For example, I had a sale last Saturday on 11th Feb, 2023 and not receiving the payout until 15th Feb, 2023 - that’s 5 full days including the 11th. I understand these aren’t business days.
The payouts usually also don’t come through now until after 5pm on the payout date. They used to process by at least 12 noon. I’m aware this could also just be my bank.
So, I was wondering if Shopify Payouts could adapt a faster solution like PayPal has instant transfers/instant payouts now?
This would also be beneficial to Shopify as PayPal charge extra fees for instant transfers/instant payouts now - which would make Shopify more money also plus give merchants more flexibility as needed.
It’s a win win for both sides if this could be implemented somehow.
Thanks for reaching out here with this query. I can see you have some questions about the time it takes to receive payouts on Shopify Payments.
I definitely understand how being able to receive your payouts faster would be helpful for cash flow, and that sometimes you might not see the funds in your account until later in the day - I’d be happy to help clarify this for you.
May I ask where your store is based? The time it takes to receive payouts will vary depending on your store location as the Shopify Payments pay period schedules are specific to the country in which you are located. It is important to note that this schedule refers to the date on which we transfer the funds. Payouts may take longer to reach your bank account based on your bank’s processing times.
If you are in any way concerned about the amount of time it takes for the funds to appear in your account after the Payout date, then reaching out to your bank for clarification would be a good idea. Banks can typically take anywhere between 0-5 business days to process deposits to your bank account. Unfortunately we have no control over this aspect, as it is dependent on the bank themselves.
You can configure payouts to be a certain time period (weekly, monthly), in most locations however it’s important to note that payouts are still subject to minimum pay periods mentioned in the payout location resource above. However, I would be happy to pass on your faster payouts feedback to our team here as a suggested change. I cannot guarantee that this change would be possible, but I will certainly let the appropriate team know!
Perhaps the reason that you would like faster payouts is to help with your business’ cash flow? Besides being able to speed up your payouts, perhaps there are other cash flow management strategies you could consider. This Shopify article contains some helpful tips and other information that you might get some good ideas from!
I am also having the same question. My other credit card processors are depositing funds within 1 day or 2 days if over the weekend. So this does not make sense that Shopify takes so long and is not good for business. Sales reps, business owners, vendors & affiliates would prefer their commissions sooner than later, this can also cause significant delays with shipping depending on the vendor. Shopify is the ONLY platform that takes this long to process a payment and it is not because of the banks, that is a corporate lie. Please do something to fix this and be in line with everyone else.
Thanks for joining in here, and also welcome to the Shopify Community - I can see this is your very first post here.
I understand that you are wondering why Shopify Payments payouts take longer than other credit card payment processors, of which you mentioned can take only 1 to 2 days. I will gladly relay your feedback regarding faster payouts to the relevant team as a suggested improvement. While I cannot guarantee that this change will be implemented, I will ensure that your feedback is brought to their attention. Thank you for sharing your feedback with us!
As mentioned in my previous post, the time that it takes to receive payouts varies depending on your store location - for some it can be as quick as 2 business days, however others are 3 (and in some locations it can take longer than this). I would suggest referring to this resource here where you can select your specific region to view more information about payout periods.
It is important to note that this refers to the amount of time it takes for Shopify to transfer the funds. Payouts may actually take longer to reach your bank account based on your bank’s processing times. If you have concerns about the amount of time it takes for the funds to appear in your account after the payout date, then you should ideally reach out to your bank.
Any changes to that? Shopify caters to small businesses as small businesses need instant access to funding. I’ve found myself using a backup processing option with my loyal customers, just to get paid early. Business for me can be good with it’s good. But it can also be bad when it’s bad. The struggle is real out here for small business owners and have immediate access to funding can make a huge difference in our ability to continue business. I know you have the card available, but even that makes funds available on the next day. It’s a shame that a company with such advances in technology can be yet so outdated in the most important areas. Please tell me you guys are actively working on developing a better solution for instant payouts.
I have the card and I’m still waiting for dayyyyys for payouts! I chose Shopify over square it honestly considering switching back just because of this. I am handmade clothing small business and payouts taking so long is affecting my turn around time. It’s just ridiculous.
that’s crazy you’re still waiting days even with the card. it’s unbelievable how long they take to transfer funds when literally every other platform offers instant transfers. i’d be happy to pay a fee if it meant i didn’t have to wait 5-7 business days for my funds which is what it’s taking for me right now. i’ve considered switching back to another hosting service as well for this very reason
Thanks for reaching out here - welcome to the Shopify Community.
I understand that you have some concerns about the speed of Shopify Payments payouts and are wondering if there’s been any changes since my last message here.
We are continuously working to improve the platform and address the needs of merchants, including small businesses. While I don’t have specific details on any upcoming changes to payment processing or instant payouts, I would be more than happy to pass your feedback on to the relevant team, so that it can be considered for future updates.
The most up to date information can still be found on our help center here in the getting paid with Shopify Payments section, and you can keep an eye on our changelog here to keep up to date with changes as they happen on the platform.
@ThePinkPeony I am sorry to hear that you are considering switching to another platform due to payment issues. If you have specific concerns regarding your payouts or payment processing on your store, and believe that there’s an issue with your payment schedule then I would recommend reaching out to our support team directly so that we can take a closer look and do our best to assist.
I just switched from Square space (stripe) to Shopify and we are launching the largest product set we ever had as we are doing the switch. If it takes 3 days, even with the card, I’m switching back. Square space paid us in seconds without even needing a card. Has this been updated??
We genuinely thought Shopify was innovative, but this is extremely concerning. What if we get 1000 orders and can’t afford to ship them?? This is a non-starter for businesses our size.
Please offer an option, even if there’s a large fee. Just in case.
Hi has anything changed here? Also seriously considering moving to a competitor for faster payments as it’s become a major factor that affects the ability of the business to scale. It’s also a bit confusing why it exists, once Shopify has begun to process the funds from the customer this amount can be instantly transferred from Shopify to the store, there’s no reason why merchants are waiting for Shopify to reconcile this. While that amount might take a day to arrive with Shopify, Shopify should be transferring to the store the moment processing is confirmed, as Shopify knows that money is incoming.
It’s bizzare to me that Shopify is forcing merchants to ship products without payment which is a big no go for most businesses which is why many of them are building on platforms like Magento etc.. 2 years ago I’m pretty sure it was next business day, now it’s borderline a week until we receive the order amounts and we have to ship the products before even receiving the customers money.
It’s really just not good enough and I’ve stuck around as a merchant for years and not seen any improvement, it’s actually gone backwards.
Yes this is ridiculous. Made a sale yesterday and won’t be paid out until the 8th, I then have to front the order personally. It’s not my bank as every other deposit is instant, everything set to next day and still takes 5 days to pay out. It really is not good enough - and there is no real explanation as to why a business of this size can’t sort it out
I think I found a solution for this for some, and that is to ditch Shopify Payments entirely. Stripe payments offers instant payouts for specific countries: US, UK, AU, CA.
The above doesn’t actually help me at all though as my business operates in NZ. Stripe does seem to in general transfer within 1-2 business days by default though which should help most people with this issue.
By ditching Shopify Payments you lose Apple Pay as an option, as well as some other methods, but tbh as long as you have Paypal and CC you should be able to keep those customers.
Does anyone know if they have made improvements to be able to transfer money to your account faster? I love Shopify but am considering switching back to square because they transfer the money to my account much faster.
I couldn’t agree more! Getting paid on Wednesday for Friday-Sundays takings is really starting to put a strain on my business and i don’t see any other option than to move. Once more shopify don’t seem to want to help change this at all.
I’ve spoken to support several times on the matter and still nothing has been done. Most POS payment processors in the UK pay next day with no issues even on bank holidays!
I am switching back to PayPal as that is almost instant! Shopify is just holding onto funds longer as they earn interest on it. It’s not regulation that is slow.
Will be looking into this, as I am getting the runaround with customer service and it is VERY frustrating. I am set to get payouts daily, but was just told I am set to every 3 days–not true!! I cannot front the money and I cannot have customers waiting even longer for print on demand products. Not good business to say it’s the banks, as many folks have already mentioned, because PayPal goes right through.