As the owner of an online business, one of the most important choices you will have to make is which payment gateway to use for your Shopify store. This choice can have a big effect on how your customers shop, how many of them buy from you at checkout, and how well your business does overall. Shopify Payments is a powerful payment gateway that lets businesses accept online payments right on their Shopify store. In this article, we’ll talk about how to set up Shopify Payments, what it’s good for, and what information is needed to verify an account.
How Shopify Payments Work
Shopify Payments works with many different ways to pay, like credit cards, debit cards, Apple Pay, Google Pay, and Amazon Pay. This variety lets you meet the needs of different customers, which increases your chances of turning their interest into sales. Shopify Payments also works with more than 100 payment gateways around the world, so you can accept payments from customers all over the world.
How to finish setting up an account
Setting up Shopify Payments is a simple process that only takes a few steps to finish. First, go to your Shopify admin and click on the “Settings” tab. Choose “Payment Providers” and then click the “Complete Shopify Payments Account Setup” button. After that, you’ll have to give the following information:
Set up payments on Shopify.
To set up Shopify Payments, you need to give information about your business, such as its legal name, address, phone number, and email address. If your business is in the United States, you will also have to give your Social Security Number or Employer Identification Number (EIN). You also need to give information about your bank account, such as the name of the bank, your account number, and the routing number. With this information, Shopify can automatically move the money from your sales to your bank account.
Keep your business and payment information safe.
Shopify Payments uses security measures that are common in the business world to keep your business data and payment information safe. The platform meets the Payment Card Industry Data Security Standards, so it is PCI-DSS compliant. Also, Shopify Payments uses the most up-to-date encryption technology to hide all sensitive information, like credit card numbers. This keeps hackers and other bad people from getting access to your customers’ payment information.
Information that Shopify Payments needs
For Shopify Payments to work, you need the following information:
Proof documents for a business
Shopify Payments needs you to send in certain documents to confirm the legal and financial information about your business. Among these papers are:
- Documents for business registration include the business’s legal name, address, phone number, and email address.
- Proof of business address: This can be a utility bill, a lease agreement, or something else that shows where your business is located.
- Business tax ID: If your business is based in the United States, this can be your Social Security Number or Employer Identification Number (EIN).
- Details about your bank account: You need to give the name of your bank, your account number, and the routing number.
Information about who owns what
Shopify Payments needs you to give them information about who really owns your business so they can make sure you are the real owner. Beneficial ownership is when someone owns or runs at least 25% of a business. You have to give the following details:
- Full legal name
- Home address
- Birth date
- Social Security Number (SSN) or ID number from the government
- How much each person owns
Once you have given Shopify all the information they need, they will look over your application and let you know the results within a few days. If your application is accepted, you can use Shopify Payments to start taking payments on your Shopify store.
Conclusion
Shopify Payments is a safe and reliable way to accept payments for your online business. It is easy for customers to pay because it works with more than 100 payment gateways around the world and accepts payments in different ways.
