how long does shopify hold your funds

what's good youtube my name is naric,chill coming at you with another,daily ecommerce video today we're going,to talk about,payment holds and how you can completely,avoid them from shopify,and paypal check it out on this vid,all right guys let's get right to it,before that please like and subscribe it,helps so much with the algorithm i'm,dropping videos every single day for you,guys,and trying to provide tons of value so,please just drop a like it really helps,my channel grow,i just started on january 1st so it,means the world to me guys,okay so as you know in e-commerce you,need to handle,cash flow cash flow is very important,because you're going to be spending,a lot of money every single day in a,successful business,but you're also going to be getting in a,lot of money every single day,so what happens when your money in,stops all of a sudden but you're still,bringing money out every single day,that's a huge problem that a lot of,people face with shopify payments,and paypal many people in the drop,shipping business,end up facing holds on these services,such as shopify payments,stripe paypal etc because,of their lack of transparency with these,payment providers,what do i mean by this well with one of,my first successful stores,i had holds not only on shopify for 25,of my revenue but also on paypal for,almost 180 days,this was not acceptable and your,business cannot run,on these holds why because if you're,spending money every single day,and they're going to hold 25 of your,funds for a later date,you might not have enough profits to,make up for that difference,therefore your business might be put to,a halt you cannot afford this,especially if you're playing with thin,margins like i used to play with,now my margins are never below 30 for,the most part,on average i'm currently facing 33 to 36,margins on all of my three stores and,that's what you want to go for,but if your margins are about 20 or,under you're gonna face some serious,threats from these payment holds,and this is why we want to make sure,that you never face this problem with,these payment providers,so how do we avoid these problems with,shopify payment holds,and paypal payment holds well i'm going,to give you guys some amazing tips and,tricks,where i've gotten to a point where i,haven't had a single hold since my first,hold,now how do i do this well we have to,think about what causes these payment,holds first,what causes them is when you do not,provide enough tracking information,to your payment providers therefore,they're a little bit skeptical on your,new business providing,actual products to your customers and,rightfully so a lot of,drop shipping businesses shipped from,china and that's not good when you have,delivery times that might be over,30 days to your customer that's,unacceptable,that's why shopify and paypal might hold,your payments so how do we avoid this,we avoid this by providing them tracking,information immediately,as soon as you can now oftentimes you,might not have the tracking number for,your orders right away,but there's a service out there that,actually provides you tracking,information,right away along with providing you,excellent shipping times,with very low cost i'm talking about,cj drop shipping it's one of many,different platforms out there that allow,you to connect with agents,so that you can lower your shipping,times source your products efficiently,auto fulfill your orders on a daily,basis and you get the best rates,and quality service now i'm not,sponsored by cj drop shipping but i've,used them for hundreds of thousands of,dollars in cost of goods,and i can tell you they are a great,service if you know how to use them,it's pretty intuitive get onto,cjdropshipping.com and you'll see what i,mean,if you have any questions ask their,customer service representatives,or wait for a later video while i'll,post a tutorial about how to use cj drop,shipping now what they do is,as soon as you fulfill an order as soon,as a customer places an order,you fulfill it on their website and then,immediately within 24 hours to 48 hours,they send you a tracking information,directly to your shopify so it syncs,right away,this way you'll have tracking,information immediately,as soon as your customer places an order,this is very good to maintain shopify,payments good standards so you don't get,a hold in your account,okay but what about paypal right now,paypal,the problem that they have is very,similar they also want to see that,you're providing your customers goods,and services on a timely basis,they don't want to see 50 day delivery,times and they especially don't want,to see no tracking information on their,orders from the customers,this is why i use an application on,shopify called trackypal,trackypal automatically syncs your,tracking information per,order onto the paypal order submitted by,that customer,so this way you don't have to go through,every single order,placed on paypal checkout and put in the,tracking information,instead tracypal takes the information,from your shopify,which is already synced from cj,and it syncs it to paypal asap,so you never have to worry about a hold,again from shopify or paypal,now the one thing that i will warn you,about is chargebacks,if your quality is not good if your,delivery times are outrageous,and you're providing crappy service,overall to your customer,you will get chargebacks you want to,make sure,that your chargebacks are under one,percent of your total orders,for example if you get a thousand orders,your chargebacks should be no more than,10 chargebacks total,for those thousand orders if you get,more than 10 chargebacks,you will have a serious review placed on,your shopify payments,they might even suspend your account or,completely ban you from,use of their of their payment services,overall you want to provide,quality service to your customers and,bring value to them,but things happen especially if you're,brand new and you might not be able to,maintain,that ratio of one percent chargebacks,and less,if this so happens you'll be forced to,use a different payment provider,that is more susceptible to higher,chargeback rates however they do,charge a monthly fee but they also,charge,a much lower transaction fee,where shopify payments charges 2.9 plus,30,per transaction payment clout i believe,charges two point three dollars i'm,sorry percent,plus i think fifteen percent per,transaction,i haven't used them for a while because,i haven't had to use them for a while,when my first business happened i wanted,to make sure that i would not get above,one percent chargebacks,so i use payment cloud however i,thankfully did not get more than i think,five chargebacks for about three,thousand orders,so i was very good with my customer,service to make sure that didn't happen,and you should be as well if you do,happen to get chargebacks and you can't,afford to lose your payment provider,then you should regardless of whether,you,you want to lose your payment provider,or not you should take care of your,chargebacks right away,and submit a proper response along with,as much information as you could provide,for that chargeback response this way,you have a high chance,of battling these chargebacks and i have,had many customers with high risk,notifications that have placed,chargebacks on my orders,but i fought against them and have,denied their chargebacks,because they were fraudulent how do i,deny them,well most of them claim that they,weren't delivered on time,or that the the product had something,wrong with them,however my services clearly state if,something is wrong or damaged with the,product,all you need to do is show us a picture,and we'll immediately refund you the,whole,cost of the product without even asking,for a return that's my policy,because i want to provide service,quality service to my customers,but if they don't do that and they file,for a chargeback,which is a very small amount of people,nevertheless then i can battle them,efficiently with proof that i haven't,received an email from those customers,and if i did have a conversation or a,thread with this customer on email,with my customer service representatives,i would provide this proof,so i can be protected during chargeback,cases,all right guys there's a lot to go into,this kind of topic but i gave you the,gist of it,i hope i gave you guys some value in,this video if i did please leave a,thumbs up it helps,so much with the algorithm i'm growing,very fast we just hit,100 subscribers yesterday and it is,insane we're getting about 13,subscribers per day,and the channel is going immensely fast,it's only been 19 days since i launched,this chat,this channel and it is absolutely,crushing and i'm getting wonderful,feedback from you guys,and i absolutely love it if you have any,suggestions for videos in the future,please give me some ideas because i'm,doing videos every single day,and even though i have a lot to talk,about i'd love to talk about the things,you want me to talk about,so thank you for watching until the end,god bless you i wish you guys the best,of luck,and don't forget never ever ever ever,give up y'all,peace,me

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