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Shopify Enhances Payment Options for UK and Belgium Merchants

Shopify has announced significant enhancements to its payment processing capabilities for businesses operating in the UK and Belgium. These updates aim to provide merchants with a wider array of payment options, including popular local methods, and streamline the financial management process, ultimately fostering greater flexibility and convenience for both businesses and their customers.

Shopify Boosts Payment Options in UK and Belgium

Shopify has expanded its payment offerings for merchants in the United Kingdom and Belgium, introducing a broader range of accepted payment methods and clarifying the associated processes. This move is set to empower businesses with more flexibility in how they receive payments, catering to diverse customer preferences in these key markets.

Key Takeaways

  • Shopify Payments now supports a wider variety of debit and credit cards, including Visa, Mastercard, American Express, Maestro, Discover, Diners Club, and UnionPay, in both the UK and Belgium.
  • Local payment methods such as Bancontact and iDEAL are now supported in both countries, with Klarna also available in the UK.
  • Merchants can accept payments online and in-person via Shopify POS.
  • Payout periods are standardised at 3 business days for both regions.

Expanded Payment Methods

Shopify Payments in the UK and Belgium now supports a comprehensive suite of payment methods, ensuring businesses can cater to a wider customer base. This includes major international cards and popular local options.

United Kingdom

Businesses in the UK can now accept:

  • Visa, Mastercard, American Express, Maestro, Discover, Diners Club, UnionPay (debit and credit cards)
  • Apple Pay, Google Pay, Shop Pay
  • Bancontact, Klarna, iDEAL

Belgium

Businesses in Belgium can now accept:

  • Visa, Mastercard, American Express, Maestro, UnionPay (debit and credit cards)
  • Apple Pay, Google Pay, Shop Pay
  • Bancontact, iDEAL

Payout Information

For merchants using Shopify Payments, the payout period in both the UK and Belgium is set at 3 business days. This means funds from customer payments are typically transferred to the merchant’s bank account within three working days. The minimum payout amount is £1 GBP for the UK and 1 EUR for Belgium. If a payout is less than this minimum, it will remain pending until sufficient funds accumulate.

Requirements for Shopify Payments

To utilise Shopify Payments, businesses must meet specific requirements, including providing personal and business information for regulatory compliance. This process helps prevent financial crimes such as money laundering and terrorist financing. Required documentation typically includes identity documents (e.g., passport, driving licence), address documents (e.g., utility bill, bank statement), and company/entity documents (e.g., VAT registration, certificate of incorporation).

Tax Reporting

Merchants are responsible for adhering to all applicable tax regulations. Shopify Payments may be required to report sales to local tax authorities. For European stores, Shopify Payments fees generally do not include VAT, with the exception of Ireland where 23% VAT is charged. Merchants can download monthly invoices or export transaction data as a CSV file for tax reporting purposes.

Sources