How do you receive money from Shopify? If you’re running an online store on Shopify, understanding how to effectively manage and receive payments is crucial for the smooth operation of your business. This article will guide you through the various methods available for receiving money on Shopify, ensuring that you can focus on what you do best – selling your products.
In today’s digital age, there are multiple ways to receive money from your Shopify store. Let’s explore the most common methods and the steps involved in each one.
1. Shopify Payments
One of the most convenient ways to receive money from your Shopify store is through Shopify Payments. This is Shopify’s integrated payment gateway, which allows you to process credit card payments directly on your website. To set up Shopify Payments, follow these steps:
– Go to your Shopify admin dashboard.
– Click on ‘Settings’ and then ‘ Payments.’
– Click on ‘Add payment method’ and select ‘Shopify Payments.’
– Enter your business information and complete the setup process.
Once Shopify Payments is activated, you can start receiving money from customers using various credit cards, including Visa, Mastercard, American Express, and Discover.
2. External Payment Gateways
If you prefer to use an external payment gateway, you can integrate one of the many available options through the Shopify App Store. Some popular external payment gateways include PayPal, Stripe, and Square. Here’s how to set up an external payment gateway:
– Go to the Shopify App Store and search for the payment gateway you want to use.
– Install the app and follow the on-screen instructions to connect it to your Shopify store.
– Configure the payment gateway by entering your account details and setting up any necessary payment options.
Once your external payment gateway is set up, customers can pay for their purchases using their preferred method, and the funds will be transferred to your bank account according to the gateway’s terms and conditions.
3. Bank Transfers
If you prefer to receive your earnings directly to your bank account, you can set up bank transfers for both Shopify Payments and external payment gateways. Here’s how to do it:
– For Shopify Payments: Go to ‘Settings’ > ‘ Payments’ > ‘Shopify Payments’ > ‘Bank accounts.’
– For external payment gateways: Follow the instructions provided by the payment gateway’s app to set up bank transfers.
Once you’ve added your bank account information, you can start receiving funds directly to your bank account. Keep in mind that the transfer time may vary depending on your bank and the payment gateway.
4. Shopify Capital
For store owners looking to expand their business, Shopify Capital offers a financing option that allows you to borrow money based on your sales data. You can use this capital to invest in inventory, marketing, or other business needs. To apply for Shopify Capital:
– Go to ‘Settings’ > ‘Finance’ > ‘Shopify Capital.’
– Follow the on-screen instructions to submit your application.
If approved, you’ll receive the funds directly to your Shopify account, which you can then use to grow your business.
In conclusion, receiving money from your Shopify store can be done through various methods, including Shopify Payments, external payment gateways, bank transfers, and Shopify Capital. By choosing the right method for your business, you can ensure that you receive payments efficiently and effectively.
