Achieve Instant Payouts on Shopify and Big Cartel: The Ultimate Guide

Table of Contents

1. Introduction
2. Understanding Stripe Payouts
3. How to Get Instant Payouts on Shopify
   • Changing Payout Schedule in Shopify
   • Important Considerations for Shopify Payments
4. A Guide to Big Cartel Stripe Payouts
   • Initial Payout Process with Stripe
   • Stripe Payout Schedules for Different Locations
   • Adjusting Payouts Based on Location and Business Risk
5. Conclusion

Introduction

In this article, we will discuss the differences between Stripe and Shopify payouts and explore how to achieve instant payouts on both platforms. We will provide a step-by-step guide on changing the payout schedules in Shopify and highlight important considerations regarding Shopify payments. Additionally, we will delve into the process of Stripe payouts on Big Cartel and provide an overview of the different payout schedules based on location and business risk. By the end of this article, you will have a clear understanding of how to expedite your payout process and receive your earnings faster.

Understanding Stripe Payouts

Before diving into the specifics of instant payouts, it is crucial to understand how Stripe payouts work. When you first open a Stripe account, there is typically a waiting period of two weeks before you receive your first payout. This delay is because Stripe needs to verify your account and ensure its legitimacy. It is important to have some funds saved up initially so that you do not solely rely on sales money to keep your business running. Keep in mind that it may take up to three weeks to receive your money from the very first payouts with Stripe.

How to Get Instant Payouts on Shopify

If you are using Shopify and wish to expedite your payout process, you have the option to change your payout schedule. By default, Shopify offers a payout schedule of every business day, every week, or every month. To switch to a next business day payout schedule, follow these simple steps:

1. Open your Shopify store and click on "Store" located at the bottom right of the screen.
2. Go to "Settings" and then navigate to "Payments."
3. Under "Shopify Payments," click on "Manage."
4. Scroll down until you find the payout schedule option.
5. Choose "Every business day" to receive your payments the next business day.
6. Save your changes and you are all set!

It is important to note that while Shopify pays out quickly, the payout amount includes not only your profits but also your shipping costs. Shopify bills you at the end of each month, charging you for everything you shipped during that month. Therefore, ensure that you keep track of your shipping amounts separately to avoid any surprises when it's time to pay your monthly dues.

A Guide to Big Cartel Stripe Payouts

For those using Big Cartel with Stripe, the process of payouts follows a different set of rules. Here's what you need to know:

Initial Payout Process with Stripe

Similar to Shopify, Stripe on Big Cartel also has an initial waiting period before payouts commence. After your first payouts, there are several payout schedules available based on your location:

Stripe Payout Schedules for Different Locations

1. United States and Australia: Stripe offers a next business day payout schedule or standard payouts within seven calendar days.
2. India: Payouts in India follow a seven business day schedule.
3. Malaysia: Payouts in Malaysia take five business days.
4. New Zealand: Payouts in New Zealand are processed within four business days.
5. Brazil: Stripe payouts in Brazil have a longer processing time, with a 30 calendar day wait period.

We recommend confirming your location and choosing the appropriate payout schedule based on the options available to you. It is essential to understand the specific payout schedules for your country to effectively manage your finances and plan accordingly.

Adjusting Payouts Based on Location and Business Risk

Please note that if your business is considered high risk, you may not have the same payout schedule options as others. Ensure that your business is not categorized as high risk and make the necessary adjustments to your payouts based on your location.

Conclusion

In conclusion, getting instant payouts on both Shopify and Big Cartel Stripe is possible with the right settings and understanding of the platforms. By following the steps outlined in this guide, you can expedite your payout process and receive your earnings faster. Remember to make any necessary changes to your payout schedules, keep track of shipping amounts separately, and plan your finances accordingly. With these strategies in place, you can optimize your e-commerce business and ensure a smooth flow of funds for your operations.

Highlights:

• Learn how to achieve instant payouts on both Shopify and Big Cartel Stripe.
• Understand the payout process of Stripe and the waiting period for initial payouts.
• Change your payout schedule on Shopify to receive payments every next business day.
• Keep track of shipping costs separately when receiving payouts on Shopify.
• Familiarize yourself with the different payout schedules offered by Stripe based on location.
• Adjust payouts according to your business risk and specific location for maximum efficiency.

FAQ

Q: Can I get instant payouts on both Shopify and Big Cartel? A: Yes, by following the steps outlined in this article, you can achieve instant payouts on both platforms.

Q: How long does it take to receive the first payouts with Stripe? A: Stripe typically has a waiting period of two weeks before you receive your first payouts to verify your account.

Q: What should I do if my business is categorized as high risk? A: If your business is considered high risk, you may have limited payout schedule options. Confirm your business risk and adjust payouts accordingly.

Q: Are shipping costs included in the payout amount on Shopify? A: Yes, it is important to remember that Shopify includes shipping costs in the payout amount. Keep track of shipping amounts separately to manage your finances effectively.

Q: How often should I review and adjust my payout schedules? A: Review and adjust your payout schedules based on your location and business needs. Regularly check for any updates or changes in the available options.