The New Shopify Payouts For Partners

Shopify Payouts 💸

Earlier this month, Shopify began the rollout of its new payout methods for partners of the platform. The invite list for the latest Shopify payouts extends to a variety of members from the Shopify Partners Program such as; app developers, theme developers, experts, affiliates and agency partners like us here at Karmoon.

The release of the latest Shopify payouts provides partners of the platform with further flexibility in regards to how payouts can be received. Additionally, this update walks hand in hand with heightened coverage and support for even more regions and countries around the world, not to mention industry-leading fees to Shopify partners additional control over their earnings.

The team at Shopify are committed to helping their entire community of helpers within the Shopify Partners Program to thrive, which is one of the reasons why the platform has decided to update their revenue share plan in 2021.

The latest updates to the plan promise to provide partners with 100% of their revenue on the first $1 million that they earn, every year. However, we’ve heard that the platform is eager to do more so, this update has been implemented to make it even better for businesses to partner with Shopify, and its millions of merchants across the globe.

In light of this, we are going to share everything that we know about the new methods for Shopify payouts within today’s article:

Shopify Payouts with Hyperwallet 👛

The first topic on the agenda is Shopify’s partnership with Hyperwallet. By joining forces, Shopify and Hyperwallet have an aim to introduce more flexible payout options for the platform’s partners.

There’s no time like the present so, earlier this month, the new methods for Shopify payouts became available via the Partner Dashboard for existing members of the Shopify Partners Program.

Wondering what the benefits of this collaboration are? The platform’s community of helpers will be able to access:

• Additional flexible payout methods
• Industry-leading pricing and fees
• Expanding regional coverage

If this has piqued your interest, stick with us to learn more about the latest payout methods which can be reaped by members of the Shopify Partners Program, alongside how you can enrol and where support can be found.

Flexible Payouts

It’s no secret that the Shopify partner community required more flexibility in regards to how payouts were made and we’re pleased to share that with Hyperwallet, payouts can be made with the new methods depending on your local region.

The latest methods for Shopify payouts include; local bank transfers, wire transfers and other payout methods, in addition to PayPal.

Partners may also specify the currency that they would like to receive their payouts in, depending on the region that they reside within.

Shopify has also secured competitive foreign exchange fees, enabling partners to keep their earnings and make better business decisions.

Invenire - The Shopify Partner 🤝

Invenire, the development agency based in Queensland, Australia specialises in SEO and analytics for Shopify stores and have been a Shopify Partner since 2018.

Invenire was one of several Shopify Partners that struggled with the previous payout methods that were available, however, Arve Sølland, the Founder of Invenire, claimed that his team has experienced a drastic improvement since using the new payout methods within this statement:

“The new payout via Hyperwallet works great! It’s saving me transaction fees I used to pay every time I transferred from my PayPal account to my bank account.

It’s also saving me the hassle of manually logging in and initiating the transfer. Something that saves both time and money has to be good news, right?”

Industry-Leading Fees

As we mentioned above, Shopify has partnered with Hyperwallet to secure new and preferential transaction fees.

While the specific fees may vary based on the payout method chosen alongside each partner’s region, they are more competitive and intend to give partners more control over their earnings and their business.

Lizuna, the app development company based in Tokyo, Japan has been a Shopify partner since 2018 and their app, Beacon Fraud Protection, enables merchants around the world to detect, reduce and prevent fraudulent orders while not losing out on legitimate customers.

In a separate statement, Jason Sio, the Co-Founder and CEO of Lizuna stated:

“Getting paid in our local currency directly to our bank account greatly simplifies the payout process and financial record keeping.

No more logging into PayPal. No converting currencies. No minimum fees and no more time-consuming transfers to our bank account.”

Regional Coverage 🌎

Until now, some members of the Shopify Partners Program were unable to receive payouts in certain regions due to PayPal being unavailable in their location. Therefore, Shopify’s partners often had to establish complicated methods to direct payouts to intermediaries or associates, which delayed payouts and incurred additional fees.

However, with the latest updates, Shopify payouts can now be issued in many more regions, such as; Ukraine, Turkey, Bangladesh, Nigeria and Pakistan.

Ultimately, this means that there is no need for intermediaries, which makes it simpler for developers around the world to build for Shopify.

Yellow.E.Stores

Based in Chennai, India, Yellow.E.Stores is a company that helps merchants to launch and manage their online store(s) and has been a Shopify Partner since 2014.

In a statement, Bapu Naidu, the CEO of Yellow.E.Stores commented:

“We love the new payout feature, as we now receive our payouts directly from Shopify without any costly third-party commissions. We receive our payouts earlier, and with much less effort.”

Existing Shopify Partners 💸

As of November 2nd, Shopify began to roll out its new payout methods for the platform’s partners, so we expect that all community members will have access to the new payout methods by the end of 2021.

When the new updates for Shopify payouts become available for your organisation, you will see a notification on the Partner Dashboard and you will also receive an email with instructions.

When this becomes available, you may set up your Hyperwallet account in the Partner Dashboard.

Updated Documentation and Additional Support

To help support members with adding the new payout methods, Shopify has updated the information displayed on the Getting Paid page of their partner documentation.

This page provides context on how partner earnings are calculated as well as updated details on how to set up the new Shopify payouts.

Want to stay in the loop with updates on all things developmental at Shopify? We’d recommend joining Shopify’s monthly What’s New for Developers newsletter for the latest information.

Growth Opportunities for Shopify Partners and Developers 🛠️

All around the world, Shopify partners and developers are helping merchants to; start, grow and manage their business(es), all while building successful enterprises of their own.

Just like Shopify, we are inspired by the success of many long-time Shopify Partners, such as Klaviyo in Boston, Recharge in LA, Printful in Latvia, and Yotpo in New York, all of which have built billion-dollar establishments which focus on serving Shopify merchants.

Ultimately, the new Shopify payout methods provide partners with more flexibility in regards to how and where partners can be paid, alongside industry-leading fees to give loyal members of the Shopify Partners Program further control over their earnings.

Combined with Shopify’s updated revenue share plan, partners are destined to succeed alongside the platform’s merchants.

The Shopify Partners Program

We believe that these updates will help partners to grow their business, build a team and create even more amazing experiences for Shopify merchants.

Why not sign up for free and access revenue share opportunities, developer preview environments and educational resources?

If you’re actively looking to work with a Shopify agency designer or developer to assist you with your business, we’d love to hear from you. Get in touch to get started!