Wix eCommerce | How to Set up & Manage Your Wix Payments Account

Welcome everybody, once again to this week's WIX Ecommerce Workshop. We're going to be speaking to you today about how to set up and manage your WIX payments account. I'm Liat, I lead E commerce marketing at wix. And joining me today I have Omer Shatzky, who's head of billing and payments at wix. Hi, Omer Eliat.

Super excited to be here. We've got tons of exciting stuff to go over, so let's get started.

Absolutely. So, everybody, this is what we'll be speaking about today and we're going to try and cover the payment ecosystem and give you an understanding of what the space is all about. We're going to dive into the wonderful world of WIX Payments, our very own payment provider, explaining to you how to set up your account, what the difference is between individual and business accounts. We'll walk you through the verification process and we'll also speak about how you manage your payments with WIX Payments. So before we get started, we'll just say we know that payments can feel complicated and scary and certainly if things aren't going very smoothly, it can be a real challenge. So I'm very happy that we have Omer with us today. I am not a payments expert myself, so I love it when he's around to answer questions and share his knowledge with us. And if you have any specific questions, feel free to ask the team in the chat. So with that I'm going to hand over to Omer to take it away.

Great. So let's get started. Our first topic is around the payment ecosystem. So what is the payment ecosystem? This is where all the relevant payment players coexist for them to be able to give you, merchants or buyer the ability to shop online and offline. We know that payments are complex, right? We don't expect you to be a payment expert. This is where I, I come here to help you and of course I have an amazing team behind me. But we believe that if you will be familiar with some of the key terms in this space, it will make you make your lives a much better one when it comes to working with us as a payment providers. And you will also understand why we are doing what we are doing and how we are doing it. So you see here some terms like settlement and payout, etc. Etc. And those are fundamental terms in the payment experience that you're about to see. And we will touch base those specific terms in the right context. So everything starts with the payment method. What is a payment method? It's the way your customers are paying you. We have various types of payment methods from credit and debit cards, digital wallets like PayPal, bank transfer, mobile payments. So different payment methods also operate in different locations. For example, Boletto only exists in Brazil. It's a very unique payment method in Brazil for you as merchants. You could combine different payment methods within your checkout so you would get a much better conversion from your buyers. The second piece is the payment provider. Okay? A payment provider. Every transaction you receive from your customers, okay? The payment provider is the one that transfer the money to your account to your bank account. This is what we call a payout. Those transactions include not only charge but also refund and chargeback. If you are not familiar with chargeback, chargeback is where you as buyers are complaining back to your bank that you didn't get the product or the goods or you were expecting to get but and we'll touch it later on in where you as merchants are dealing with chargebacks. In addition to that payments provider do operate online and in brick and mortar. If you're not familiar with brick and mortar, this is actually the actual cashier store that you are coming to buy some stuff. Okay? Different payment providers also operate in different countries. Some of them will be available for you to choose and some won't. And lastly, the payment provider can offer multiple payment methods. You can see some names on the right hand side like Stripe and Square or PayPal and of course our home brand weeks payment. We are your payment provider. So how you connect a payment provider on wix. So we offer you to use WIX payment which of course our preferred way but also third party payment providers. We support more than 40 different providers worldwide, including alternative payment methods. In short, APM in order to accept payments in your checkout, you need to have a business premium plan. We do not charge extra transaction fee. If you are to connect with a third party provider, okay. You will need to pay them what we call the processing fee. And we if we are to act as your provider, we will also charge processing fee. This is industry standard. Okay. Because at the end of the day we need to pay the other partners that support us and we'll see in a minute who are those partners. When it comes to credit card payments, you could only have a single provider, but you could have more than one provider. For example, you could add PayPal and Stripe. If you are to support Apple, pay at your checkout. When we are to look at the payment EcoSystem, there are four main players. The first one is the acquiring bank. The Acquiring bank or the company bank is the one that got the license to process funds on your behalf, I mean your behalf as a merchant's behalf. Okay. They are the ones that are responsible to pay you to, to pay you with the sales you just got from your customers. The issuing bank or the cardholder banks is the bank serving you as customers. The ones that issue you debit or credit card card networks. I guess you are familiar with Visa, MasterCard or Amex. They are the one that oversee and monitor the entire card processing traffic worldwide. They are the one to set the regulations and they are the one that also setting the technical ways that support a throughput of millions of transactions per second. And lastly the payment service provider, this is the one that is actually serving you. We provide you with the customer journey, with the merchant journey where you do downboarding, transaction processing, etc. And, and we're also doing all the wiring, the technical integration behind the scene for you to be able to get this service. Those four players have two main clients. The first one is the buyer. Put yourself at the buyer's seat. You want to make sure that when you are submitting your very precious data, your credit card details at the checkout, you won't be subject to any fraudulent activity. You would get what you just click to buy, right? And if there is a problem, you can call your bank and get a charge back because you didn't get what you were expected to do. So buyer first, second, important, as important as the buyer is the merchant. You as merchant are trusting the bank and us to give you the funds to that you process on your behalf. So you want those financial institutions to be well established, to follow the laws and really keep your money in a safe place. Okay. So remember buyer and merchant. And we'll look at those two angles in the later slides. So how does all of those layers combine together in what we call the online transaction flow? So everything starts where the customer is entering. The online merchant store is picking some product, putting in the card, going to the checkout form, submitting the payment details. So the details are going to the right hand side until they reach the issuing bank. The issuing bank or the cardholder bank is checking the details whether the the 16 digit matches the CVV and the expiration date. The issuing bank is checking whether the buyer has enough credit in his account. And they're also checking whether there is a potential fraud. Once they reach the decision, okay, ready to go, they are sending it back and then you as buyer get the confirmation authorization was completed. This is what we Call authorization. The round trip is authorization. Okay. The next step is what we call settlement is where the money is actually taken from the issuing bank. Again going to the left hand side until they're reaching your account at the provider and then you could get paid. Authorization and then settlement.

Great. Thank you, Omer. So could I ask you to please stop sharing your screen for a sec just so that I can ask you some questions and we'll let everyone get a good look at you while you answer. So I love putting Omer in the hot seat. I'm going to share some questions we've been getting from our users. So the first question that people asked us is how much time does this process take for each transaction?

Okay, so as I mentioned, the first round trip, which we call authorization takes seconds. Okay, so you're getting an immediate response. My transaction went through or failed.

Okay, great. So as a merchant, would I have a relationship with either the acquiring bank or a card network?

You would have, but indirectly. Let me explain here. At the end of the day, the acquiring bank is the financial institute that is paying you. So when you get the deposit, your payout, basically you will see that it came from a certain bank. So this is where you do see who is actually behind the scene. In addition to that, as your provider, we are basically implementing all the guidance and the rules that the acquiring bank and the card scheme dictates. So it is a relation, there is a relationship, but an indirect one.

Gotcha. Okay. Do I need to upgrade to a business plan in order to accept payments on my site?

Yeah, that is correct.

Yes, you definitely do. Omer mentioned that and we recommend that you do so. Can I work with a third party provider who is not listed on wix?

Okay. At this point you cannot. However, we do have a solution to let other providers join WIX as an option. Okay. So we encourage you to go to your partner, ask them to reach out to wix for them to join. We call it the provider platform. We will hook them into the right team and guide that provider how it can be done. This is a very simple integration for them and we have partners that want able to do it in one week. So go to partner knock door tweaks and we can make it happen.

So go to the partner for sure and if it's a big payment method that you're looking for, you can always vote for those via our support center. And I'm sure Omer will have some nice updates for you as we go here. Omer, I'm lining it up for you so here's the next question. Just in time. When will WIX support Klarna, Afterpay or Sezzle?

Okay, I'm super happy to announce that we support Afterpay since yesterday. Super exciting, super exciting. And we're going to have Klarna and Sizzle in the upcoming months, so stay tuned.

We'll bring you back to show us again once you have those. So I think we're good on this section. Omer, you are welcome to continue, please.

Good. Okay, so when we went through the online transaction flow, talked about settlement and now it's the time to talk about Big Spearman. So I want before we dive in to take a moment. This is literally my baby. I was the founding father of this, of this service three years ago and I'm super excited to see how we started and where we are today. So without further notice, let's see what you're getting here. Okay, so WIX Payment, it is our own payment solution. You don't need to set up a third party or to hook a third party payment provider. Everything is integrated within the WIX platform including the payment dashboard. You are getting a simplest seamless checkout experience, personalized payout schedule, option to refund directly from the order page. Nobody else could do it for you instead of us, right? And also a built in chargeback dispute tool. So the notion of Altab moving between two tabs just to manage your entire payment cycle from order to transaction to payout. You don't need to live weeks. Everything is being done under the same roof. We operate in 12 countries in Europe, also in Brazil and in the U.S. we support credit and debit card and also some alternative payments like Boletto, Ideal, Gyropay, etc. The types of payments that we support are on the website and through the WIX mobile app. We support most of the WIX product like stores, booking events, restaurants, etc. We support recurring payments and of course one time and we also support installment in Brazil.

Okay, very cool. So I have some questions for you already and if anyone has any more, feel free to shoot them at us as we go. So first of all, what does supported country mean? Are we talking about the customer location or the merchant location?

Okay, so we are talking here about the merchant location. We have basically three, I would say main elements to describe it. First of all, where the business is located. Second thing, where the bank is located. And lastly is where or you who own the business if you need to have a certain kind of ID verification, whether it's ID or passport or a Driving license in that specific location. The way it works, as I stated before, the acquiring bank and the partners are getting a license in specific territories. So we support, let's say us. So if you are a U.S. merchant, you need to have a U.S. passport or U.S. iD. U.S. business account, sorry, U.S. bank account. And also your business is located within the us so those three elements has to be relevant.

Okay, thank you. Okay, so further clarification we're getting here. Can a business be located in one country but have a bank account in a different country in the eu?

Okay, so this is what we call cross border setup where one of those three is not in the other two. At this point in time we do not support it, but there are some partners that we work with that do support it at this point in time.

Great. So if anyone needs that, hit us up in the chat and the team will send you links for that. And one more question here. Does WIX Payment support different currencies?

Okay, the way it works at the moment is we only support different currencies at the storefront. This is what we call presentment. What does it mean? Your buyers, your shoppers could go to the store and see how much that specific product cost in dollars, gbp, et cetera, et cetera. But again, it just for the presentment capability. At the end of the day, if you are a US merchant, we will process your funds in US dollars and you would get US dollars to your bank account. Gotcha.

Okay, so now I have some questions about payment providers and methods. So the first question is, let's say I'm already connected to a provider like Square or PayPal. Can I switch to WIX payments or use it with another provider?

Okay, so as I mentioned before, you could only have a single credit card provider. So for example, you could work with Wix Payment as your prominent credit card processing partner and also with Square as your point of sale processor. So yes, it's doable.

Okay, next question. Does WIX Payments support bank transfers?

Okay, we are about to support Klarna, which is a kind of bank transfer in the Nordic and other countries in Europe. It's going to be open soon and we are considering adding more bank transfer and more in more countries as we go.

Okay, when will in person payments be available through WIX payments?

Okay, I'm not allowed to tell you, but I will do it in any case.

Oh, you block my ears.

We're going to introduce our own in person point of sale solution in the upcoming weeks. Super excited. Full blown cashier solution with supporting app Amazing, amazing effort of the source team with the payment team. Stay tuned. It's going to happen really, really, really soon.

Great. We'll bring Omer back for a live demo on that one. So, one question here. Do I have the option to charge ahead of time with WIX payments and can customers give me a tip?

Okay, very good question. It is, I would say, a common scenario that we are getting from our users. At this point in time, we do not support it. However, we are not preparing all. I would say that the relevant features and product enhancement in order to support it in the near future.

Great, Omer, now I'm going to hit you up with the hardest question of all. So we're going to talk about fees. Everybody wants to know what are WIX payments processing rates and how competitive are they compared to others?

Okay. So for example, in the US we are charging 2.9% plus 30 cent. This is the industry benchmark. Everybody charges the same fee. We're not more or not less than any other partners. We are trying to be as competitive as the partners. But in any case, you won't pay more at wix.

So Omer, I think I'm going to let you continue.

Okay, moving on. So let's talk about the account setup. So before we dive in, we are basically building a relationship, okay. We as your provider, you are as our customer and we need to know each other better. Relationship is built on trust. And in the next few slides we'll walk you through how we are building this mutual trust. So in a birds of you, everything starts by you creating a site, connecting to weeks payment, filling the onboarding form. Then you could run the first payment. We are starting the verification. Then you could accept many more payments from your customer and eventually you're eligible to get paid to get the payout. High level. But stay tuned, we'll dive into each and every step. Okay, so everything starts at the dashboard, the business manager. This is actually the new look and feel. Maybe some of you already got it because we are rolling it gradually. There's also of course the existing user interface, but this is where we're going. So this is why I'm focusing on the new look. But essentially you need to be looking for the accept payment tab at the menu. The first piece we need to confirm is your location. In many cases I think 85% or even more where you are located will be your business location. But there are cases where you're working abroad. So you need to look for your country where your business is located and change it accordingly. Okay. So this is the location. As I mentioned before, the location is where you are located, meaning you have an id, where your business is located and where your bank is located. The next one is we need to make sure that you are not selling prohibited goods that we cannot really serve you. Let's take it one step back, okay? We would like to provide you with the best experience. Okay. If there would be case where for example, you're selling guns, okay. You could go through the entire onboarding, fill in the documents, etc. Etc. But the end of the day our answer will be, I'm sorry, we cannot really serve you. So in order to avoid this back and forth and frustration, we urge you to look at the list, making sure that whatever you're selling is not there and only then start the process. We also encourage you to go into our knowledge base where you will get a much detailed list. Again, if you are not here, go. We can serve you.

So Omer, just before you continue here, I think we should talk about this for a sec because it's a really hot topic. We see our users getting stuck on this issue often and it's not something that's unique or specific to WIX payments. Right. So as far as I know, like the majority of payment providers have lists of restricted products or services and this is just a general advice. So obviously as WIX payments, we're recommending that you check our list. But if you're choosing any other payment provider, you want to be going and checking their lists too and making sure that they work for you. Correct. So for example, what would be WIX payments policy regarding selling alcohol?

Okay, at this point in time we are not allowed to support selling alcohol. But for example, something that we're doing in parallel to WIX payment, there are some product specific products like CBD where we do hook specific partners that we know ahead of time that they will except those kind of merchants. And we'll be creating a tailor made onboarding an actual entire funnel. Okay, you're selling cbd. This is your template, this is your partner. Sign here. And then you could close the loop. But CBD is the first thing and we might be adding more and more. But going back to your question, Alcohol. Sorry, not at this point. Great.

So not on WIX payments, but we do have other options on WIX that would support that, right?

That's correct, yeah.

Great. So I think I'll let you carry on. Those were the main questions that I had here. So everybody check out that restricted and prohibited list. We'll be dropping it in the chat for you, so you have quick access to it.

Okay, so you're ready to start your setup. The first question that we are asking you is what is is your business type? Are you individual or sole propriety or a business meaning partnership, nonprofit organization, et cetera, et cetera.

So Omer here too, we get a lot of confusion around this, so let's dive into it. So if for example, I chose one, I said I was individual or business, is there any way for me to change that later?

Okay, so when it comes to your experience, there is no way. Okay. However, we provided our customer care with some internal tools for them to be able to do this modification. It's not, I would say that easy or fast. So it might take days for them to complete this reroute. So this is why we advise you to. Okay, look at the definition. You could ask us, hey, do you think I'm business or personal? That's super legit question. Do it before you click. And as you can see in the later slide, according to your selection, you will get a different onboarding experience.

Okay, that's really important. So on the same matter, slightly different question, but let's say I want to change my bank account at some point. So I started with an individual account and then I grow and now I have a business account. Do I need to set up my WIX Payments account all over again?

No, you just need to go to your account setup account setup in the menu and update it. That's fine. We support it for sure.

Okay, great.

Okay, so you chose let's say the individual type. Okay, so how does it look? We are collecting information on you as a personal customer. This is what we call KYC or nor your customer. So what we are collecting the name, the address, the SSN, date of birth, bank account? 2 comments to mention here. As I mentioned before, we are building a relationship so we need to get to know you better. This is where we are actually starting this exploration. And just to build the trust, we are also collecting the photocopy of your ID and your bank statement at the end of the day. We want to make sure though whoever fills that form is the right person and whoever going to get the money in which we are asking for your bank account would actually be the one who owns the account. And those documents that we ask you to upload is for us to cross check that you are the ones that is actually owning the account. So this is how the form looks like. It's straightforward, you have some tooltips and I would say the Most more challenging elements, just filling the data. Then you need to upload a photocopy of your ID or driving license. Filling in the bank details. Again, that bank account will be the one for you to get your payout at the end of the day. And click the terms and condition. Take a moment to go back to what we talked about, the acquiring bank. Where do I see it? You see it here. This is Edyen. In this case, Edyn is our acquiring bank partner. He will be the one to actually send you the money to your bank account if you are a business. Okay, we need to collect more details. So some details about your business, the business registration, address, who is doing one, who is managing the business if you do have shareholders, what do we mean by shareholders? Somebody owns more than 25% of your business. Okay, this is what we call shareholders. And by bank details, again, this is the business bank account, not your personal bank account. So how the form looks like. Again, some more details that we're collecting, you're adding your company id. You need actually the company ID is a copy of your ein confirmation notice that you can get from your local tax authorities. Okay. And this is where you're adding business owner or what we call shareholder. Okay. And finally the bank account terms of use. And you're done. Ready to go. Okay, great. You're ready. Let's get started.

Awesome. So wait, before we get started, I have a couple questions for you. Great. What happens if I haven't completed my account setup? Will I still be able to receive payments on my website?

Okay, so this is actually a tricky question. At this point in time, there would be cases where it's going to be relevant, meaning you can accept payment even if you didn't complete the setup form. However, as we are obliged to follow all the global regulations, it's not going to be supported really soon. So this is why we encourage you. Take the time, fill the onboarding form, submit it and then start. I would say opening your site to accept more and more payments, it will just save you a lot of frustration and delays on the way to get paid.

Great. So what happens if you don't complete your account setup? Right, We've heard that there's like the 30 day and the 60 day. What exactly is that?

Okay, so let's take a moment again, going back to the buyer seat. Okay. Your buyers, right. Enter your store, put their credit card details, they gave you the money, but they didn't get the product. We as the one that protect the buyer needs want to make sure that who is the Merchants that is actually selling those products. So it is a kind of, I would say misalignment between the merchant that we don't really know this is what we're doing right. And the buyer that actually put the money. This is why we are putting a time limitation. You need to complete the account setup with within 30 days. Okay. This is your grace period. Yes, it might be a back and forth discussion with us, we support you on that. But at the end of the day you have 30 days to complete it. If you won't complete it on time, we will have to close or shut down the accept payment capability. So this is case number one. If you won't be able to complete the account setup within 60 days, will unfortunately need to refund your money back to your customers. I think it's both sides. Consent for you to complete your setup for you to get paid asap. This is why you came to be working at wix to create your business online. So take the time, do your homework, fill it on time, boom, you'll get paid.

Excellent. And I'll say there also look out for any communications from wix either in your dashboard or in your email. Because if we're missing anything or something's going wrong there, we really do our best to update you and let you know about that. So you want to be responding to that and not letting those things fall through the cracks there. Okay. I think we're good on the questions for this one. Omer.

Okay. Okay. So again as I stated before, we are building a relationship. So this is the next step where our relationship are getting deeper. So this is where we are entering what we call the verification process. Okay. What we are doing here is we would like to verify your business and your identity before approving the transfer of funds to your bank account. We are building here trustful relationship and in order for us to build the trust we need to cross check the data with the actual document. In addition to that, we are obliged to verify that your business is real, genuine and not selling anything that is prohibited. So we are scanning your website, making sure that we know exactly what you are selling. If you do have some problematic product or something that is not clear, we will reach out and ask you for clarification. During the process you may require to provide some more information and while your account is being verified, you can accept payments on your side but you want get paid. First of all, this is an industry standard. However, something that I would like, I would say to acknowledge the fact that this is a back and forth, very complicated process. And we do know unfortunately that there are some cases where there are some fiction, there are, there are some issues that we are not able to solve in a timely manner. We put the verification, the entire experience as one of our top focus areas for the upcoming quarter. We are increasing our underwriting team that is responsible to do the verification. We are putting dev effort, product, customer cares, everything in the right place to make this experience a much better one. So, yes, we know that it meets you at a very, I would say very critical entry point where you want to start, get paid, but you are delayed. But I want you to trust us that we're doing our best to, to make it better and better and we'll see the outcome in the next coming weeks.

Yeah, on this I'll add the team is working really day and night. I think Omer, really amazing job by you and the entire WIX Payments team there. So for our users, we appreciate you, we appreciate your business, we're working with you. You have our entire team at your disposal today. So feel free to take advantage of that chat. They're here to help. And as always, our customer care is available to you and we will do our very best to help you through this process as quickly as possible.

One of the things that we are verifying is your website. As I mentioned before, we are checking that whatever you're selling is something that we can accept. In addition to that, again, going back to the buyer seat, we would like to make sure that your buyers would be getting the best experience. If I am a buyer shopping online, right. I'm looking for specific product. Let's say for example, I want to buy a rug, okay. So I'm saying, I'm saying the measures, it's going to be 2 by 2 meters so it will fit my living room. Okay. So I do expect to get that rug. Right. And if I want to get a mini rug, I won't be happy, not at all. So make sure that what you are describing is super clear. This is the measurement, this is the size, this is the weight, is whatever. So again, as buyers, whatever you see online, which is a flat picture, you would expect to get it once the delivery has been entered into your house. Another thing is shipping and fulfillment. Okay. You expect the rug to be delivered in four weeks. Okay. Just state it out loud. You need, it's a handmade that you're doing at home. Amazing, amazing job. But you need to state it loud and clear. Something very important to mention here is we mentioned chargeback. So if for example, you stated here that delivery will be in four weeks. But your customer is filing a charge back because he didn't get it in two weeks. You could claim, hey, I'm sorry dude, I told you four weeks. That's fine. Just be patient and you would win the dispute. Okay, Privacy policy, refund policy, return policy, all of those super important elements. We provide you with a checklist. Just go over each and every step, put yourself at the buyer seat, what you expect as buyer to get. Please serve your customers in the same manner. Super clear, you know, in the right places at the template. Just do it. It will save you and a lot of time and will bring your customer at their best. Congratulations, you are ready to receive payout.

That's the best email to get. So how long, Omer, will it take before WIX verifies my payments account and I get that email?

Okay, so as I mentioned before, it is this, I would say flow or this verification includes few steps. Some of them are being done manually. So it might take some time, even days. So we urge you to be patient and as the ad stated, be aware of our notification of our emails that we're sending you to submit more documents to clarify. Because at the end of the day we want to make sure, let's say that you really own your bank account. You don't want us to pay to somebody else by mistake. Right? So if there is a mismatch, maybe it was the wrong statement or whatever. Stay tuned. Please provide us read the right statement that matches the bank details you submitted. Same goes for the id. We don't recognize you, the picture is blurred. Okay. Again, it's just to protect you as a merchant, to make sure that you are the one that is claiming to be. We don't want to have account take over. Right. These things do happen. And as you, I would say trustful friend, trustful provider, we want to make sure that everything is being done by the book.

So Omer, once my account has been verified, could additional verification be required?

There might be cases where we will require some more verification. Let me give you an example. Going to my previous example, you're setting rags, okay. But now you want to. You're selling coffee tables. So yes, this is different product line, maybe different pricing. Right. So we do see, oh, something has changed in the website. Maybe it's the same, I would say kind of product or similar product. No verification is needed. But if you are now selling coffee and drugs, okay. We just want to make sure that this is what you intended to sell and you're all ready to Go. So we might ask you for more documents.

Great. So now we have a really complicated question and I know that we have some of our WIX partners in the audience today and we have some agencies in the audience who work with their clients creating websites for them. So for all of you, listen up closely because this is for you and your customers when you create this their online stores and connect their payments. So can an agency create and manage a WIX payment account for their client? And how would that work?

Okay, so how does it go for agencies? Okay, first of all, yes, you can. Okay, you can create a site and manage a WIX payment account on his behalf. However, we verify the account, the weeks payment account under the site, under the site owner. So there is a strong correlation between the two. If you are aiming okay to hand over the site to your client at the end of the day, we encourage you to separate the two. Why we are doing so we talked about verification, right? And verification might take some time. So let's assume that you built a site, started, created the weakspayment account, started verification and in the middle you want to hand over the site to your client. So we are in unstable state in the original weakspam account. So there might be some money waiting for somebody to pick, but nobody will complete it. This is one thing. Second thing, when you do a site transfer, the WIX payment account is not being transferred. So whoever getting the site needs to start the verification all over. So imagine in one hand you do have money waiting an account to be verified. On the other side there is some site so that this association here creates issues and we want you to avoid it. So make it simple. Create a site complete fine tune and then hand it over to the end client and ask them to start the WIX payment account setup from scratch. That will save you today you are putting your client details on behalf of his on behalf of him, right? You're putting his bank account so he could do it by himself. There's no, I would say strong added value for you to edit on your behalf. So just separate the two card, sorry site and WIX payment account and let him do the work.

So yeah, we're not getting any more questions on that one, so I think you can carry on.

Okay, so completing the payments set up, you are ready to go. You're accepting payments. Amazing. So now it's the time to manage your payments. We're going to walk you through how you can see the payments in your dashboard, transaction details, settlement, refund, etc etc. But let's dive in in each and every element dashboard. This is where we collaborate all different product stores, booking, restaurant into the same dashboard. And this is where we also collaborate your different channels. Meaning if you are connected to PayPal and we experiment, you will see everything here. Nobody else would offer that for you, only us, because we are the platform and we are getting all the different channels under the same roof. In addition to that, you could step in each and every transaction and get more details. How much fee am I paying for that specific transaction, what are the billing details of that specific transaction, etc. Etc. You could also download a report with the detailed transaction details for you to use to do reconciliation or working with other financial solution. So now it's time to get paid.

Great. I think everyone wants to know about that. Let's dive into the money.

So first of all, what are payout? Payout is where the money that we process on your behalf is being sent to your bank account. Okay. As soon as the payment is processed, okay. It will be automatically included in your next payout. We give you the flexibility to control your payout cycle. It can be daily, it can be weekly or a specific day on the month. Where can I find my payout again? In the payment dashboard there is a section about the payout, what was my previous payout, next payout, etc. Etc. And you will get more details. Something really cool that we just added is you would get kind of an ETA when the money is supposed to land in my account. So just to give you a glimpse, hey, the money will be lending in my account in few days. So how long does it take? This is the million dollar question. Yeah, we hear it laps, but in order to understand we need to again going back to the pay payment space. Okay, so basically we have two, I would say main steps in the payout life cycle. The first one is what we mentioned before the settlement. Meaning there is a time lap until the money is taken from the cardholder bank account until it reaches our own merchant account that you own. Okay, that may take. This is in the diagram on the right hand side. This is the left element. So this part could take few business days. Okay. It is usually relies on the banking partners and specific card brand. So Visa is faster, Amex is slower. So again this is something beyond of our control. The second piece, okay, we push the button, send pay out to Liat. But again we are relying on the banking rails to take the money from our bank account and send it over to your bank account. And again, this is something beyond our control. Banks are sometimes slow and sometimes they are fast. But again, we are trying to reflect, this is what I mentioned before. What would be the ETA for you to get the money? But again, this is not something that we could really expedite. Okay, so we are trying to think on creative solution, how to make it faster. But at this point in time it can take between, I would say overall, between five to seven business days. This is the payout details again, the breakdown fees, what that specific payout is made of all the specific transaction. And by transaction I mean charges and refunds. So you will see it here. Let's stop here for a second.

Great, because I have a couple of questions already for you. So first one Omer, why does a daily payout cycle not mean a next day payout?

Okay, so as I stated before, let's say you got your 100 transaction on Thursday. Okay, yes, you are getting a payout, a daily payout cycle. But we would get the money only on the following month. Then, okay, we want to pay you immediately. We push the button and again, it takes again 3, 5 business days until the money lands in your account. So yes, we would pay you daily, but only the money that we just got. So because of this settlement lag, it's not really the next business days, it's when the money is available for us to pay you.

Gotcha. So where can you see your exact processing fee and when are these going to be deducted?

Okay, so we are deducting the fees when the transaction is being processed. Okay, you would see it either in the payment details. So when you click on specific payments, specific transaction, you will see the breakdown. What is RFI and what is the net for you? And also in the payout report that you could also download and see the breakdown.

Okay, great. Is there a reason that my payouts could be delayed?

Okay, there can be reason. Again, we are here, your trustful partner, okay. And we are constantly monitoring your website to make sure that you are not subjected to any fraudulent activity. So let's assume that you're getting a massive traffic coming from somewhere. So sales peak, which can be amazing, but you might be subjected to a fraudster attack. So when we do see those peaks, we will check it carefully to make sure that there is no risk for fraudulent activity. And this analysis might take time. So we want to put your payout on a certain POD until this verification is completed. Because if we are to release the money and you were subjected to fraudulent attack, the real buyers, the one who really owns the card, will file a chargeback and then you need to pay us the money back. So instead of entering this very miserable situation, we would rather keep the money for you. It is ready for you. Right? We are not touching that. We're just making sure that this speak is legit. And if it is, sending over your money and we get it in a timely manner, great.

Another question here. Is there a way to set up payouts for a specific random date instead of the regular schedule?

Okay, specific date, yes. Random, no. So you could set it to be paid on the 20th of each and every month, but it can't be random. And the last piece is chargeback and refund. So just to reiterate what chargeback means, let's say you got a faulty product as a buyer and you want to send it back or to or even you didn't get the product, you could call your bank and let them know, hey, I want my money back. And this is what we call chargeback. As merchants, we advise you, we provide you with some best practice how to manage chargeback and disputes. So how does it work? First of all, again, wear the buyer's hat. Okay? You want, if you do have a problem and you want to reach out to your merchant, you want that merchant to communicate with immediately, not to go to get back to you in days or even weeks or even not getting back to you. So be proactive. So in order, if you do get something in the chat or email, hey, I have a problem, what can I do? Reach out to that specific buyer and give him some, I would say tangible information, yes, I'm sorry, it might be delayed, etc, etc. So this is why time is key. Because the buyers as all of us don't have enough patience. They paid a lot of money to get your product right. If it is possible, let's say your buyer is complaining. It is not what I was expecting to get. Okay, compensate, that's fine. It's a very valid practice. Give him a coupon for the next day. You will supporting his retention. At the end of the day he will come back because he's getting the best service from you. If it's a must, give him a refund. Right? No question asked, that's fine. This is a policy that would actually make your customer come back because they know if they didn't like it, they can send it back and they would get the money. Okay. If for some reason there are delays in the fulfillment. Going back to my rag example, okay, for some reason it took you a longer time, that's fine. Just communicate it. Tell Your customer, I'm sorry, it would take me two more weeks. But you'll get it on time. Okay, we get it with a delay. And finally, of course, watch out for fraudsters. We are also doing it for you. But again, if you're getting some massive, I would say orders from a location that look a bit shady or doesn't correspond with what you're selling, look at it carefully. You could ask us, hey, I'm seeing some suspicious activity. Maybe could help me out to make sure that those customers are valid. We will be super happy to help you here, But there will be cases where you're going to get the chargeback. Again, this is part of your life is you are becoming professional. And as professional you need to also to handle chargeback. That's fine. So we would notify you, Hey, a chargeback just came in. You need to manage, it needs to be done. There is a certain flow that you see here. What types of product, what will guide you into the right dispute, guidance, what evidence you need to submit. And because this is something super important in your, I would say entire payment life cycle, we're going to have a designated workshop on best practices. What would be the best way to file chargeback? How I can protect myself from chargeback from happening. So again, stay tuned. I'm sure that the amazing team behind the ECOM University will update you when it's going to happen. But again, you're going to have a designated workshop just on that. And that's it.

Cool. So I actually do have a few more questions for you, Omer. So just to show that people were definitely listening to your spoiler alerts in there. So somebody asked us regarding the pos, will you have a card swiper for in person payment?

Yeah, super, super easy. Yeah.

Okay, great. So. And we'll share more with that coming up in the next few weeks. Somebody asked if I use WIX payments, do I need to connect each credit card separately? For example Amex, Visa, et cetera?

No, we support all the major brands, Visa, MasterCard, Diners, Amex, under the same roof.

And one more happy question. I guess someone missed this part. When will you support afterpay yesterday? We're super happy to let you guys know that we support that. I would very much like to urge all of you to please join our community. We have a great community for all of our merchants. A Facebook group. Again, we'll be dropping the link here for you in the group. It's a place for you to connect with each other as well as our team. Ask questions, get guidance, get advice and go to wix.come commerce school and you will find all of our lovely workshops. Melissa, who manages our community, told me that if you come into the Facebook group, she's going to be asking for people to vote on some upcoming workshops. So if there's something specific you want to know about, you can go in there and vote on that. She also asked me to update that the previous vote was for SEO for your e commerce site. So that workshop will be coming up soon. And before we leave you today, I'm going to ask Omer, our wonderful payments expert. First of all, thank you so much for your time. I learn every time you do these sessions, I love being part of them. What is your final tip as you leave us today for all of our businesses setting up their payments?

Okay, so you are participating in the ECOM University and now we just got your know your course on payments. So we feel honored to walk you through. Walk you through with not just, you know, your teacher, but also your mentor. But in order for you to make the best out of it, we expect you to do your homework, go to our tutorials, to our knowledge base, feel free to ask our questions. We are here for you but in the same, I would say serious manner that we treat your business. We want you to be in the same fashion and yes, this is super important. And at the end of the day we want you to make money. So you need to do some homework but you get gain right? So enjoy it.

Absolutely. So thank you all so much for joining us today and we'll see you soon at our next workshop. And happy holidays and happy holiday sales everybody.

Bye bye.