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digitalsunilsah Answered question 02/03/2023
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Shopify Payments is a payment processing system that is integrated with the Shopify platform, which enables merchants to accept payments from customers directly on their online stores. Here’s how it works:

Sign up: To use Shopify Payments, merchants need to sign up for an account and provide information about their business, bank account details, and tax ID.

Enable: Once the account is set up, merchants can enable Shopify Payments in their store settings. This allows customers to pay using a variety of payment methods, including credit cards, debit cards, and other payment methods like Apple Pay and Google Pay.

Transactions: When a customer makes a purchase on a Shopify store, the payment is processed through Shopify Payments. Shopify takes care of the transaction processing, security, and fraud prevention, and transfers the funds directly to the merchant’s bank account.

Fees: Shopify charges a transaction fee for each sale processed through Shopify Payments. The fees vary depending on the plan the merchant is on and the country they are based in. Merchants can also choose to use third-party payment gateways instead of Shopify Payments, but these may come with additional fees.

Payouts: The funds from a transaction are typically deposited into the merchant’s bank account within two to three business days. Merchants can view their payouts and transaction history in the Shopify Payments dashboard.

Overall, Shopify Payments is a convenient and secure way for merchants to process payments on their online stores, and for customers to make purchases easily and securely. It eliminates the need for third-party payment processors and streamlines the checkout process for customers, resulting in increased sales and customer satisfaction.

digitalsunilsah Answered question 02/03/2023
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