How do I get paid from online store sales?
Understand the process: From sale to bank account
Selling online is fantastic, but how do the money from your sales actually end up in your bank account? It's a question many new online store owners ask. Fortunately, the process is often more straightforward than it sounds, especially with the right tools.
In short, there are typically three steps before the money is with you:
- Customer pays: Your customer buys a product and pays via your online store.
- Payment provider processes: A payment solution receives the money, checks that everything is in order, and deducts any fees.
- Money is paid out to you: The remaining part of the sale is automatically transferred to your bank account.
The most important actors behind the scenes
For the money to move from the customer's card to your account, there are some actors involved:
Payment gateway
This is the "technical bridge" between your online store and the banks. It's the service that ensures the customer can enter their card information (or use mobile payments), and that the payment is sent on for approval. Examples are Stripe, PayPal, or integrated solutions.
Acquirer agreement
An acquirer is the bank or financial institution that actually processes card payments and transfers the money from the customer's bank to yours. You typically need to enter into an agreement with an acquirer to be able to receive card payments.
Your own bank account
This is the final destination. It's important that you have a business account, as it gives you a clear overview of your business's finances and makes it easier to separate private and business payments.
Two paths to payout: The traditional vs. the easy
The way you get paid depends very much on the payment solution you choose for your online store. There are typically two main paths:
1. The traditional solution (requires multiple agreements)
Previously, it was normal to need to enter into separate agreements:
- One agreement with an online store platform.
- One agreement with a payment gateway (e.g., Stripe, PayPal).
- One agreement with an acquirer (e.g., payment processors).
This can be complex to set up, as you need to coordinate between multiple parties, and there can be startup fees and monthly costs from each individual provider.
2. The easy and integrated solution (all-in-one)
Today, many choose the easier path with an integrated solution. Here the online store platform and payment solution are merged together. You don't need separate agreements with acquirers, as the platform often handles all that for you.
A good example of this is GoShup.com, which is designed to make it as simple as possible. With GoShupPay, the payment solution is built directly into the system. This means you don't need to think about separate agreements, technical setup, or negotiations with banks. The money comes automatically into your account without you having to do anything other than sell your products.
Comparison of payment solutions
| Feature | Traditional solution (multiple actors) | Integrated solution (e.g., GoShupPay) |
|---|---|---|
| Setup | Complex, requires separate agreements and integrations | Easy, often "one-click" or automatic setup |
| Fees & prices | Can have startup fees, fixed monthly fees, and transaction fees from multiple parties | Often transparent and included in one integrated price (e.g., only transaction fee) |
| Support | Multiple support lines to contact for problems | One integrated support that can help with both online store and payment |
| Payout | Depends on agreement with acquirer, often several days | Typically fixed and fast payout (e.g., daily or weekly) |
What do you need ready?
To be able to receive payouts from your online store sales, you typically need to have the following in place:
- Business number: If you run a business, you need a valid business number.
- Business account: A bank account created specifically for your business. This is a legal requirement for most businesses and makes it much easier to separate private finances from business finances.
- Identification: As part of "know your customer" principles (KYC), you typically need to verify your identity with the payment provider.
Payout frequency and fees
How often you get paid depends on your chosen payment solution. Some pay out daily, others weekly or monthly. Solutions like GoShupPay typically pay out the money quickly, so you quickly have access to your revenue.
There will almost always be a fee for processing payments. These fees are typically a small percentage of the sales price plus a fixed amount per transaction. With integrated solutions, these fees are often very transparent and easy to understand, as they're part of one integrated agreement.
Get started receiving money from your online store
Getting paid from your online store doesn't have to be a complicated affair. By choosing a modern, integrated solution that handles payments for you, you can focus on what's important: selling your products and running your business. Make sure to have your business number and your business account ready, and choose a solution that matches your need for simplicity and transparency.