How to Change Payment Method on Shopify

Table of Contents

1. Introduction
2. Why is Managing Payment Methods Important?
3. How to Change Payment Method on Shopify
4. Important Considerations
5. Conclusion
6. FAQ

Introduction

Have you ever found yourself scrambling to update your payment methods on Shopify, only to realize you're not sure where to start? Perhaps you're concerned about the security of your existing card, or maybe you're just trying to optimize your billing to meet critical business needs. No matter your reason, ensuring you know how to change your payment method on Shopify is crucial for seamless business operations.

In a fast-paced e-commerce ecosystem, staying on top of your billing information isn't just advisable—it's essential. This post will guide you through the entire process of updating or changing your payment methods on Shopify. Whether you need to add a new credit card, set up a backup payment method, or adjust your billing address, we've got you covered.

By the end of this article, you will have a comprehensive understanding of how to manage your payment methods on Shopify effectively. This will ensure your store remains operational without any billing hiccups, empowering you to focus on what you do best: growing your business. Wondering how to do it? Let's dive right in.

Why is Managing Payment Methods Important?

Understanding why it's essential to manage payment methods can help you appreciate the importance of this task. Appropriate management of payment details can prevent service interruptions due to billing issues. Moreover, having an organized system ensures you can monitor expenses efficiently, eliminating unwanted fees and unexpected costs.

How to Change Payment Method on Shopify

Step-by-Step Guide

Changing your payment method involves several straightforward steps that ensure your operations run smoothly without any disruptions. Here’s how you can do it:

1. Accessing the Settings:

   • First, log in to your Shopify admin account.
   • Navigate to Settings located at the bottom left of your dashboard.

2. Go to Billing:

   • Within Settings, click on Billing.
   • Here, you will see your current billing cycle and payment methods.

3. Editing Billing Profile:

   • In the Current billing cycle section, select Edit billing profile.

4. Replace Payment Method:

   • In the Payment methods section, click the … button next to the payment method you want to change.
   • Select Replace.
   • A popup will appear asking for the new payment method details.
   • Fill in the required information and click Replace credit card.

Deleting a Payment Method

Sometimes, you might want to remove a payment method entirely. Here's how you can do that:

1. Access Settings:

   • Navigate to Settings > Billing.

2. Edit Billing Profile:

   • Within the Current billing cycle section, select Edit billing profile.

3. Delete Payment Method:

   • In the Payment methods section, click the … button next to the payment method you want to delete.
   • Select Delete.
   • Confirm the deletion by clicking Delete again.

Note: You must have at least one valid payment method on file to delete others.

Adding and Managing Backup Payment Methods

Having a backup payment method is a practice that can save you from unexpected hiccups. Shopify will use your backup payment method if your primary one fails.

1. Add Backup Payment Method:

   • Go to your Settings > Billing.
   • In the Payment methods section, add a new payment method.
   • Shopify will automatically set it as a backup.

2. Managing Primary and Backup Payment Methods:

   • If you have multiple payment methods, you can designate which one should be the primary and which should act as a backup.
   • Simply click the … button next to the desired payment method and adjust its priority.

Changing the Billing Address

Updating your billing address is just as crucial as changing your payment methods.

1. Edit Billing Profile:

   • From your Shopify admin, go to Settings > Billing.
   • In the Current billing cycle section, select Edit billing profile.

2. Update Billing Address:

   • Click … next to the payment method with the billing address you want to change.
   • Enter the required information, including your new billing address.
   • Click Replace credit card to save the changes.

Important Considerations

• Billing Cycles:

  • Billing cycles in Shopify usually follow a 30-day pattern by default. Adjustments to billing cycles can be made by a store owner or a staff member with the appropriate permissions.

• Incompatibility Issues:

  • Some Visa debit cards and co-branded debit cards might not work for Shopify billing due to the way certain banks implement transactions.

• Hierarchy of Payment Methods:

  • It's important to note that the order of payment methods (Credit card processors, alternative payment methods, and manual payment providers) can't generally be changed. Customers may need to select their preferred method manually.

By staying vigilant and proactive about your payment methods and billing information, you ensure smoother operations for your Shopify store. Regularly updating and managing your payment data effectively can save you from potential financial bottlenecks.

Conclusion

Updating and managing your payment methods on Shopify doesn’t need to be a daunting task. Armed with the right knowledge and guidelines as outlined above, you can ensure that your store runs without any hitches. From adding new payment options and establishing backups to changing your billing address, these tasks, although simple, are foundational to a smoother and more reliable e-commerce experience.

Have more questions? Check out the FAQ section below!

FAQ

Q: Can I have more than one payment method on Shopify?
A: Yes, you can add multiple payment methods, including credit cards and PayPal. Additionally, you can set one as a backup.

Q: What happens if my primary payment method fails?
A: Shopify will automatically charge the backup payment method you have on file.

Q: Can I choose the day of the month to be billed?
A: No, Shopify billing cycles are set by default to a 30-day period and can't be customized to bill on a specific day of the month.

Q: How do I handle a failed payment method?
A: Update your payment methods immediately from the billing section in your Shopify settings to avoid any service interruptions.

Q: Is it possible to change the order of payment providers at checkout?
A: Currently, Shopify does not allow changing the order in which payment methods appear at checkout. Credit card payment providers will appear first, followed by alternative payments, and then manual payments.

Understanding how to change and manage your payment methods effectively ensures that your Shopify store operates smoothly without any billing issues, enabling you to focus on growing your business. Happy selling!