitably, and therefore our Shopify sales, would be able to grow quicker. It's a terrible setback for us not having this feature; particularly with the GBP currency crisis going on. 

https://www.vividalifestyle.com/

jonesin
New Member
2 0 1

@SeanMcEl 

Thanks for the heads up, I will look into Woocommerce's capabilities.

Maz
Shopify Staff
Shopify Staff
473 74 66

Hello @dhb24!

 

Thanks for your feedback on this thread! I can appreciate how this would be beneficial for you and your business, and I am happy to let you know that I have added this feedback also for our developers as a use case. Though it would be difficult to provide any concrete timeline to you regarding any updates or changes, I can assure you that your feedback will not go unheard.

Maz | Social Care @ Shopify 
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 - To learn more visit the Shopify Help Center or the Shopify Blog

firedude2020
Tourist
7 0 1

Thanks I'll be looking to switch my 3 stores as well to woocommerce as well. Its almost 2023 and surprised they still haven't sorted this out.

rye_boy
Tourist
5 0 2
I would suggest you switch to WooCommerce with a lot of caution. I have
moved to Shopify from WooC and it has been nothing short of a blessing. Yes
Shopify lacks a lot of the functionality that WooC promises on paper, but
it has to be built well by someone who knows what they are doing and then
you have to maintain it, which in itself is a huge undertaking. Let me know
how you proceed.