Why am I receiving less USD payouts than my Shopify store's sales report?

[justmatcha]

Hi,

I am confused as to what Shopify is doing with my payouts.  

My store reports in C$ but I am paid in USD.  Obviously there is an exchange rate applied and I assume that exchange rate is horrible for me as that just seems to be how shopify makes some of its money.  However, for the calendar year to date, I have sales of C$4047.75 but have only received USD$2443.32.  That is an implied exchange rate of $1.66.  The average USD/CAD exchange rate for the period is around $1.35 maybe $1.36.   So what is happening here??  By my calculations, I am owed in excess of USD $500 (this year).  I assume the same thing has been happening since I signed up with Shopify.

Can anyone help?  Where is this money?

[Shay]

Hi @justmatcha 

I definitely understand your concern here and want to make sure you get some answers for your payout conversions. 

You should be able to review your payouts to see what the conversion rate/fee was on the payout. You can also export the payout data to review it all together in a spreadsheet application like Google Sheets or Excel.

We share a bit of information about how this is calculated in our Help Center here: Shopify Payments Processing.

If you need help understanding your payouts, or believe the calculations on your payouts are incorrect, please don't hesitate to reach out to our live support team for further assistance. 

[justmatcha]

Hi,

I have downloaded the payouts which is why I am questioning the
calculations.

It doesn't make any sense to me and the calculations are not supported
anywhere.

What is the solution?

Kip Home

[Shay]

Hi @justmatcha 

If you have questions about the calculations on your billing statements you will want to contact our live support for further assistance. 

To access our live support, please follow this link: Shopify Help Center. Next, you will want to follow the on screen prompts to sign in, choose your topic and issue and at the bottom of the help articles provided will be all available live support options. 

[CashDash]

Hey @justmatcha , Hope you are well.

As Shay explained, this has to do with payment processing and different fees involved in international transactions from both Shopify and your payment processors.

When selling internationally, you have currency conversion fees and transaction fees. As described in your post, you are seeing an overview of your payouts but not the granularity of what was charged. You can actually see this on Shopify by order but it is quite a deep dive. In fact you need to go to settings, billing, select a billing fee and then try and find an order amongst the bundled fees. Obviously this is not scalable. Below you can see the breakdown you may see on Shopify:

If we dig a little deeper however we find that indeed there are payment processing fees for this international order:

Indeed, for a sale which originally had no fees on, there are actually quite a few involved such as payment processing, payment thresholds and exchange rates. This is all broken down in our CashDash block.

However, realistically do you really want to go order by order and check the fees? From what you described in your post, what you want to see is the payment processing fees as a total or potentially by country (taking a guess here). Regardless of where you are selling and how consumers are paying we automatically calculate the actual fees charged, based on the receipt, and convert them back to your home currency at the time of the transaction. We also calculate the currency conversion fee accurately, providing you with a clear picture of your finances. We then compile all this and show you the breakdown per country and total spend on payment processing and fees:

Sorry for the long ramble, but as you can tell, we are pretty passionate about the topic. We are currently testing our app and onboarding shops completely free with 0 commitment. I would love to connect if you are interested in talking further. DM me if interested and have a great day!