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Does turning on Shop Pay add anything to what a Shopify store pays in fees?
Summary
No. Shop Pay is part of Shopify Payments, and Shop Pay transactions are processed at your normal Shopify Payments rates. The fee goes up only when a buyer picks Shop Pay Installments. The bigger surprise for most stores is refunds: the original processing fee stays with Shopify when you give the money back.
One $80 order, five outcomes
A US store on Basic takes an $80 online order on a US card. At 2.9% + 30¢ the fee is $2.62.
- Paid with Shop Pay. Same $2.62. There is no separate Shop Pay fee.
- Paid with Shop Pay Installments. A higher fee that "also includes the standard Shopify Payments processing fee." The help center does not print the rate; it is shown under View payment rates in your admin. You still get the full $80, less that fee, within 1 to 3 business days.
- Refunded in full. No new fee for the refund, but the $2.62 is not returned. The buyer gets $80 back and the store is out $2.62. On an installments order, the installments fee is not returned either.
- Chargeback, lost. The store loses the $80 and pays a $15 chargeback fee on top.
- Chargeback, won. The $80 and the $15 fee are returned.
At 500 orders a month with 15 refunds, that is $39.30 a month in fees the store never sees again.
Installments: the conditions
Turning on Shop Pay Installments costs nothing. It needs both Shopify Payments and Shop Pay active, and in the United States it covers orders from $35 to $30,000 including discounts, shipping, and taxes. In-store installments carry the same rates and order limits as online. Buyers may pay 0 to 36% APR, with no late fees.
Chargeback timing
You usually have 7 to 21 days to put together a response, and a decision can take up to 75 days after you submit it.
When the money arrives
US payouts have a minimum settlement time of 3 business days and no minimum payout amount. You can pick daily, weekly, or monthly payouts. Payments captured Friday through Sunday go out as one payout, and a payout can take another 1 to 3 days to show in your bank. Accounts Shopify deems higher risk can wait 5 to 20 business days.
Rates by plan, and the extra fee for using PayPal or another outside provider, are worked through in our article on Shopify's processing fees and plans.
Sources
- https://help.shopify.com/en/manual/payments/shop-pay
- https://help.shopify.com/en/manual/payments/shop-pay-installments
- https://help.shopify.com/en/manual/payments/shop-pay-installments/getting-paid
- https://help.shopify.com/en/manual/payments/shop-pay-installments/faq
- https://help.shopify.com/en/manual/payments/shopify-payments/payouts/refunds
- https://help.shopify.com/en/manual/payments/chargebacks/chargeback-process
- https://help.shopify.com/en/manual/payments/shopify-payments/payouts/payout-timing
- https://www.shopify.com/pricing
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