Cash Outs
New! Shopify Plus brands can offer D2C customers, B2B customers, affiliates, or employees the ability to make cash out requests, where Admins can approve and send funds, reject, or refund requests
Last updated
New! Shopify Plus brands can offer D2C customers, B2B customers, affiliates, or employees the ability to make cash out requests, where Admins can approve and send funds, reject, or refund requests
Last updated
With Shopwaive's new Cash Outs solution, brands are loving the seamless one-click request solution that tears down the barriers of transacting money between brands and their customers, affiliates, and employees
Shopwaive partners with Stripe, an industry leader in financial technology to offer advanced and secure cash out transactions between customers and merchants. Many existing solutions require complex integrations, and endless hours of development. Now, with Shopwaive's Cash Outs solution, account balances can be sent directly to a customer's preferred bank institution (i.e., direct deposits) or debit card on file in just a matter of minutes.
Shopwaive's Cash Outs solution was born out the lack of no-code solutions available for eCommerce brands to transact with their customers, affiliates, and employees in an easy, secure, and PCI-compliant way
Follow these simple steps to offer cash outs ( i.e., direct deposits) to your customers, affiliates, and employees.
Requirements:
At this time, only brands that use a default presentment currency of USD (United States Dollar) are eligible to use this feature. Also, customers must register their payout account (receive payouts) with the USD currency
Brands must be on a paid Shopify Plus subscription plan, on a paid Shopwaive Checkout plan, and use the Shopwaive Redeem checkout extension
Brands must fund a connected Stripe account to be used for payouts. The account must maintain a minimum balance of $100 USD. Additionally, the brand payout account must be funded and have a minimum balance of 110% of any cash out request value at the time the brand admin approves a request for it to be successfully processed
Requests can only be made if customers have a balance greater than or equal to $5 USD
By default, a max request limit of $50 USD is placed on all cash out requests. If your business needs a limit increase, contact our team at support@shopwaive.com as this can be increased for Enterprise customers following a review of your use case
All minimum requirements for Cash Outs are subject to change. Please contact support@shopwaive.com to receive a custom solution using the core Cash Outs product
Step 1: From the Shopify admin, visit Settings. Then click Integrations
Enable the Stripe Connect setting.
Step 2: Click the Connect your business button to register your brand and payment method that you'll use to send funds to your customers, affiliates, or employees
Step 3: Next, enable cash outs (i.e., direct deposits) by toggling the new option that appears. Note this option will only appear after you've fully connected your brand in the previous step. If you still have steps remaining, continue to use the link provided to complete onboarding your business.
Step 4: Next, add the Redeem checkout extension to your Checkout page
Step 5: Next, customers can make requests at Checkout after they register a payout method
If a payout method is not on file, an option is provided to register a payout method at Checkout.
As previously mentioned, the customer requires a balance of $5 USD or more before they are shown the option to connect a bank or debit card to receive payouts
If a payout method is on file and the customer has provided all the necessary information needed to proceed with requesting cash out, the customer's balance can be requested in cash with the option provided.
If the option to request cash out does not appear for your customer, its likely due to the customer not fully completing the onboarding process, which includes KYC (Know your customer) verification and verifies their preferred bank or debit card is valid to receive payouts. For troubleshooting steps, see How to get started
Step 6: Admins can view requests from the Customer profile page. Status of the request can be viewed and admin actions can be taken like Approve and send funds, Reject, or Refund. If the request has already been approved, then you can click View receipt to download a copy of the transactional data.
Definitions of Cash Out actions available
Approve and send - Approving the request updates the status of the request to Complete. Payment is made to Shopwaive, Inc. from your banking or debit card on file for the amount requested plus additional processing fees. Shopwaive will review payment on file and complete a fraud-prevention review before releasing funds to the customer. Typically, direct deposits are received instantly but can take up to 5 - 7 business days if additional review is required.
Reject - Rejecting the request updates the status of the request to Rejected and makes no further changes to the customer's balance. The debited amount that occurred at the time the request was originally made is not returned automatically to the customer. If you prefer to automatically credit after rejecting, see Refund instead.
Refund - Refunding the request updates the status of the request to Refunded and credits the customer's balance the amount that was requested. No funds are released or sent by direct deposit. Use the refund action if the request was made in error, for example.
View receipt - Use this option to view the receipt and transactional data created when you clicked Approve and send to process payment to Shopwaive, Inc. to cover the costs of the requested funds by your customer.
See below an example receipt of the payment made to Shopwaive to cover the cost of the customer cash out request. The receipt details an example payout of $22.48 plus a $2.62 service fee collected by Shopwaive and Stripe for processing the request.
