How does the weekly payout schedule work for Canada's payments?

[BlastedFX]

Hi everyone! I am a bit confused about the payment schedule for a Shopify payments payout (Canada)

If I wanted to do weekly payouts on Wednesday's would the payment period be for the 7 days? Ex. Nov. 24, 2021 - Dec. 1, 2021? Money earned between those dates is what would be deposited for the payout on Dec. 1, 2021? 

Thanks!

[Kimi · Accepted solution]

Hi @BlastedFX!

If you've selected the weekly schedule for your payout period, then you can expect to see funds transferred to you for orders which had payments that were captured within the weekly (7-day) payout period. In saying this, there is a cutoff time to factor in orders and payment captures, and for Shopify Payments payouts the cutoff time is 12 UTC. This means that if, for example, you captured an order's payment after 12 UTC on Tuesday November 30, you'll see this payment being added to Wednesday December 8's payout rather than the one on Wednesday December 1. Please note that Co-ordinated Universal Time (UTC) is not adjusted for Daylight Savings, so this may also result in a regional perceived time difference in our payout times.

It's also important to note that this payout schedule refers to the date on which Shopify transfers the funds over to your account. Payouts may take longer to reach your bank account, and this is based on your bank's own processing times. You can double check this with your bank if you'd like to know more about the amount of time the funds will appear in your bank account.

[BlastedFX]

@Kimi 

That makes perfect sense! Thank you so much 🙂

[Kimi]

No worries at all, @BlastedFX. Happy to help!

[White_Sands]

Hello! I'm in Western Australia.  I have payouts set for Mondays.  What day is the cutoff for capturing payments to go on the next payout?  Some orders I've captured this week are set for Dec 16th payout so I'm confused as to why not this Monday 9th?  Thanks!