I just recently launched my online store and just got my first order which is exciting. I'm using Shopify payments, and wondering if it's still good to use compared to third party services? I've seen some posts where there has been issues with the payouts from receiving and refunding, and I don't know if the issue has been resolved.
What does it mean when the payout is still pending after some time? Will the customer be affected? Or is does this only affect the Online Store Owner?
If anyone can clear up this confusion, that would greatly appreciated!
Sophia here from Shopify. Welcome to the Shopify Community, and congratulations on your first order!
I'm happy to discuss payment provider options with you. Where is your store located? With that information, we can review the third-party payment providers available in your area. Keep in mind that there is a transaction fee involved if you're using a third-party payment provider. The transaction fee percentage depends on your plan.
With Shopify Payments, you can keep track of everything under one account, and you don't need to pay a transaction fee in addition to the credit or debit card rates. If PayPal is available in your area, you can use it alongside Shopify Payments without a transaction fee. This gives your customers plenty of payment options, including credit cards or credit/debit combination cards, and accelerated checkout options like Google Pay and Apple Pay.
You can get in touch with Shopify Support 24/7 if you have any questions about Shopify Payments, and you'll have access to a breakdown of charges, refunds, adjustments, and reserves in your admin under Settings > Payments > View payouts. Orders through Shopify Payments are also reflected in the Finance reports under Analytics > Reports.
As long as you've completed the setup and connected a supported bank account, there shouldn't be an issue with receiving payouts. Failed payouts typically indicate an issue with the bank account on file. For example, in some cases an account has insufficient funds to process refunds, or has some type of hold or setting that's preventing Shopify from transferring funds. Potential payout issues will not affect customers. If you process a refund through Shopify Payments, the refund is processed immediately and the transfer of funds back to the customer's payment method can just take a few business days depending on their bank or card provider.
I hope this information is helpful! Please let me know if you have any questions.