Xoro has launched a new feature, Payouts Syncing that auto-creates Bank Deposits in Xoro for the Shopify Payouts, so you don’t have to do it manually.
Shopify Payouts is the money transferred from a Shopify Payments account to a connected bank account of a Shopify user. This is money made on sales on Shopify. Shopify pays this amount to the user after deducting service charges. It’s worth noting that Shopify Payouts work on an automatic cycle (e.g. daily, weekly or monthly).
Until now, you had to manually create Bank Deposits for Shopify Payouts. This is a tedious and time-taking process. For instance, if you have 500 transactions, recording them manually in the system can take hours. Well, not anymore!
** Shopify Payouts include Deposits or Invoice payments, Refunds, Chargebacks, Transaction fees and Disputes.
Note: Payout Syncing is a paid feature. As such, it won’t be accessible to every user. You have to log a ticket to enable this feature.
Enable Payout Syncing: Enabling this will sync the Shopify payouts to Xoro. Payment(s) from “Undeposited Funds” account will be deposited to the selected Bank account. This can be found under the “Data export settings”.
After enabling this checkbox, you have to enter the following details:
Payout Gateway: This is the service through which payments are transferred to your account. For now, Xoro only supports Shopify Payments.
Start Date: The date from which onwards you want to sync the Shopify Payouts. This date is the same as the Integration date of the Payout.
Bank Account: This is the Bank Account in which you want to receive Shopify Payouts.
Fee/Adjustment Account: This is the account in which you want to receive the transaction fee or adjustment charges (order refunds or chargebacks).
Dispute Account: This the account in which you want to receive the disputed settlements in Xoro.
- When an auto-sync runs for order-dropping to Xoro if Payouts are available, then Payouts are fetched and made into Bank Deposits.
- If there is an error and some transactions are missing, then the details will be re-fetched from the Payouts data and transactions will be automatically synced. Orders/Invoices will be re-dropped into the system, along with the Deposits/Invoice Payments (if missing).
- After this, Payouts will be synced and a Bank deposit will be created in the system.
Important Note: Bank Deposit won’t be created for the transactions already recorded manually in the system. This means that if you have already created a Bank Deposit manually for a transaction, it will not be used while creating Bank Deposit through the auto-sync process.
- You can go to the Bank Deposit Centre in Xoro to check the Deposits created.
- Here, there are 2 columns to check the auto-created Bank Deposits:
- Third-Party Ref No: This is the Reference Number for the Payouts. This works as an Identifier for Bank Deposits. So, you can use this number to search and identify the deposits created.
- Third-Party Source: This is the link to check the source of the Bank Deposit.
*These Deposits are created by Xoro ID.
See the below table for some common errors that can occur while syncing Payouts.
|Transaction(s) not available for the following order(s):Transaction(s) not available for the following order(s):
Please wait, the missing transaction(s) will take few minute(s) to sync.Note: If the payout does not sync after few minutes, either the transaction(s) are already used in another bank deposit or they are taking long time to import.