How To Change Shopify Payouts

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How To Change Shopify Payouts

Introduction: As a Shopify store owner, receiving timely payouts is crucial for managing your business finances. Fortunately, Shopify makes it easy for you to change your payout schedule according to your needs

Whether you want to receive payouts more frequently or adjust the payment method, this article will guide you through the process of changing Shopify payouts. Body: The first step to changing your Shopify payouts is to log into your Shopify account and navigate to the “Settings” menu

From there, select the “Payments” tab and scroll down to the “Payout schedule” section. Here, you can see the current payout schedule and a “Change payout schedule” button. Click on it to proceed. Next, you will be prompted to choose your desired payout schedule from three options – daily, weekly, or monthly

If you choose the daily option, you will receive a payout every weekday, excluding bank holidays. However, opting for the weekly or monthly payout options means that you will receive a lump sum payment on a specific day of the week or month respectively. Apart from the payout schedule, you can also change the payment method for your Shopify payouts

To do so, click on the “Edit” button next to your current payment method and choose from the available options, including direct deposit, manual transfer, and PayPal. If you choose direct deposit, you will need to provide your bank account details for the funds to be transferred

Manual transfers and PayPal may incur additional transaction fees. It is worth noting that if you are eligible for Shopify Payments, you can also change your payout currency. This is especially useful if you have a global business and want to receive payouts in your local currency

To change your payout currency, select the “Edit” button next to it and choose from the available options. Keep in mind that changing your payout currency may affect your payment processing rates. Once you have made the necessary changes, click on the “Save” button, and your new payout schedule, payment method, or currency will be updated

It is important to note that these changes may take a few days to reflect in your payouts, depending on your chosen frequency and processing time. Also, keep in mind that different payment methods may have different transaction fees and processing times, so be sure to choose the one that works best for you. Conclusion: Changing your Shopify payouts is a straightforward process that can be done in a few simple steps

By logging into your Shopify account, navigating to the “Payments” tab, and selecting your desired payout schedule, payment method, and currency, you can customize your payouts according to your business needs

Remember to consider any transaction fees and processing times when making your choices, and be patient as the changes may take a few days to reflect in your payouts. With these options at your disposal, you can efficiently manage your finances and focus on growing your business with Shopify.

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