Introducing More Payout Flexibility for Shopify Partners
Shopify has started rolling out additional payout methods to all Shopify Partners, including app developers, theme developers, experts, affiliates, and agency partners, during November.
The new payout methods give Partners additional options for receiving payouts.
Let’s dive into this exciting new update!
New Payout Methods for Shopify Partners
Shopify’s new payout methods provide expanded coverage and support for more areas and countries throughout the world. Additionally, they come with industry-leading prices that allow more control over profits.
How is that possible?
Hyperwallet introduces new payment methods
Shopify has teamed up with Hyperwallet to give Partners more flexible payout choices. These new methods are now available through the Partner Dashboard as of mid-November.
The advantages for Partners are:
- More flexible payout methods
- Industry-leading pricing and fees
- Expanding regional coverage
More flexible payouts
Shopify has heard Partners' wants for more control over how payouts are made.
By using Hyperwallet, payouts can now be made in a variety of new ways, depending on your location. In addition to PayPal, they can include local bank transfers, wire transfers, and other payment methods.
Depending on the region, Partners can choose the currency in which payouts will be made. Shopify has secured foreign exchange rates, allowing partners to keep more of their earnings and make better business decisions.
How to change your payout option? Head over to the Partner Dashboard.
Industry-leading fees
Hyperwallet collaboration has established new, lower transaction costs. While the costs vary depending on the payout method and the region of each Partner, they are more competitive and aim to provide you more control over your earnings and business.
Expanding regional coverage
Up until recently, some Partners were unable to receive payouts since PayPal wasn't available in their area.
Partners were frequently forced to create complex procedures for sending payouts to intermediaries or associates. This caused payouts to be delayed and resulted in additional charges.
Now, Partners can issue payouts in a wider range of countries, including Ukraine, Turkey, Bangladesh, Nigeria, and Pakistan. This eliminates the need for middlemen and makes it easier for developers all over the world to create for Shopify.
What Partners need to do
Shopify began releasing the new payout method to Partners in a staggered update on November 2nd. It's expected that by the end of 2021, all Partners will have access to the new payout options.
When the new payout option is available for your company, you will receive an email with instructions as well as a notification in your Partner Dashboard.
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