Shopify takes 20% and pays out via PayPal.
PayPal then takes their traditional cut as well?
I noticed there was actually no possible way to set up a bank account for direct wire.
Please let me know.
Founder - apps.shopify.com/amp-google
100% agree. What Paypal does is a joke, taking 3% is a joke. It's super unfair that this is the only payout method available for Shopify Partners
I just want to say thank you to Shopify for not only officially announcing that we will soon (hopefully) have alternate payout options, but also going above and beyond and removing the commission for earnings under $1M. While a little later than I'd liked, the latter will certainly make up for the money I've lost to PayPal during this time, and I really didn't expect that. So thank you for taking partners seriously. This should have a real impact on my life and my work.
Maybe I spoke a little too soon. Any news on when we can expect to stop paying fees to PayPal?
Shopify wouldn't have any control over PayPal fees so this is something we can't comment on for sure. Shopify is looking to launch some new payment methods for our partners in this year (2021) sometime but there is still no exact date. You can read more about this in the blog post with Unite announcements here and I've screenshot where this is mentioned in the blog below.
There is still no update on this but there's still some time left in 2021. Please keep yours peeled and hopefully there'll be an announcement before the year is out!
+1 same here,
PayPal banned my U.S business account, and the reason is my IP isn't fit the IP of the country.
As a remote-first company, it's very common that we live in another country.
I believe many founders have the same issue here. That forced us to pay tax by personal PayPal account which is very annoying.
anyway, looking forward to it.
Inexplicably had my account banned by PayPal without any explanation as well. I've read plenty of stories of folks dealing with the same.
Shopify, I know OS2.0 was always a matter of "Sections Everywhere are coming soon" for 3+ years, but with this, it's folks income on the line. We need something more concrete from you all here. Vague timelines and promises don't cut it.
Yes, the announcement suggested that this would be available 'soon'. That blog post is dated 29 June and we've heard nothing new other than that we may have an announcement (of what, immediate availability, a future date?) by the end of the year! It's a bit of a let down from the excitement that we'd be seeing a solution 'soon' (and to be clear, even at the time that was announced we had already been waiting many months for any word). If we must wait until next year so you can get this right, then so be it. I'm not exactly happy obviously, but what can I do? At the very least can you please start being a little more transparent about progress? We really deserve to know what the state of this is, so we can manage our expectations.
I’m happy to share an update in this thread that the new payout methods for Shopify Partners are here after it was announced at Shopify Unite earlier this year. Shopify has partnered with Hyperwallet to introduce more flexible payout options for partners. Starting in November 2021, the new payout methods will be available in your Partner dashboard. Partners will see an email and dashboard notification when it’s available to their accounts.
The primary benefits of the new payout methods are:
While the specific fees may vary depending on the selected payout method and your region, they are competitive and intend to offer you more control over your earnings and your business.
For more details, check out Managing your Payout method in the Help Center.
Note: In selected regions, Partners may be required to complete identity verification to meet local regulatory requirements. If this applies, you will see additional instructions in the dashboard.