In Canada, cost processors, like those who present cost processing companies by way of Shopify Funds, should adjust to Canadian legal guidelines and rules that should stop cash laundering, terrorist financing. These rules require that cost processors conduct “Know Your Buyer” processes to confirm the id of the people and companies they supply companies to.
Because of latest modifications to those necessities, Shopify is required to gather further data from Canadian companies in an effort to be certain that all the mandatory verification steps have been accomplished, and companies can proceed to course of funds. If you happen to use Shopify Funds in your retailer in Canada, then you definately is likely to be requested to supply data and/or supporting documentation that verifies your id, handle, enterprise particulars, or the names of your helpful homeowners or board of administrators, relying on the character of your enterprise.
Quick motion required
When you’ve got an excellent data request associated to your Shopify Funds Canada account, your potential to course of funds might be disrupted as quickly as March 24, 2025. Affected shops have a notification banner in Shopify admin dwelling, Payouts, and Fee Settings pages prompting you to supply the required data for your enterprise. To keep away from interruptions, log in to your Shopify admin and supply the mandatory data and paperwork.
Retailer homeowners and employees accounts with the View Shopify Funds payouts permission will see the notifications within the Shopify admin. Due to safety concerns, solely retailer homeowners can motion the request.
The notifications seem like this:
To resolve your request as quickly as potential, guarantee that the data you enter within the type is an precise match to the data proven in your supporting documentation and that your documentation matches the necessities listed within the request.
For instance, in case you are requested to confirm your Administrators, then guarantee that the doc you add comprises your enterprise identify in addition to the listing of your Administrators. The names of the Administrators you enter within the type ought to precisely match the names of the Administrators in your doc.
Penalties of inaction
Failure to submit your particulars for verification will imply that you simply received’t obtain payouts in your account till your particulars have been efficiently up to date.
If you don’t act on these notifications, then your prospects might be unable to take a look at utilizing Shopify Funds starting March 24, 2025. Addressing the request for additional data as quickly as potential will be certain that your retailer isn’t disrupted.
Continuously requested questions
How do I do know if there’s an excellent data request?
Retailer homeowners and employees accounts with the View Shopify Funds payouts permission will see notifications within the Shopify admin prompting you to supply the required data for your enterprise.
What kind of knowledge is required?
Click on the Replace particulars hyperlink within the notifications displayed in your Shopify admin to be guided by way of submitting the required data. Be taught extra about verifying your data with Shopify Funds Canada from the Shopify Assist Middle.
The place can I get assist?
Contact Shopify Assist by way of the Shopify Assist Middle to get assist with the verification course of.
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