Shopify Payments is a payment collection tool officially provided by Shopify and developed by Shopify itself.
Currently, Shopify Payments is available in Australia, Canada, Denmark, Germany, Hong Kong Special Administrative Region of China, Ireland, Japan, the Netherlands, New Zealand, Singapore, Spain, the United Kingdom, and parts of the United States.
The advantages of Shopify Payments are reflected in the following four aspects:
(1) The charging standard is relatively low, which is 3.3% of the order amount + 2.35 Hong Kong dollars (charging standards in different countries and regions different), but there is no need to pay additional handling fees.
(2) No transaction fees and no hidden fees.
(3) Shopify Payments can support many types of credit cards: VISA, Master Card, AmericanExpress (both debit and credit cards are acceptable). Supports almost all online payment methods (such as ApplePay, Google Pay, Shopify Pay).
(4) There is no handling fee for Shopify Payments refunds (handling fees incurred when placing previous orders will not be refunded). Refunds can be initiated for orders within 60 days. It should be noted that although the refund can be executed immediately, the refund cannot be reversed. It takes 5 to 10 days for the bank to refund the money to the consumer’s payment card.
I recommend that you open a Shopify Payments account if you have a bank account, water and electricity bill or credit card bill in a country and region supported by Shopify Payments, as well as the documents of a local legal citizen. Without these materials, I do not recommend opening a Shopify Payments account. Because you changed your registered address to those countries and regions that support Shopify Payments and forcibly opened a Shopify Payments account. Once a real order is collected through Shopify Payments, the risk control mechanism of Shopify Payments will be activated, allowing you to provide various information one after another. To prove that you really live at the registered address. Once you fail to provide these information, the funds in your account will be frozen.