what do shopify payments count as

hey guys this is Jake Alexander with,casual e-commerce and in this video I'm,going to be showing you how you can set,up your Shopify payments account so that,way you can start receiving payouts when,you begin making sales with your Shopify,store so in order to get started you,just need to log in to the dashboard of,your store and then we're gonna come,down here to settings and then once,where its settings we're gonna go to,payment providers and this is where we,can go ahead and choose which payment,providers we want to go ahead and use,and you can see that there's a lot of,options here now really quickly before,we do this I do want to scroll down and,just confirm that your payment,authorization is set to automatic this,makes things a lot easier and it also,saves you the hassle if somebody for,example purchases an order and you know,you fulfill it accidentally before you,actually get the payment and then you,never just get the payment so it's a lot,easier to just keep this at automatic so,when it comes to setting up your payment,providers there's really only two that,you're gonna be using one is Shopify,payments into his paypal so we're gonna,go ahead and get into Shopify payments,here so if you don't know,Shopify payments is essentially just,stripe it's just Shopify has partnered,with stripe and it's kind of a custom,setup of stripe but tripe is a,third-party payment provider and they,process credit card transactions so,Shopify payments is literally just,stripe so they've just partnered,together,so Shopify payments is the easiest one,to set up there are others you can do if,you go to change provider you can select,a third-party credit provider here and,you can see there's a bunch of different,ones here but I would recommend just,sticking with Shopify payments now I am,located in the United States so if,you're outside of the United States in,another country you might need to use,something different so we're going to go,ahead and do now when it comes to,setting up Shopify payments it's pretty,simple you just need to,complete account setup in here and now,you just have to enter some sensitive,information so you can see here you type,in your business type so most likely,you're an individual or sole proprietor,but if you already have an LLC or if,you're in a partnership or if you've,registered a corporation you'd go ahead,and do that and then you would enter,your EIN number if you have one and then,your business address and then you enter,your personal details here and then,right here is actually pretty important,in product details so you just kind of,want to talk about what you are selling,so in this sample store here,I was selling acne products so I could,put in online retailer of skin care,products so you just want to put,something like this in here just a,little brief description of what you're,selling that way stripe knows because,they have to have some sort of vetting,process but you know pretty much I've,never seen anyone not get approved,before but I still wouldn't risk you,know putting something stupid in here,definitely just put a nice clean-looking,description of what you're selling and,then down here you can go ahead and put,in I wouldn't put like a personal number,in like this is a Google Voice number so,you can put in a Google Voice number or,your business number if you have a 1-800,number because this information will be,shown on your customers credit card,statements so if it was me I you know I,don't like having my personal number,anywhere out there so I wouldn't want,that here and then the statement,descriptor right here you can see if we,change it you can see this is what's,going to show up on our customers credit,card history so if you want to put the,name of your store here or you can put,the name of like if you have the actual,company name you could put like company,LLC and then down here you just go ahead,and put your,information and then complete account,setup and most likely you're going to be,approved instantly and you'll be good to,go so once you're approved you're gonna,be all set and then what you'll be able,to do actually once you're approved is,you can edit here and you'll see that,you can actually change which types of,credit cards you want to accept so if,you don't want to accept certain credit,cards you can go ahead and edit that,here I'm not really sure why you,wouldn't want to accept certain credit,cards to be honest but that is something,you can do all right so now that Shopify,payments is set up you're pretty much,good to go so I just wanted to quickly,let you know how the process works once,it's set up and you start to get your,first orders coming in so let's say a,customer buys your product for $30 so,obviously you're not going to receive,that entire 30 dollars because Shopify,is gonna take a small transaction fee,and then stripes going to take their,transaction fee and if you open this up,here you can see the payment processing,right here so if you were to make a $30,sale it would you would lose 2.4 percent,of that plus 30 cents and whenever you,upgrade your Shopify plan to go ahead,and get a higher pain Shopify plan what,it does is it lowers this processing fee,right here so what I normally recommend,is the only time that you really need to,upgrade beyond the basic Shopify plan is,when you're making enough sales to where,you'll actually just make more money to,go ahead and get a lower payment,processing rate so that is the main draw,of upgrading your Shopify plan is to get,in a actual lower payment processing,rate because eventually you do hit a,point where you're losing money by,staying on the basic plan because of,this percentage right here and as far as,the payment delay payments aren't going,to be transferred to the Associated Bank,account immediately know,there's a two to three day delay so,normally you will receive all of the,money from the sales that you made a few,days ago and if you receive any refunds,or get any if you issue any refunds,rather within the products or orders,section it's going to be withdrawn from,the linked bank account it's not going,to be withdrawn from the pending balance,it's gonna come from the bank count and,if you get any charge backs that's also,going to come out of your bank account,as well so with that said I think I've,pretty much covered everything in,regards to setting up Shopify payments,and how it works if I miss something be,sure to let me know in the comments and,I'll try and answer as quickly as,possible if you liked this video and,found it helpful,go ahead and leave it a thumbs up be,sure to subscribe to the channel for,more content and I will see you guys in,the next video

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