How To Set Up Shopify Payments For Dropshipping 2024
Introduction
How To Set Up Shopify Payments For Dropshipping 2024, Dropshipping products to customers directly from wholesalers is a popular low-overhead ecommerce model. And Shopify’s integrated payment processing through Shopify Payments makes accepting credit cards seamless when dropshipping orders in 2024. We’ll explore how to fully set up payments properly to enable scalable order transactions with suppliers.
VIDEO TUTORIAL
Sign Up for a Shopify Account
If new to Shopify, first sign up for an account and choose the standard Shopify plan to access all the core ecommerce and payment tools needed for a dropshipping business. Use the free 14-day trial period to explore the platform’s options and capabilities before paying. Link your desired store domain name and set up website hosting through Shopify.
Enable Shopify Payments
In your Shopify admin under Settings, find “Payments” and enable Shopify Payments. This activates Shopify’s built-in payment gateway directly bundled into your Shopify subscription for simplified merchant services. Alternately you can opt for an external gateway like Stripe or PayPal later on. But Shopify Payments simplifies accounting with one consolidated interface.
Input Your Bank Account Details
Shopify Payments requires connecting a bank account to deposit your collected payments into. In Payments settings, choose your country, input your bank name, account and routing numbers to link your account securely using Plaid verification. Payout timeframes range from 1-7 days depending on region and verification status.
Set Up Refund Account Balance
You'll also want to allocate balance towards a refund account so customer refunds can process automatically in case of returns or exchanges with your supplier. Allocate a percentage of each sale into your refund account balance. Payout reserve amounts depend on your store's average monthly volume.
Activate Fraud Analysis Tools
Under Shopify Payments, enable additional fraud analysis tools like Address Verification, CCV Verification, and Auto Block High Risk Payments. These provide layered security, blocking sketchy orders and flagging questionable transactions for manual review. Such tools minimize fraudulent chargebacks which is critical when your supplier handles fulfillment.
Review Payment Fees
Understand Shopify Payment processing transaction fees so profits are accurately calculated. Fees include payment processing costs, cross border transactions for international cards, currency conversion for foreign shops, chargeback buffers, and other services like refund processing. Calculate margins accordingly.
Set Up Automatic Order Creation
A major benefit of Shopify for easing dropshipping workflows is automatic order data syncing with suppliers. Install the SupplyChannel app. Connect it to your supplier accounts like Spocket. Setup order parameter triggers to automatically generate supplier invoices fetching real-time inventory counts and shipping rates for true automation.
Output Order Details
Modify order printing actions so invoices include supplier-required info like product codes and item variations to prevent mistakes. Print orders going to suppliers directly from Shopify POS printers or configure label printing rules within apps like ParcelProxy. This simplifies packing slip generation.
Conclusion
With payments set up through Shopify and order automation in place for suppliers, your checkout process will run smoothly at ecommerce scale in 2024. As long as fraud protections catch sketchy orders and payout rules route correctly to suppliers and your linked bank account, your dropshipping empire can efficiently grow. Reinvest profits to expand marketing reach and the passive sales will compound over time with this model.
