Shopify Payments for Australia: Everything You Need to Know

This is the right place for you if you’re an Australia-based entrepreneur needing assistance with completing online transactions, understanding the fees associated with them, and utilizing Shopify’s integrated payment system to its fullest. This guide will cover everything regarding Shopify Payments for Australia: setting up and eligibility, and advantages and disadvantages. So, let’s get started!

How Much Does It Cost To Use Shopify In Australia?

The following table details transaction fees for various scenarios on the “Shopify” monthly plan:

Requirements for Shopify Fees in Australia

Prohibited businesses

Before committing to Shopify Payments, it’s crucial to confirm your business aligns with their acceptable use policies. Specifically, ensure your products and services don’t fall within their prohibited categories. Here’s a summary of those high-level categories, as defined by the Shopify Payments Terms of Service:

• Products and Services that are Prohibited by Regulation or Law – This category includes products requiring regulation approval or compliance for example; cannabis and its derivatives products, prescription medication, medical devices, tobacco products, firearms or holsters, ammunition, and other weapons.
• Financial Products and Services- Include activities revolving around money transfers, virtual and/or cryptocurrencies; check cashing; and/or credit repair services.
• Adult Products- Adult products include sexually explicit content such as adult videos, pay-per-view adult contents, and adult magazines.
• Pseudo Pharmaceuticals- It refers to products that make unproven health claims that are not validated by local and national regulatory authorities.
• Gambling Products and Services- Lottery games, bidding, contests, sweepstakes, and sports forecasting are examples of gambling-related activities.
• Counterfeit products- Counterfeit music or unauthorized use of trademarks and other licensed materials of Shopify are products infringing on intellectual property rights prohibited in this area.

For complete details, this above-defined information should also be supplemented by reviewing Shopify Acceptable Use Policy.

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Bank account requirements

The following are requirements for an Australian bank account to be linked to Shopify Payments:

• Australian Bank & AUD Currency: The bank should be Australian owned and the account should be in Australian Dollars (AUD).
• BECS Transfer Eligible: It should be capable of receiving a BECS (Bulk Electronic Clearing System) transfer.

Supported Account Types:

• A standard checking account normally suits this requirement. However, checking accounts that only accept wire transfers are not supported.
• Savings accounts and flex-currency accounts are excluded as well as any money transfer service that masquerades as a bank account.
• These accounts may contribute to the increased risk of payout failures, but they can be set up through virtual accounts external to Shopify.
• Bank verification: Your bank should be able to verify that your account is approved for receiving BECS transfers.

Personal information requirements

In accordance with international regulations against money laundering and other financial crimes, Shopify Payments requires certain details regarding you and your business.

• Basis for Information Collection: To verify the identity of persons and entities operating stores using Shopify Payments, including the beneficial owners of businesses. This is a regulatory requirement directed at stopping illicit financial activities.
• Periodic Reviews: Shopify and its partners may review some standard requirements due to changing local compliance and may at any time require that an additional amount of information be provided.

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Mainly the required information changes by country, but it generally includes:

• Details of the person who is creating the Shopify Payments account.
• Information regarding the business connected with the Shopify Payments account.
• Information with respect to the persons who ultimately own or control the business (e.g., business owner(s), senior executive(s) with legal signing authority).

Document Submission Guidelines: To facilitate swift verification, ensure documents are:

• Legible and with high resolution.
• Accurate and valid.
• Current and up to date.
• Complete, stating all pertinent particulars.
• Free of error and consistent with the information supplied by you.

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What Payment Methods are Accepted in Australia?

For verification in Australia, Shopify Payments accepts the following document types:

Individual Identity Documents:

• Passport
• Driver’s License (photo required from front and back)
• National Identity Card (photo required from front and back)
• Foreign National Identity Card (photo required from front and back)
• Residence Permit

Individual Address Documents:

• Driver’s License (photo required from front and back)
• Photo Card (photo required from front and back)
• Tasmanian Government Personal Information Card (photo required from front and back)
• ImmiCard (photo required from front and back)
• Medicare Document (Australia’s government health insurance)
• Centrelink Document (the government pension)
• Letter or Assessment from Australian Taxation Office
• Council Rates or Land Valuation Notice.

Business/Entity Documents:

• Confirmation of Australian Business Number (ABN) (Certificate of Registration)
• Record of Registration by Australian Securities and Investments Commission (ASIC) – Certificate of Registration
• Extract from the Australian Business Register
• Certificate of Registration of Change of Name
• Extract from the Australian Charities and Not-for-profits Commission
• Extract from Consumer Affairs Association.

>>> Read more: Shopify 3 Months For $1: Ultimate Guide & Pro Tips To Promote Your Store

Shopify Payments for Australia – FAQs

The Bottom Line

In general, Shopify Payments for Australia offers Australian businesses a streamlined and integrated payment solution, simplifying transaction processing and enhancing the customer checkout experience. Users only need to understand the eligibility requirements, fee structures, and prohibited product categories, businesses can effectively leverage this tool to optimize their online sales. While the convenience and integration are significant advantages, it’s crucial to carefully review Shopify’s Acceptable Use Policy and ensure compliance to avoid potential disruptions. Thanks for reading!

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