Is My Payout Pending

trialeng99
Tourist
7 0 1

I received my first online order last Tuesday, 7 days ago. At the time I didn't have my banking information info setup for payouts but promptly set this up.

I have since received another order, on Wednesday, which I received a payout notification email for, the Payout Status updated to "In Transit" and the funds have been received in my bank account.

Subsequent orders are also now showing "In Transit", however, this first order is still shown as Pending. Do I need to identify the account I want this payment paid out to or some other step?

Replies 8 (8)
Luna
Shopify Staff
304 32 41

Hey, @trialeng99.

Thanks for posting your question in our Community forum. Congratulations on your first sale, what a huge accomplishment! I completely understand the importance of receiving your payout, so let's get to the bottom of this. 

To gather a little bit more context, next to the payout status that is listed as 'pending' do you also see a 'payout date'? Typically, if Shopify Payments isn't set up at the time of the purchase, the funds will be held until there is a bank account listed. After that, we will make another attempt to deposit the funds. This attempt will usually be made within 3 business days. Nevertheless, there can be other explanations for why the payout is still listed as pending. For that reason, I suggest that you reach out directly to our support team so that we can access your account to resolve this. While we’re not able to provide account-specific support via the Community forum at this time, we’d be happy to continue assisting you through live chat, email, or callback. Please visit our Help Center and log in to your account to create a support request. 

Our team will be more than happy to help get your payout processed. In the meantime, I'd love to hear more about your business. What type of products do you sell? It sounds like you're off to a great start.

Warmly, 

Luna | Social Care @ Shopify 
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Luna
Shopify Staff
304 32 41

Hey, @trialeng99.

Just checking in with you to ensure that you get all the help you need. I completely understand how important it is that you receive your first payout. If you do require any additional assistance, please don't hesitate to reach back out. 

Warmly, 

Luna | Social Care @ Shopify 
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trialeng99
Tourist
7 0 1

Thanks @Luna

Possibly, I spoke with someone on chat (ticket no. 26814281) and was informed yesterday that the payment was just sent out and can take 5 business days. 

Checking this morning it's still showing as "Pending' and not "In-Transit" as I expected to see.

The thing that is concerning me is this... I'm located in Canada with a store currency in USD. That first transaction (from before I setup my payout bank account, which is a USD account) was a USD transaction but on the Transactions page (payments/transactions) it shows an amount in CAD.

Will the original USD amount be paid out or will the CAD amount be converted back to USD? The CAD amount cant be paid out to the USD account that I have setup.

 

I sell products for production road cars to be adapter for alternative uses, mostly off-road rally racing. Some of the products I design and manufacture and I offer these alongside from leading global brands

Luna
Shopify Staff
304 32 41

Hey, @trialeng99.

Thanks for getting back to me. I'm happy to hear that your payout is on its way! To clarify, those funds will be converted to USD when they are deposited if you have set up your payout currency in USD. The amount that you receive in your customer's local currency (also referred to as the presentment currency) is converted to your payout currency, and you're charged a currency conversion fee which you can read more about here: Shopify Payments processing and conversion fees. Your payout bank account needs to be located in the same country as your store. For example, if your store is located in Canada but you want to be paid in USD, then you need a USD account that is based in Canada. To confirm, is your bank account a Canadian account that is set up to accept USD?

Thanks for sharing that additional information regarding your business. It sounds like you have a great thing going. If there is anything else that we can help with, please don't hesitate to reach back out.

All the best, 

Luna | Social Care @ Shopify 
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trialeng99
Tourist
7 0 1

Hi @Luna 

That is correct, I am located in Canada and the bank account I have setup is a USD account with a Canadian institution. 3 transactions have now been paid out successfully and it worked perfectly.

The transaction in question is still shown as "Pending" so I'm not condifent that this issue is in fact resolved and the funds are In-Transit to be paid out.

I don't agree that I should have to pay currency conversion from USD>CAD and then again from CAD>USD. I had not specified my payout currency and the store currency was in USD so I would have expected those funds to remain in the store currency.

 

I would like to get this issue resolved today so I will reply to the case no. email and request a call back.

trialeng99
Tourist
7 0 1

Here is the solution.

Funds will not payout if they are shown as "Pending" in the transactions list with a currency different to that of your payout bank account currency.

Option 1: To avoid incurring a currency conversion fee (again!) change your Payout bank account to a currency that matches the "Pending" amount. You may need to wait 1-2 business days, or longer depending on the payout schedule you have selected. Once the transaction status updates to "In-Transit" you can change the bank account back to the currency of your preference.

Option 2: Shopify's finance team can manually convert the funds to match your bank account currency, you will incur a conversion fee.

The risk of option 1 is that any transactions processed on your store during the time that you have your bank account set to the alternative currency will likely be subject to a currency conversion into that currency. I'm not 100% sure on this but assume that this is the case. I went with option 1 knowing my store is still new and will likely not receive an order in the next 1 day, but if it does the payment will be converted.

Luna
Shopify Staff
304 32 41

Hey, @trialeng99.

Thanks for sharing this with me. I will keep an eye on our thread. Should you need any further assistance once the payout is released through the option one method, please don't hesitate to reach back out.

Best,

Luna | Social Care @ Shopify 
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trialeng99
Tourist
7 0 1

To confirm, after changing the payout account to CAD the payout now shows as In-Transit 1-day on. I have now changed the payout bank account back to my preferred currency, USD.

The workaround appears to, work.