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Shopify Payments & Transferwise Borderless Business Account

vmsalve
New Member
1 0 2

Hi, 

 

I would like to know if anything has changed on Shopify policy regarding the possibility of using Transferwise newest borderless account to be linked to shopify payments.

 

Thank you in advance

 

Replies 7 (7)
Katy
Shopify Staff
Shopify Staff
779 43 173

Hi, @vmsalve !

 

Katy here from Shopify. I hope all is well with you, and welcome to our Community! 

 

I am afraid that it would not be possible to use this type of account with Shopify payments. In order to use our own payment gateway, you would need to be located in one of the following locations listed here and you must have a bank account which corresponds to this location. This needs to be a full checking account, or a current account in the case of both UK and Ireland. Our Help Center guide here goes through this in more detail for each location. 

 

I hope this helps to clarify, though if you have any additional questions at all do feel free to let me know.

 

Cheers,

Katy

Please note: This account is no longer regularly monitored.
 - If you need assistance please do start a new topic (referencing an older topic/post if you find this helpful).
 - Thank you for your understanding. We hope you enjoy exploring the Community.
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Pierre_Larose
Shopify Partner
26 0 14

why?

 

Shopify Payments is powered by Stripe and Stripe allows us to use Transferwise Broderless. It is an FCA authorised UK company so why wouldn't a UK Shopify merchant be allowed to use it?

 

Sounds like Shopify wants to reduce merchant choice in order to make money on currency conversion.

 

stine_lyng
Tourist
3 0 6

I completely agree with you Pierre, it's useless for us with setup in different countries that Shopify Payments require a physical bank. The world is digital now. I really hope for a policy change soon, could be a deal breaker for us as we grow. In so many ways Shopify's policies are designed for North America and we as merchants in Europe are stuck with admin headaches.

Hope you don't mind me chiming in here - I share the frustration.
Cheers,

GTRS
Tourist
3 0 3

@stine_lyng @Pierre_Larose @Katy Just to +1 around the frustration on this. Shopify builds on top of Stripe for Payments but chooses not to allow certain features fells just like a strategy for us to have to choose the worse possible business accounts (tx and fees wise) from the uk high street, and then they will come as saviours with their own business accounts (this is already being trialed in the US as specified here https://financialpost.com/technology/shopify-to-launch-its-own-take-on-the-business-bank-account).

Transferwise holds all your money on Barclays, which are a 'proper' bank, but I guess that doesn't count. Shopify also block Stripe in countries where Shopify Payments is available for good measure.

Mark_Rosenberg
Tourist
7 0 8
am2020
New Member
1 0 0

I ordered some goods at a merchant in USA and I paid with my transferwise credit card and at transferwise account it shows that the transaction is completed but the merchant notified me today that my card was not accepted so they initiated the refund procedure. So I can pay via PayPal.

 

 

Katy
Shopify Staff
Shopify Staff
779 43 173

Hi All, 

I hope you are keeping safe and well. I would like to apologize here for the lack of response on this thread. This account is no longer regularly monitored and I have updated my signature to reflect this. 

Although Shopify Payments is powered by Stripe, it is ultimately its own standalone payment gateway so  it does not doesn't support all of the capabilities and locations that Stripe does. The reverse is also true e.g. Shopify Payments offers 0% transaction fees, integrated financial reports and payout information, automatic chargeback processing etc. 

In the case for virtual bank accounts such as Transferwise, this is not something that we offer with our payment gateway. I do understand that this is a frustration, and as such, is a feature you would like to have integrated with our platform. I wanted to let you know that I have added each of your feedback to our internal feature request on this. While this information is reviewed and indeed many feature releases are pushed through as a direct result of merchant feedback, we cannot offer a 100% guarantee that a particular request will get a Green Light, or make it to launch. 

I know this is not the reply that you might have hoped to have received, but I wanted to keep you all in the loop regardless. I am going to close this thread, but if you would like to chat further you are welcome to create a new topic, or reach out to our team - via our Help Center, Facebook, or Twitter

 Thank you for taking the time to share your feedback and wishing you a pleasant and safe New Year. 

Katy

Please note: This account is no longer regularly monitored.
 - If you need assistance please do start a new topic (referencing an older topic/post if you find this helpful).
 - Thank you for your understanding. We hope you enjoy exploring the Community.
 - To learn more visit the Shopify Help Center or the Shopify Blog.