As an online business owner, one of the most critical decisions you will make is selecting a reliable payment gateway for your Shopify store. This decision can significantly impact your customers’ shopping experience, checkout conversion rates, and the overall success of your business. Shopify Payments is a powerful payment gateway that enables businesses to accept online payments directly on their Shopify store. In this article, we will discuss how to set up Shopify Payments, its benefits, and the information requirements for account verification.
Intro To Shopify Payments
Shopify Payments supports a wide range of payment methods, including credit cards, debit cards, Apple Pay, Google Pay, and Amazon Pay. This diversity enables you to cater to different customers’ preferences, thus increasing the chances of converting their interest into actual sales. Additionally, Shopify Payments integrates with over 100 payment gateways globally, meaning you can accept payments from customers worldwide.
How to complete account setup
Setting up Shopify Payments is a straightforward process that can be completed in a few steps. First, log in to your Shopify admin and click on the “Settings” tab. Select “Payment Providers” and then click on the “Complete Shopify Payments Account Setup” button. You will then be required to provide the following information:
Set up Shopify Payments
To set up Shopify Payments, you need to provide your business information, including the legal business name, business address, phone number, and email address. You will also be required to provide your Social Security Number or Employer Identification Number (EIN) if your business is based in the United States. Additionally, you need to provide your bank account details, including the bank name, account number, and routing number. This information enables Shopify to transfer your sales revenue to your bank account automatically.
Keep payment info and business data safe
Shopify Payments uses industry-standard security measures to keep your payment information and business data safe. The platform is PCI-DSS compliant, meaning it meets the Payment Card Industry Data Security Standards. Additionally, Shopify Payments encrypts all sensitive data, such as credit card numbers, using the latest encryption technology. This ensures that your customers’ payment information is protected from hackers and other malicious actors.
Information requirements for Shopify Payments
To use Shopify Payments, you need to meet the following information requirements:
Documents for business verification
Shopify Payments requires you to provide certain documents to verify your business’s legal and financial information. These documents include:
- Business registration documents: These include the legal business name, business address, phone number, and email address.
- Proof of business address: This can be a utility bill, lease agreement, or other documents that show your business’s physical location.
- Business tax ID: This can be your Social Security Number or Employer Identification Number (EIN) if your business is based in the United States.
- Bank account details: You need to provide your bank account details, including the bank name, account number, and routing number.
Beneficial ownership information
Shopify Payments requires you to provide beneficial ownership information to verify that you are the legitimate owner of the business. Beneficial ownership refers to individuals who own or control at least 25% of the business. You need to provide the following information:
- Full legal name
- Home address
- Date of birth
- Social Security Number (SSN) or government-issued ID number
- Percentage of ownership
Once you have provided all the required information, Shopify will review your application and notify you of its status within a few days. If your application is approved, you can start accepting payments on your Shopify store using Shopify Payments.
Conclusion
Shopify Payments is a reliable and secure payment gateway that can help boost your online business’s success. Its integration with over 100 payment gateways worldwide and support for multiple payment methods makes it easy for customers to pay
