Guide: How to set up the Shopify and Payoneer Integration

One popular payment method among marketplaces is Payoneer. But does Shopify even accept Payoneer? And are there other suitable options for receiving payments for your Shopify business? In this article, we'll answer this question and how to use these Shopify and Payoneer together.

We'll also discuss other payment methods that Shopify uses, such as Wise Business, which could be a great way for you to save on international payments.

Looking to save when sending and receiving overseas payments?

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Does Shopify accept Payoneer?

Shopify supports a number of third-party payment gateway integrations, continually updating its platform to include diverse payment options. So, is Payoneer among these supported payment providers? The answer is yes – for certain sellers.

Payoneer has a pre-built Shopify plugin called Payoneer Checkout that can be quickly integrated with Shopify so sellers can receive online card payments from customers. Although all sorts of online businesses can use Checkout, it currently only accepts early applications for merchants with a Hong Kong legal entity that have monthly webstore volumes over 10,000 USD.^1,2

If you happen to be qualified to apply for Payoneer Checkout, there are several benefits of integrating it with Shopify. Merchants can accept card payments and loyal payment options in 120+ currencies, while their shoppers can enjoy a streamlined payment process.³

Other than fast daily settlements and potential increased cart conversions, Payoneer also offers fraud protection, chargeback assistance, and local customer support in numerous languages, making it a solid choice for any Shopify business.

How to use Payoneer on Shopify

If your store qualifies for Payoneer Checkout and your application is accepted, there are a few steps to setting it up for your store.

Step 1 – Register for Checkout

To start, fill out the application form, where you’ll provide details about your company name, average monthly processing volume, business type, and more.⁴

Step 2 – Setup

To set up Checkout, Payoneer will send a link that you should click on. Log in to your account and click ‘Install app.’ This will let Shopify access your customer details and manage orders to process transactions. Finish off by clicking ‘Activate Payoneer Checkout.’ Alternatively, you can access the Shopify plugin through ‘Find Partners and Extensions.’ From there, select either the Hosted or Embedded integration type.⁵

Step 3 – Customize Checkout

If desired, edit the colors and style of your payments page to match your branding and website. You’ll also be able to trial through a sample checkout page and run a few test transactions.

How to withdraw money from Shopify: Other ways to get paid on Shopify

Beyond Payoneer, there are many alternative ways to withdraw earnings from your Shopify store. Especially if you don’t have a Hong Kong legal entity or make 10,000 USD from your store every month, you might want to look at other options.

From conventional to contemporary, every merchant can choose a method that fits their preferences and business style. If you’re ready to revamp the way you get paid, check out these payment methods below.

1. Wise Business and Shopify: Get paid easily and transparently

Wise Business is another top solution for Shopify merchants who are looking to manage their ecommerce finances easily and transparently.

As a globally-recognized fintech company, Wise Business has all the tools and features entrepreneurs need to successfully handle their earnings in a cost-effective way. The biggest perk of using Wise is their transparent, low fees and international account – but let’s check out what they offer in more detail.

• Multi-currency account – Hold and convert money in 40+ currencies with just one account.
• Local account details – Set up account details for your business in major currencies (GBP, EUR, USD, AUD, CAD, JPY) and get paid by Shopify like a local.
• Mid-market exchange rate – Always use the fairest rate on the market when converting money with no markups.
• Connect to accounting software – Sync up with top accounting software like QuickBooks and Xero to keep your transactions in check and your financial records up-to-date.

Fees

The account is free to register and send money with. But, the local account details cost a one-time payment of 31 USD. These account details will be available in major global currencies.

Looking to save when sending and receiving overseas payments?

Receive money
with Wise Business >>

Wise vs. Payoneer

Wise Business offers sending and receiving options that are great for cross-currency transfers. After a one-time payment, you get global currency account details in USD, GBP, EUR, CAD, AUD and more. Plus, Wise Business offers the mid-market rate on currency transfers. The difference becomes most apparent when it comes to USD where Payoneer charges 1% on incoming USD transfers, while Wise does not. ⁷

2. Shopify Balance account

The Shopify Balance account is Shopify’s very own digital financial management account that is directly built into your Shopify admin, making receiving payments a straightforward procedure. The account features everything from a spending card and cashback and rewards to dashboards and reports. Currently, it’s only available to US sellers.

• Receive payouts in one business day – Access your Shopify earnings as fast as the next business day.
• Shopify Balance Card – Free physical and virtual spending cards.
• Cashback and rewards – Earn 2% cashback on eligible Shopify purchases and get exclusive offers from Shopify partners.⁹
• Set aside sales tax – Automatically set aside sales tax to simplify taxes.
• Interest on account balance – Earn 3.86% APY on any account balance.¹⁰
• Organize and separate funds – Open up to 5 accounts to organize your money how you want to.

Fees

Shopify doesn’t charge any monthly, transfer, or ATM fees (although you may be subject to fees by the ATM provider). However, you can only withdraw in USD, which means you’ll have to handle any currency conversions on your own.¹¹

3. PayPal

PayPal works similarly with Shopify as Payoneer does – as a payment provider for customer checkout. It’s a widely accepted payout method that fits into plenty of marketplace-style platforms, including Shopify. Through a simple ‘one-click’ functionality, customers can make quick and seamless transactions. Like Wise and Payoneer, PayPal has plenty of global transaction capabilities, which help cater to international consumers.

• Universal adaptability – PayPal is recognized and accepted in over 200 countries and regions and supports 25 currencies.¹²
• Seller Protection – Protection from chargebacks, claims, and reversals on eligible transactions.¹³
• Reporting tools – Customizable reporting and analytics tools to understand your sales, refunds, fees, and more.
• Default payment provider – All Shopify merchants are automatically given a PayPal Express Checkout account that they can choose to use or deactivate.¹⁴

Fees

PayPal charges fees based on the payment method and where the currency you charge. Domestic commercial transactions incur charges between 2.29% - 3.49% + $0.30 for US transactions, while there’s a percentage-based fee of 1.50% for international commercial transactions plus a fixed fee based on the currency received. There’s also a 3 - 4% currency spread (markup on the market rate).¹⁵

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Sources used :

1 - Payoneer - Checkout FAQ
2 - Checkout.com - App Installation
3 - Payoneer - Shopify Integration
4 - Payoneer - Apply for Checkout
5 - Payoneer - Shopify Integration
6 - Wise Trustpilot
7 - Payoneer - Pricing
9 - Shopify Balance
10 - Shopify Balance
11 - Shopify Balance
12 - PayPal - Countries Worldwide
13 - Shopify Help - PayPal Payments
14 - Shopify Help - PayPal Payments
15 - PayPal - Merchant Fees

Sources last checked on 30-January 2024.