Wix eCommerce | Choosing the Best Online Payment Solution for Your Business

Okay, so, guys, thank you so much for joining us today. This is our fourth Wix eCommerce school, live training, and today we're going to talk about connecting a payment method. So during this live webinar, we're going to talk about payment methods and providers, how to choose the right ones for your business, how to get your site ready to accept payments, how to connect a payment method and provider to your site, the payments overview in your back office, in your WIX dashboard. And we're gonna have a live Q and A. And I'm so thrilled to introduce you to Dwight Neptune. He's the co founder and CEO of Beagle Drones. Hi. Thank you so much for joining us today.

Thank you for having me.

Thank you. He's a WIX merchant and soon enough he's gonna tell you his story. And we have Kester Thompson here with us. Hi. He's our UX writer from WIX Payments and WIX Premium. So he's gonna teach you a lot about payments. Today we're gonna have questions. I'm gonna ask them the questions that you guys have sent us in advance.

So.

So thank you for that. We try to build the presentation according to your questions. And in the live Q and A at the end, I'm going to ask bright questions from you, from you guys. So please feel free to ask us questions in this Q and A button on the side, there's a huge team of WIX payments and WIX stores of great people who are going to answer those questions and we will address some of them live. So thank you so much for joining us. This session is recorded and no need to take notes. Right. When we finish, you can watch the recording on Facebook Live. So although you can't be seen or heard, you can definitely ask us questions in the comments here on Zoom or on Facebook Live, wherever you are right now. Thank you so much. And Kester, let's start.

Okay. I'm going to share my screen, right.

And he's actually sharing Dwight's website. So, Dwight, maybe you can tell us a little bit about your business because it's such a cool one.

Yeah, sure. So, excuse me, but we are a drone startup. Essentially what we focused on is just making really cool tech products that help people explore the world. And one of the first things being drones and a specific type of drone called fpv, where you fly it by putting goggles on your face so you get a direct feed from the drone. The drone itself is very, very agile, and it's capable, speeds over 80 miles per hour and allows you to do things that Northern drones can't. Essentially, what you have is a floating camera that you can maneuver any way you want and go almost as fast as you want. So just gives the user complete freedom either to explore whether they're searching something, or if you're a creator and you just have a lot of ideas that can't be replicated easily. That's what we basically allow people to do.

This is so cool. How long have you had this company for? When did you start it?

This is our third year, so we technically started it in 2017. That's when we launched our first product, which was in April. It was the beta version. We didn't even sell any. It was just, like, announced. And we worked with schools because they had a larger pool of students who would be able to test it out for us, help us build it. 2018 is when we fully got version one up and running. And then last year is when we announced the final version of the drone kit. And towards the end of last year, we announced the Neo, which is a smaller version. And then we refreshed with the Neo 2 around Christmas time. So just a few months later and about three weeks ago, we launched the Drone Kit 2, which is significantly more advanced than the original drone kit. It increased its top speed by about 20 miles per hour, increased the range severely. And that's where we're at now. And we have a lot more products lined up that we're really excited for, so we're looking forward to that too.

Wow, super interesting. Who are your customers then? Is it? You said education and schools and, like, what age are they?

So usually our customers? Well, we mainly have three. So one is the content creator or filmer. Content creators usually have several different types of cameras and lenses, and they've had the basic drone that only allows them to go, you know, forward, backward, left, right, up and down. And they've been looking at FPV drones, and we make FPV really simple because that type of drone, if you wanted it, you'd have to build it from scratch as of right now. So content creators, professional videographers, use these drones. Gives them more freedom to film and try new angles. Second customer would be the hobbyist, someone who would buy this just for fun, you know, to fly in the backyard if they're going on a trip and they want to be able to fly through buildings and get a direct feed to their face versus looking at their phone screen like most other drones. And then the final customer would be for education because it is still a STEM based system except Plug and Play, which gives the user a better understanding of how drones work. And a lot of schools are implementing drone classes because of, you know, the future jobs are going to be available using drone technology. And with our drone system, you still get the experience of building it by plugging and playing. And it's provided a lot of value to the education sector that we've worked with so far.

This is amazing. Wow. Thank you so much for being here with us. Please, guys, feel free to ask questions to Dwight and I will definitely ask him those questions. So please do it. And thank you so much for being here with us. Let's dive into some payments so stuff.

Okay. Hi everyone. How are you? Thanks for joining us. Where are we? Hang on, Sorry. Okay, so this webinar is called Connecting a Payment Method. And let's cut to the chase. It's also how do I get paid? My name is Kester. I'm a UX writer at WIX Payments. And with all the payments at Wix and also with Premium, I'm not quite used to speaking in front of so many people. I have to admit, I did do a webinar yesterday and that was for like 12 people. One of those was actually a Labrador puppy who left halfway through. So this is new for me as well and wish me luck. So what are we talking about today? Ariel also already gave you kind of a breakdown of what we're actually going to talk about. But the theme of this is we want to give you some practical tips. Okay. We want to share insights from our experience as a team. We see where users struggle, we get calls, we get tickets, we get emails every single day. And some, some of the things that we're going to talk about today, they may seem really random to you, like really out of the blue. Why am I talking about that? Because we know that these are pain points for you guys. Okay. And let's face it, let's be honest, payment methods and providers and, you know, banks, money, finance, it's intimidating. There's a lot of really scary language. Stuff gets legal, stuff gets very, very technical. Nobody likes it, it's not fun dealing with it. But you need to get paid. So these are tips and tricks from us. And I hope that this will help you give, get a smooth experience in getting paid. It can be really simple and easy.

But.

But sometimes you just stumble, just fall at the last minute. And hopefully some of these, some of the things we're going to talk about will avoid that. So payment methods and providers and let's start with a really simple question. And I get asked this at least once a week, if not kind of every day and even by some people I work with because it's just sometimes a little bit hard to get your head around. What is the difference between a payment method and a payment provider? It's a really simple question and a really good question. So let's start there. Let's start with payment methods. Very simply put, payment methods are the ways that customers can pay you at checkout. So if you see on the right, you've got a picture of a checkout and you see there the options are credit card and PayPal. So you need at least one payment method on your site so that you can actually accept payments. And I don't know if you guys all have just have a store or if you're thinking of a store, but if you've got a restaurant, if you offer services through wix bookings or you offer tickets to events, or if you offer memberships and subscription through WIX pricing plans, you're going to need to add a payment method to your site. So when we talk about payment methods, we're looking at things like credit and debit cards. We're looking at wallets like PayPal and Venmo, PayPal Credit and Alipay, and also manual payments. Yeah, people still actually do use cash money order some countries, especially in Europe, bank transfers, really popular, cash on delivery and even barter, you know, buying stuff with, I don't know, baseball cards, something like that. And so what are payment providers? And just a little heads up here, payment providers, it's a bit confusing, are also known as payment gateways and payment processors. Okay, So a payment provider basically processes the payments that customers make on your site. Now, good friend of mine, Misha, designer, he made this gorgeous little diagram for you. So you start with the buyer. The buyer wants to give you his money on your website. And the money from the website goes through your payment provider. The payment provider sends it to your bank, and then you take the money from the bank and there's the money in your hand. Marvelous, marvelous, amazing diagram. Thank you, Misha. Payment providers, we've got WIX payments. We obviously really like that one. Don't know why, but you know, we really love it. There's PayPal, Stripe Square, Braintree, Wirecard, and there's a whole lot more. I mean, there really are a lot. So just to recap very quickly, okay. Because this is important. Payment methods, the ways that customers can pay you on your site, credit card, cash, PayPal and payment providers, the third party company that you connect to your website that manages how money gets from your customer to your bank account via your payment method. So we're going to dive into that and look at this a little bit more closely. Okay, so let's start by taking a look at some payment methods. So the obvious one to get started with is obviously credit or debit cards. Credit cards are still the most popular online payment method in the US and we're talking Visa, MasterCard, Amex, diners. There's tons of different types of credit cards and there's lots of providers, payment providers that will process card payments. Obviously, again, one of our favorites is WIX Payments. You're going to hear me say that quite a lot. I don't know why, but there are others, many, many others. Stripe Square, they're two of the in the US and actually across the world. And if anyone's here from Europe, you may well have heard of Wirecard as well. So digital wallets and E wallets, kind of the same thing. People kind of get a bit confused about these for some reason, and that's fine. A wallet literally gives you a virtual account so customers can pay you online, they can pay with a phone. And the good thing about wallets is exactly like your physical wallet that you might actually have right now in your pocket is a wallet can also hold personal details and all your billing information and all your shipping information. So that can actually make the checkout experience a lot faster. So you don't have to fill out all your shipping details every time. You don't have to write your address and I don't know, you want to buy a bottle of wine online. You don't have to prove that you're 21 or over because all that information is already in the wallet. Okay? And actually you get Express checkouts, PayPal, they've got a few options. The very newest one is PayPal. Smart payment buttons, good name. You might also know it's PayPal Express as well. Now don't overthink this one, okay? But wallets are often both a method the provider, okay, so that you pay by PayPal and the people who process the PayPal payment are PayPal. It's kind of bit confusing. Don't overthink it. Just go with the flow. And then we've got offline payments, otherwise known as manual payments. And I'm just, just going to talk a little bit about POS and I'm putting this with offline payments. Okay, I'll try and explain why. So when we talk about Offline and manual payments, we're talking about cash, check. People do still pay by check, in some cases. Cryptocurrency and yeah, even barter. I'll buy this from you and I'll give you this in return. Like I said earlier, like baseball cards, I don't know, whatever. So basically we're talking about payments that are not completed online, that are not actually. That don't go through immediately on your website. And we find that these are actually still very popular for things like classes and in our booking services, a lot of people like to turn up to a class and actually pay right there. And then maybe with cash or check or even through a POS system for E commerce use. Offline payments like cash, check, etc. They're more suitable for actually, like your brick or mortar location or if you're selling on person. And actually, this is the same for POS as well. And I'm gonna just. I don't want to go into it too much. Okay. Because this isn't really about POS this session, but POS is actually. It's what's called a sales channel. It's a way of selling, but you still need a provider to process payments. Okay. It's not technically an online payment method. It's actually a way of selling. So literally, somebody turns up, you. You've got the POS system right in front of you, and they can pay by cash, check, credit card, but it's not through your website. Okay. Square is a really good example of a payment provider that will help you set up, pos, just very, very briefly, some figures about payment methods. Okay. These are from 2019, just to give you an overview. All right, so global split of online payment methods in 2019. You see, surprisingly, maybe for guys in the e wallets, 41.8% and credit cards only 24, and debit cards, 10.6. In North America, as you see, it's quite different. 52% of payments online are made through credit and debit cards, and 57% of those through Visa. So you are going to want a credit card provider on your site. Only 16American. 16% of Americans, not 16Americans. That would be a really small amount. Only 16% of Americans actually use cash when they're paying in person. And looking forward to 2022, it's projected they believe that E Wallets will actually jump in the US to 33%. So that's kind of like a 10% increase. So looking forward right now, you can see that probably credit card and a wallet, a wallet provider are good ideas. And pos sales through wallets are going to go up to 47%. Credit card sales are actually going to fall, but 27% is still a big number. And pos cash payments will just fall down to 11%. I mean, you know, we all know that cash is becoming less and less interesting. So how many payment providers do you need actually on your site? Well, how long is a piece of string and what type of person are you and what type of business do you have? That's the most important thing. What's good for you and your business? So, as I said earlier, you need one at least. Okay. Definitely you need to get paid. We recommend, as I just pointed in the previous screen, we recommend that you have credit cards and a wallet. Okay. That's perfect for E commerce, obviously. Feel free to add more. The more payment methods that you offer your customers, the more chance that you will have to close a sale, that you give more people the ability to actually pay you. However, if you're anything like me, who's just terrified of anything financial and banking, maybe you don't want to deal with multiple payment provider accounts. It can be a hassle. Some people love it, some people hate it. But from me, and this is, this is like our recommendation, it's not a must. You don't have to. We recommend credit card and a wallet. Okay. Arielle, I think you had a question.

Yeah. So I'm wondering if, am I right to think that a method provider is for the merchant to set up in order for him to get the money, and a payment method is for the shopper when he purchases something. On my website,

that's actually a really nice way of looking at it. So what you were saying is like the payment provider works for the merchant. That's the way that the merchant gets his money. And the payment method is that's what your customer will actually see. So for example, if you're processing credit cards through WIX payments, when your customer gets to checkout, he's not going to see WIX payments. He's just going to see the option to pay by credit card. He doesn't know who your provider is. Okay. It's a really nice way of looking at it. Thank you.

Aria just joined us. So maybe he can tell us what kind of payment provider did you use when you set up your business in the first time?

Today I use Stripe. So we connected stripe and PayPal. That's the only two that we use. The only other, I think one time we did like an event and we tried to get payments done in person. So I know like they have the. You guys have like the WIX in person payments. You just record it as a sale. But yeah, those are the main two is PayPal and Stripe. It was really, really easy to connect. I just logged in and then logged into Stripe and hit Connect and that was it. Yeah.

So for anyone who doesn't know Stripe processes credit card payments, they actually do a lot more than that. And we're going to talk a little bit about that. But basically they're known for being a credit card processor. And as you see, Dwight has credit cards and PayPal, a wallet on his website. And like Dwight said, it's kind of almost frighteningly easy to open an account. It's really, really simple and most of the time it's really smooth. But again, as I said, there are little problems here and there and that's a lot about what this session is about. So let's move on to how to actually choose your payment provider. So we came up with a list of seven things that we reckon that you should try and consider when you're choosing a provider. When you choose a bank, for example, you don't just go to the first place you see, you do a bit of research and you understand what's right for you and then you choose your bank. So I really encourage you to research, do your homework. It doesn't need to take too long. Ask other people what they use and do a little bit of research online. Okay? So let's move on. So first thing to consider is obviously your business location and currency. Why is this important? Because some providers operate globally like PayPal and Stripe and others operate only in certain countries. Right now, WIX Payments is covering many, many countries in the globe. And we're looking forward to opening in many more countries very soon. But we're not there just yet. We're still very, very young. So make sure that your business location is correct, okay. So that you get the right options for you. Just, just on the off chance that maybe you're on vacation, obviously with Corona, you're not probably on vacation right now, but maybe you're also, maybe you're building a site for somebody else and you're in a different country. We almost always get it completely right, your country, but just double check, okay? Now really important is that your payment provider must be able to work with your site, currency and with your bank, okay. And it needs to be compliant with local business and banking regulations. So your payment provider needs to be able to have a relationship with your bank. So that money can be transferred. Ariane,

thank you. Thank you.

She's asking me really tricky questions.

No, no. So again, thanks for those that submitted those questions ahead of time. So people were asking us, what happens if I want to sell internationally? And I know Dwight here has been selling internationally. Maybe he can share a little bit about his experience.

I would be really happy Dwight would answer a question instead of me. That would be great.

Yeah. So like Kester said, it's, you know, making sure that you're the options that you have to accept payments. Works in different countries because they don't all work overseas. One of the best we've seen is PayPal. It literally works everywhere. So. And it does the whole, how would I say it, Currency conversion. Yeah, there we go. So it does the currency conversion. So it makes life easier. And it's also peace of mind sometimes. You know, we are a startup, so we're still building our reputation and people feel More comfortable using PayPal in case something were to go wrong. They know, okay, I could always get my money back. And so, you know, if you're a new company, PayPal is very important because people are also more confident to use PayPal. They'll pay for things that don't quite have a big reputation yet as a large brand and are not sure what your customer service is like. And it also depends what products do you have? Because, for example, our product is drones. And if you were to ship to India, you can ship the drones as parts and label it as a toy, but if you were to ship it as an actual full built drone, it would get blocked by customs. So also making sure that your product is available in that country, someone doesn't make a purchase and then you send it and then it's held by customs and destroyed or sent back to you. So also make sure that whatever, whether it be, you know, hardware, product or even something small, the littlest things can literally get your product stopped from getting into that country, as well as taxes. So one thing that, that surprised us early on we first started shipping overseas is the tax differences. So meaning when you're shipping out a product, you have to be aware some countries do have VAT taxes, meaning that they will tax everything that comes into their country. So do you have to be careful of how high it is and do you want to be responsible for that as the seller, or are you going to put that on the receiving end of whoever purchased your product? And then also you have to make sure that they're aware of that because if you accidentally send them the product and they have to pay the tax before receiving it. That's not really a good look. And then the best thing you can do is before opening up to a new country, check for their taxes and make sure you apply that at checkout or if it's small. So let's say your product is like 50 bucks and the tax is like $2 and your margins allow, then, you know, be willing to cover it. But I think the biggest one's definitely open payments, making sure that, you know, especially PayPal because it works everywhere, checking the taxes and then making sure your product will actually get through to the end user.

So in your case, what did you choose to do with the tax?

So with taxes, it depends. So, for example, like Canada, because we have nafta, we're able to avoid most of the taxes because our products are made here in the US but shipping overseas, for example, the highest tax we've ever been hit with was about $140, and that was to London. And to give an example, our product, total product purchase was about $900 with all the options. So that's a roughly 15% tax, I believe. So that being said, what we did was split it. So we told the end user, we'll pay half and then we'll have you cover the other half on your end because our margins were able to offer it. But nine times out of 10, usually we cover it because we can, and then often we'll split it. Or like our most recent shipment was to Australia. We just had it go straight to the user and he understood it depends per country. You just have to be dynamic in how you manage the taxes per country.

Thank you. Thank you so much for your insights. Very, very helpful.

Thank you. So I think Dwight basically gave the answer. It's making sure, in terms of just the payment provider going back to the payment provider, I know nothing about taxes. Like, really, that's somebody else's job. So I can't comment on taxes, really. They just really scare me. But just going back to the payment provider for a second. So, for example, if you're in the UK and you want to sell to the us you need to make sure that your provider can take payments in dollars and convert them to pound sterling so that they can get to your bank and into your pocket. Okay, so again, like Dwight said, PayPal, great example. So, yeah, going back to business location and currency, it's not just about your site. It's also about where you are a citizen and where your business is based. What's called your registered entity. And where your bank is. Okay, so let's move on quickly. The payment methods that your provider works with. What kind of payments does a provider process? Now, some providers actually work with more than one payment. We already said that Stripe does that. So in Europe, for example, Stripe can offer you credit card processing and will process payments through Sophot and Ideal. Just for those guys in the U.S. sophot and Ideal, there are two types of payment methods. They're actually two companies that they work with. Bank transfer, they're very, very popular in certain countries in Europe. So you can actually do all of that through Stripe. Transaction fees and rates, otherwise known as processing fees. This is everybody's favorite. Okay. Cards on the table. Providers also need to make money as well. Okay. And this is how they do it. The standard processing or transaction rate in the U.S. it's between 2 to 3%. More like 3% per transaction. Okay. So you will also be charged a fee per transaction, which is usually around 30 cents. Sometimes it's a monthly fee, but let's not go there. It's kind of quite old school. Normally it's a percentage and 30 cents. So Wix payments, for example, in the U.S. we charge 2.9% and 30 cents per transaction, which is exactly the same as Stripe and PayPal. For some reason, the rates in Europe tend to be lower. I think it's the amount of red wine that they drink. I'm not sure. But you know, they have the Good Life minimum transaction order. You should just check that your provider has a minimum transaction amount. Like if you, for some reason you have something on your site that's 25 cents, 50 cents, just be careful. And they do vary between providers and locations. WIX payments, we have a minimum Transaction amount of $1. Okay. Restricted goods and services. Okay. This is a big one. Okay. If you're going to pay attention to anything this evening, pay attention now. Because we see so many people fall at this precise moment and sometimes it's just they didn't know and that's okay. So all payment providers, all payment providers have a list of products and services that they will not process payments for. Now, this may be because they're illegal, they consider them immoral or unethical because they're what's called high risk because of high rate of chargeback. Chargeback is when a customer actually cancels the payment with their bank or that they're hard to insure or that they are also high risk, meaning that they are in a legal gray area. For example, selling CBD online, which is one of the elements, chemical elements from marijuana, which has medicinal properties. So for example. Right. Most providers won't process payments for guns or weapons or for drugs. For some adult services. For financial services, gambling, for example, with WIX payments and with Stripe, they won't accept payments for gambling businesses. And PayPal, you have to be very careful if you want to offer lotteries. They don't normally allow it. There are some, there are some good options. Like if you have a site on WIX and you want to sell cbd, you can process those payments through Square. You do get a higher transaction rate for CBD, it's 4.2% and 30 cents. But most other providers won't let you do that. And just as an example of how random things can be, we had a lot of problems with hair extensions. Okay. Hair extensions are considered high risk business. Yes, hair extensions, they get a high rate of chargebacks. Customers aren't always happy with the product that they get. They thought they were going to get something else. So you get a lot of chargebacks for it. But we actually at WIX Payments, we do process payments for that. So bottom line of the restricted goods and services, check your payment providers. Restricted businesses before starting to sell online. Really do go and check. Okay, Most people never check terms and conditions. I do it all the time. But do go and check the restricted businesses because it will stop you from it will help avoid facing problems further down the line. Okay. Nothing worse than starting selling and then realize that you're actually selling something that the payment provider says is illegal. And then everything gets refunded. Payout cycles. This is a tricky one. Payouts are when the provider transfers money to your bank account. Okay, so pay ins, which is the opposite. Pay ins is money going into your payment provider account and payouts is when you get the money back. So you should check how often you can get paid out. Is it daily, weekly, monthly and is there a minimum account balance? Do you have to have $20 in your account before that will trigger a payout? At WIX Payments, we have options for monthly, weekly and even daily payouts as long as you've got a minimum of $1 in your account. And finally, just a little quick word about recurring payments. I don't want to dwell on this for too long. For example, if you have like pricing plans, the WIX pricing plans on your site, you may want to set up recurring payments to sell subscriptions and memberships. And you should check. There's a lot of payment providers don't work with recurring payments. Stripe is one Example of a payment provider that does let you process recurring payments.

And WIX payments, too.

And WIX payments very soon.

Okay, I have two questions for Dwight. Someone was asking about shipping provider. I'll give you the full question. So someone was asking if. Have you ever experienced if your product did not get through the custom text, then the good shipped back to you? Did you refund the customer?

That's a funny question because we're actually kind of experiencing that right now. So one of our products, usually, we've never had an issue with international shipping until recently. Nine times out of ten, if you use. I'm assuming that. Okay, let's just say if you're from the US and you're shipping internationally, do not use the postal service at all. Because the way it works is they'll transfer it to whatever local postal service is in that town. And it depends where you're shipping it to. Some countries are not as. How do I put this? Not as set up properly in terms of their shipping or local shipping. And some products, like our products, are fairly pricey. So we usually just use DHL or UPS or FedEx. And if anything goes wrong in customs, they always call you to let you know that you know, you're missing something or you missed some type of paperwork or something. Doesn't make sense. And then we just email it over. So I think building relationship with whoever you're shipping with is very important. So make sure that you have a business account set up. And then they will usually, at least with the usps, they will give you like a dedicated number for priority customer service. Now back to what we're experiencing right now with DHL is that we shipped out an order, just one actually, to Brazil, I think it was last Thursday. DHL ships really fast. It's usually three to five days. And by Friday was already in Brazil, but it's been stuck in customs since Friday and it's now what's Thursday? Right. So, yeah, so you're now looking at six days of being stuck in customs, and we don't know why. So we'll be calling DHL today to figure that out. But like I said, definitely having a great relationship. Like, we know who to call at DHL and get it sorted out. So don't use your local postal service and just make sure you really have a good relationship with your international shipping provider.

Right. So you just answered another question, like, who do you use for shipping? So thank you.

Oh, yeah,

Great. Okay. Question for you, Kester. So somebody was asking. I've heard from some people Saying someone who does E commerce would need a business license, college degree, lawyers and so on. Then I've heard that the state does not require all of that. What would be your opinion on this matter?

Okay, what was it? Business. Business, college degree, business license and a lawyer.

Lawyers.

Okay. I don't think that you need a college degree. I'm not your dad, so I, you know, I'm not telling you. Go get a degree. There's a good chance that you may need to have business registration documents and other licenses depending on what you're selling. You should not need a lawyer. Okay. Most of the time. Again, I'm not a legal person, but I'm guessing that you don't need a lawyer unless you're selling something like cbd. If you are selling high risk products, something like CBD or certain other products, you may just want to have a lawyer close to hand because there are legal issues and legal documents that you will need to sign.

Cool. Dwight, do you want to add to that like did you need any of

these like Hester said? Yeah, I mean like you said, I'm not your dad, so I can't tell you. Go get it. But you don't really need. Depends. Yeah, it just depends. Like if you know, you're a fashion brand, you're selling T shirts, you can, you know, just use your personal bank account to attach everything. And if you're just a side hustle, but as you start, you know, your website starts to pick up traction and you're gaining more sales. It'll be ideal to open a business nine times out of ten because of the tax laws there. At least in the US I can only speak for where I live, but at least for here, if you have a business, the taxes are severely different. So you have like write offs, you can write off certain expenses. There's a lot of things you can do to save more money and invest more in your business. So college degree, I don't know, it depends what you're selling. Maybe you're selling a product that requires you to actually know what you're doing. Maybe it's a complex product, but business license I would say as soon as you can. That would be helpful.

I think that's a really good point by two points there by Dwight. One is for example, at WIX Payments, when you actually set up your account, you have the option to set up like a personal individual account or a business account. So it depends kind of what size your business is. And also just to pick up on something that you said Dwight, about if you're a fashion brand. Okay. And you're selling T shirts. Now, talking about licensing, if you're selling, like a label, if you're selling T shirts from Nike or trainers from Nike, you will actually need documentation to prove that you are an authorized seller. And you will need to provide those to a payment provider. So again, this falls into the kind of read the small print. Okay? So I'm going to move on. Okay. Getting your site ready to accept payments. Now, when I was talking about things maybe sounding a little bit random, and I hope that Dwight is going to back me up here when we finish this little section. This is some really important stuff that a lot of people forget. And it will trip you up when you're trying to set up your payment provider account. Okay? So you're opening an account with a financial institution. Okay? Simple. And they are going to check your website. You check them, you check their figures, you check their history. They're also going to check you. You're entering into a partnership, a relationship with these people. They will also check you as well. And we're going to talk about that in a little while. And them checking your website, it's totally normal. Everybody does it. And what they want to know is that your business is real, that you're genuine, and then you're not selling anything restricted or prohibited. They just want to make sure that they're not going to lose money and that you are who you say you are. So there's some really simple tips for you, okay? When you're getting your site, when you're building your site, make sure that you have your contact information on your website. You send me a T shirt or Dwight sends me a drone, and I'm not sure if it's the drone that I ordered. How do I get in touch with Dwight? How do I call him and say, dude, I'm not sure about this drone that you sent me. How do I do that? If you don't have it, it just looks a bit suspicious and they don't like it. Payment providers, okay? Clear, accurate product information and pricing. If you're selling a drone, make sure that you describe the drone exactly, what it is and why it's different from the other drones and how much it costs. Okay? It makes you sound like you know what you're talking about, because you do

know what you're talking about.

Shipping and delivery information. How's the stuff going to get to the customers? How long will it take? What are the options, your privacy policy and terms and conditions? These are very important and required. I Don't know if you can see down the side here. There's like the gif of somebody going through checkout. And right there, you just missed it. There's actually a checkbox. I agree to the terms and conditions. Okay. Those are your terms and conditions. Refund return policy, Dwight. Exactly like he was saying. You didn't say you sent me the wrong drone. But how do I get a refund? What happens with that? How does that work? If you can actually express that on your website, it will make everybody feel a lot more comfortable about buying from you and customer disputes. Okay, I ordered a blue T shirt. You sent me a red T shirt. I say I'm right, you say I'm wrong. We kind of. We need to open up some dialogue. How does that work and how does it happen on your website? And then a chargeback policy. If I want to cancel the order because I'm not happy with what I got, how does that work and how are you going to respond to it? And believe me, if you have refund policies, customer dispute policies, and chargeback policies, people will actually trust you. They know that they have somebody to talk to and that you're a responsible website, and so will your payment provider. Okay? They expect you to have that information on your website, and they'll check. And one last little step, you actually need to have your site upgraded, okay? With a WIX premium plan and one that allows you to accept payments. So how to connect a payment method to your site? Okay, so there's somewhere in Kiev right now, there's a very, very nice man called Roman. He's sitting in his daughter's bedroom, I can tell you that. I know, which is pink and purple. And he's very nice man. And he actually went through this flow for you, and he's recorded it. So we're going to have a look at that right now and just see how actually simple it can be. Okay? So I'm gonna hope that this works. Let's see. Okay, so here he is in the dashboard, okay. And he goes to settings and accept payments. Here you go. And if you see right there in the top right hand corner, okay, that's the business location. Okay, That's. You just need to check that that's in the right place. What we were talking about earlier, making sure that it's the right location for you. And if you can see, I'll just let that go. Okay. Roman just opens that up for you to show. Where does he live? United States. Okay. So here you see that it's marked and it will come ready marked for you. These are the best options that we consider in the United States is credit cards and PayPal. Okay? It comes pre checked and all you have to do, press that button and boom, there you go, you've got them. You've got, they're now connected to your site and it's your responsibility then to go and complete the setup. Okay, so here's Roman. He's gone into the complete setup, complete account setup. And as you see there, we were just talking about it, individual or business partnership, etc. And here he is, he's filling in his details. Obviously he's not going to give you his real name and details. I can do those later. He's a very, very nice person. Not really. He's a very nice person, but I'm not going to give you his details.

That's what I mean.

So here he is going through their date of birth. And this, by the way, this is the WIX payments setup form. Just see how simple it is. Social Security number, bank details so that we can actually transfer money to your bank account. So obviously very important that you give us the right bank details. You're accepting the terms. And there you go. My products are not included in this. Restricted services. So there you go. He's now set it up. And we will now verify that information. Okay, we're going to verify that Roman is who he says he is and we'll check his website to make sure that everything is as it should be. So talking about verifying Roman and everybody else, we need to talk about a little thing called kyc. Okay, KYC is an industry term, it's a financial term and it literally means know your customer. And KYC are the checks that a payment provider will make to verify that you are who you say you are and to verify your identity and your business. So the first point is obviously that yes, sometimes we're really silly and we do call it kfc and I apologize, it's a pawning joke and it's not me, it's everybody else. But yeah, we do. Number two, just like they check your website, okay, to make sure that all that information we discussed is on there. They will check you and your business. They will check. They'll check your. Well, here you go. Look, they're going to ask you for your id. They're going to ask you to upload bank statements or documentation. If you're a business, they will ask you to upload your business registration documents. And if you have business partners or shareholders, they may even ask you for The ID for their ID and details. Now, what gets difficult is that they don't always ask you that immediately. They don't always ask it for you at the same time. And it's kind of weird. Okay? What happens is you start selling and then you get to $500 worth of sales, and suddenly they get in touch with you and say, hey, you've sold $500. We need some proof. And so they'll ask you to upload some documentation, and then the same will happen when you get to the next tier, which may be $1,000 or $5,000. They may ask you for more details. Okay, Now, I just want you to understand that it's this. Perfectly normal. It's industry standards again. They're going to research you just like you research them. And don't be surprised by it, and don't be offended and don't be frustrated. Okay? It's perfectly normal. Everyone does it. It's industry standard. And just follow the instructions. That's all it is. And be aware, okay, that when you. When you open your account, most providers, all providers will actually wait for site verification in KYC checks before paying money out to your bank account. Okay, so how's making a payment going to actually look for your customers? And I'm sure you've seen this, but it's just we want to show you. So this is Roman. This is Roman's vegetable store that he created for this. And we have here a classic basket, which is $1. Okay, so no, we're not. Let's try that again. I'm sorry. Okay, so we're gonna see. This is. I'm now a customer on Roman's website. I'm ordering that lovely classic basket of carrots. Very appetizing. There you go. So buy now. And this is what your customers will see here. Okay, you see shipping details. Then to those state, California. Okay, so free shipping and payment. There you go. Those are the options that Roman has on his site. Familiar credit card or PayPal. He's choosing credit card, I'm choosing credit card or whoever's buying. There you go, filling in the details. If I chosen PayPal, I would have gone to the PayPal website just to finish and then come back here, review and place order, and there you go. It's that simple. So as I said earlier, all your customer actually sees is pay by credit card or Pay by PayPal. Ariel, do you have a question?

Sure, sure. What if I already have a PayPal account, can I connect it to my site?

Well, it's funny. You should Ask that Ariel, because actually Roman also. This is how good he is. He also did that as well. Okay, so let's have a look at that. Obviously, PayPal is very popular, and you may already have a PayPal account, and you want to use that one rather than setting up a whole new one. So let's see how easy that is. Okay, so I've chosen. Roman's going to show you. I'll let Roman do the talking. Okay, so there's PayPal. Set up my account to activate. And as you see. Okay, I've got two options. I've got create an account with PayPal or I've got connect an existing account with PayPal. Okay, so Raman already has a PayPal account, so he's gonna connect that one. He adds his email address, which is the email address from PayPal Connect. He goes out to PayPal. There you go. He's now in kind of like PayPal, and he's in the United States. He's added his email address. He logs into his account, and there you go. He's done. He comes back to Wix.

Nice.

And Roman can now start accepting payments with PayPal.

People keep asking if this is recorded. So, yes.

Yes. It's a live recording. That is how quickly it happens.

Okay, so we will send you this. Like.

Yeah, it's like that simple. It really is.

And it's on our WIX Facebook page, so you can see it right when we finish this one. Yeah, so don't worry about it.

We did these recording just kind of to make it more convenient and to make sure that nothing went wrong. Because whenever you try and do anything live, it always goes wrong, especially with me.

So.

Yeah. Did you have a question area?

Yeah. How does it look in the dashboard? Everything you just talked about?

Also thought ahead for you there. And by the way, these are actually questions that people sent us, and we updated the presentation. Okay. To try and answer some of these questions. They're genuine questions. So we've been working, like, in the last few days to do this. Okay, so, okay, here you go. So I'm now in my WIX Payments account. Okay, here we go. I'm in the dashboard. Roman stars and. Oh, I've got an order. So I come to orders in the store. Okay, I see my store orders. Okay, I see that there's an order. Classic basket, the one that we just bought. And then you see. Okay. Paid for with WIX Payments. So I want to go and have a look at that. I want to see how that looks in WIX Payments. And There we go. I'm in transactions, and I see $1. That's my gross income. Roman's not a very successful merchant, but never mind. And there you can see all the payment details. Okay, about that. So it's slightly different from the order details. It's much more. Many more details about the actual transaction. Okay,

great.

Do you have another question?

You know what? How would I know when the money will appear in my bank account?

Aha.

So we're talking about payouts. Okay. So this is Roman sorting out his payout schedule. Let's have a look at that. So he goes to accept payments, and he goes to his WIX Payments dashboard. And here you see transactions. Okay. And payouts. Now let's just have a look what we've got here. Okay. Balance summary. He's got the amount of his next payout. This is the schedule for 25th of May. Okay. And then he's got future payouts. This is money that either has not been settled yet. It's still pending. It's not been settled by them, by the customers bank and sorted. So it's there, but it's still coming through. And then you've got the total balance. And then going moving forward, you can see recent payouts. Okay. And let's look at the next payout. What's in the next payout? Okay. You can see that it's a summary of what Roman is going to get to his bank account. He's got all the credits. There's no refunds. He's been a very good boy. He didn't refund anybody. There's adjustments, which is additional fees in case of refunds and things like that. And so Raman is going to get into his bank account. It'll be sent on the 25th of May. He's going to get $289.75. And be aware that when it's sent from his account, it will take a few days, between three to five days to actually appear in his bank account. It's totally standard. That's the way that the banking world works. We all know that. You make a payment, it takes a few days to see if there's any more that Roman did. So here he's got a list of all the transactions that were in that payout.

Kester, I have a question.

Yeah.

Is this dashboard? Do you only see it if you use WIX Payments?

So what you saw there was actually the WIX Payments transactions. If you use WIX Payments, we give you an overview of all your transactions. We kind of integrate all your payment methods into one dashboard. And that's only available if you are a WIX Payments user.

Right. And I think this is one of our huge advantages. So if you use WIX Payments, you manage everything from one place, you see all your transactions, you know exactly where it's coming from, which products, which, which services, whatever you're selling. And no need to go to a different website or anywhere else. It's everything in same dashboard.

I'm not allowed to say anything, but I can say that they're very big plans for WIX Payments and we're only going to get better and we're only going to get bigger and better. And that's all I'm allowed to say. There's somebody in the next room who's standing, just looking at me really nastily. I'm not allowed to say any more than that.

Okay, we need to wrap up. Yeah.

So listen, final word from me, okay? Unless maybe there's some time for questions. Do your research, okay? You wouldn't choose a bank without checking it first and do the same with your payment provider. Just do a little bit of research and understand what's right for your business. Everybody knows PayPal, it's an amazing company, they do really good work. But maybe it's not good for you. I don't know why, but maybe it's not right for your business. So choose somebody else and do read the terms and conditions and check the list of restrictive businesses, okay? It will save you a lot of time, frustration and money later on. So that's it for me for now.

Thank you so much, Dwight. If there is any tip you would like to share with our audience, that would be amazing because you have seen such a successful company. And again, Dwight is very like, kind of shy, but he's running a huge business in like really so little time. Like, you just built this company and it's doing really, really good. I'm not going to share the numbers, of course, but we're so happy. We're so happy for you. So any tip for those who are just starting their company now?

It depends what you're selling, but I think generally, I mean, like Hester said, is being very transparent with the end user having everything listed out from ways they can contact you. Like for example, we have our website chat and then we also have our general info email that you can email us at. And the website chat is great because it connects with the WIX app, so everyone on our team gets the message whenever someone has an issue. I believe about four of us have The WIX app downloaded, everyone has the message. So someone would be free within a few minutes to message back, you know, having a great return policy. So our return policy is seven days, but we're also very lenient. So I think one thing that needs to be realized is that every situation is different. You don't want to be too strict on your policies where you may end up building a bad relationship with the customer that possibly just had a little issue that could have been fixed. And then I think the only other thing I could say is, besides being transparent is making sure that your product is actually well done. So everything from depending on your price range, people expect different things. So if you're a high priced product, make sure that it's a good quality and that everything from the unboxing experience, the customer service experience is great. If it's, you know, a knickknack or something that's small and it's like fun and cool, make sure you match that as well. The worst thing you can do is market one thing and then when the customer gets it, it's something else or it's not really what they were expecting. So I think borderline, the bottom line is it's just like, you know, just transparency all around.

Amazing. Thank you. Thank you so much, really. You're not seeing Edwait's website and it's a shame. We're gonna send you this so you'll have it when we send the wrap up email because I want people to see it. It's really beautiful and such a great thank you.

Cool website.

Very cool website.

You've been working on it for a very, very long time.

Amazing, Amazing.

Really.

So cool. So we're gonna send you guys the link to that when we send you the wrap up email. For all those who registered, you're gonna have an easy access for it. So I want to thank both of you for joining me here today and answering these questions. And Kester, people were laughing with your great sense of humor. We got really cool comments about it.

My wife would really disagree about you saying it's a great sense of humor and some of my work. Okay, nice of you to say so. Thank you.

And why people want to see your website and to have you on their zoom to host you. So you're gonna create like a lot of fans here. So that's really cool. So thank you so much. Thank you for having me and for you at home. Thank you so much for joining and asking those tons of questions. I hope we did the best to answer those and people are still like answering like crazy.

And a big shout out to you as well. Ariel, thank you very much for your help. And also a shout out. There's a team of people kind of actually in several countries answering your questions and there's a massive team and yeah, big shout out to them as well. They're doing an amazing job.

And just a quick note, stay healthy, stay safe and we love you and appreciate your business. So thank you so much and feel free to check our resources. We have WIX Ecommerce blog. We have WIX support with tons of articles about WIX payments. So feel free to browse and search for all the information that you're looking for. We have our WIX Ecommerce mini site. Just Google us and you'll find everything, the videos, the other webinars, it's all there on our Wix YouTube channel and Wix E commerce school website. So just Google us. Thank you so much and have a great day or night.

All right, thank you.

Bye guys. Bye bye bye.