How to Setup Thriday to Receive Payments from Shopify, Stripe and PayPal
In today's fast-paced business environment, integrating multiple payment options is essential for small businesses to improve conversion rates and maximise revenue. With so many payment processing options available, knowing which one to choose can be challenging. In this guide, we'll run through three major players in e-Commerce and payments – Shopify, Stripe and PayPal - and explain how you can seamlessly integrate these payment options with Thriday to help your business grow.
Shopify, Stripe, and PayPal - Quick Snapshot
Shopify, Stripe, and PayPal are popular payment options in Australia for e-commerce transactions. Let's run the rule over each of them to help you decide what might be best for your business:
Shopify is an e-commerce platform that offers a payment gateway called Shopify Payments. It is available in Australia and offers a range of pricing plans. Merchants can also use third-party payment providers like PayPal, Stripe, and Afterpay. Shopify Payments charges transaction fees ranging from 1.75% + 30 cents to 2.4% + 30 cents, depending on the pricing plan.
Stripe is a global payment processing platform that allows merchants to accept credit card payments on their websites or mobile apps. Stripe is available in Australia and offers competitive pricing, including a flat rate of 1.75% + 30 cents per transaction for Australian cards and 2.9% + 30 cents for international cards. Stripe's key product features include support for recurring billing, fraud prevention, and support for multiple currencies.
PayPal is a popular online payment platform widely used in Australia and offers merchants a range of pricing options. PayPal charges a transaction fee of 2.6% + 30 cents per transaction for domestic payments and a 3.6% + fixed fee for international payments. PayPal's key product features include support for multiple currencies, fraud prevention, and easy integration with e-commerce platforms. PayPal is currently the most popular of the three options in Australia.
What is Thriday?
Thriday is an all-in-one financial management platform designed specifically for small businesses. Thriday offers automated banking, accounting and tax to streamline the business's back-office functions. To help small enterprises 'thrive every day', Thriday allows businesses to connect easily with payment platforms like Stripe, Shopify, and PayPal. By integrating these platforms, businesses can receive payments directly into their bank account*, simplifying the payment process and eliminating the need for manual reconciliation.
Once you complete the free setup of your Thriday account, when funds are disbursed from Shopify, Stripe and PayPal, Thriday will automatically reconcile that income, calculate GST debits and credits and determine your real-time and predicted tax position. Additionally, Thriday's payment disbursement features make managing cash flow easier, ensuring that all payments are recorded correctly for tax time.
Thriday is the perfect compliment for Shopify, Stripe and PayPal customers who want to streamline their payment processes and automate their accounting and tax.
How to Set Up Thriday to Integrate with Stripe
Stripe is a popular payment platform used by many small businesses. By integrating Stripe with Thriday, businesses can quickly receive payments and manage their finances. Here's a step-by-step guide to setting up Thriday with Stripe:
- Join Thriday for free: To start using Thriday, you must sign up for an account. The process is quick and easy, and once you've created an account, you can connect your account with Stripe.
- Update Stripe: Once you've created your Thriday account, you must update your bank account details with Stripe. To do this, log in to your Stripe account and navigate to the settings section. From there, you can select "Bank accounts and currencies" and follow the prompts.
- Update Bank Account: Once you're on the screen, select "+Add bank account" and use the copy and paste function from your Thriday accounts screen to copy the BSB and Account Number provided. If you already have a bank account added, select the edit option. If you are using the Profit First method, use the "Income" account you nominated.
- Start receiving payments: After you've connected Stripe with Thriday, you can start accepting payments directly into your Thriday bank account*. Thriday will automatically reconcile your income, so you don't have to worry about manual bookkeeping.
By integrating Stripe with Thriday, you can simplify your payment process and automate your accounting. With Thriday's payment disbursement features, you can easily manage cash flow and record all payments correctly for tax time.
How to Set Up Thriday to Integrate with Shopify
Shopify is another popular payment platform many small businesses use to sell their products online. Integrating Shopify with Thriday allows businesses to streamline their payment process and manage their finances more efficiently. Here's how to set up Thriday with Shopify:
- Sign up for Thriday: If you still need to do so, join Thriday for free to get started. Once you've created an account, you can connect with Shopify.
- Connect with Shopify: To connect Thriday with Shopify, log in to your Shopify account and navigate to the settings section. From there, select the "Payments" option and then go to "Bank Accounts".
- Add Bank Account: On the "Bank Accounts" screen, select "Add Bank Account" and enter the BSB and Account of your business bank account*.
- Receive payments: After you've connected Shopify with Thriday, you can start receiving payments directly into your Thriday account. Thriday will automatically reconcile your payments, so you don't have to worry about manual bookkeeping.
Once you have completed the setup of Shopify and Thriday, you can quickly move funds to your bank account. Once the funds are in your Thriday business transaction account, you can transfer the funds to other sub-accounts or use your Thriday Visa Debit card* to pay for goods. It's that simple!
How to Set Up Thriday to Integrate with PayPal
PayPal is one of the most widely used payment platforms in the world. By integrating PayPal with Thriday, businesses can easily receive payments and manage their finances. Here's how to set up Thriday with PayPal:
- Sign up for Thriday: Sign up for a $0 monthly bank account*, and once you're registered, you can hook up PayPal payments.
- Connect with PayPal: To connect Thriday with PayPal, log in to your account and navigate to the settings section. From there, select "Add bank account" and follow the prompts to complete the integration.
- Start receiving payments: After you've connected PayPal with Thriday, you can accept payments directly into your Thriday account. Thriday will automatically reconcile your payments, so you don't have to worry about tracking your income manually.
By integrating PayPal with Thriday, you can start earning income and getting prepared for tax time.
How Thriday Bank Accounts Help You Manage Your Income
Thriday offers bank accounts* that are specifically designed for small businesses. By using a Thriday business transaction account, businesses can easily manage their income and sales revenue. Here are some of the benefits of using a Thriday business account:
- Easy disbursements: Thriday transaction accounts make receiving and managing payments easy. You can easily view and track your income and distributions in real-time, so you always know where your money goes.
- Simplified accounting: Thriday automatically reconciles your payments, so you don't have to worry about manual bookkeeping. This makes it easy to keep track of your income and expenses and stay on top of your finances.
- Cash flow management: Thriday bank accounts* offer features like payment scheduling and automatic bill payments, which can help businesses manage their cash flow more effectively. Using these features, you can ensure you always have enough money to cover your expenses and keep your business running smoothly.
How Thriday Automates Your Accounting and Bookkeeping
Once they receive payments, one of the biggest challenges for small businesses is managing their accounting, bookkeeping and tax obligations. With Thriday, businesses can automate these processes and save time and effort. Here's how Thriday automates your accounting and bookkeeping:
- Automated reconciliation: Thriday automatically reconciles your payments and categorises them to the correct chart of accounts. This means you don't have to manually enter each payment into your accounting system or confirm the appropriate category.
- Cash flow and tax predictions: Once the income is reconciled on Thriday, the platform automatically calculates your current and predicted cash flow and tax positions. This means you always know where you stand financially and can make intelligent decisions for tomorrow.
- Real-time reporting: Thriday offers real-time reporting and analytics, so you can easily see your financial performance at a glance. You can generate and download income statement, cash flow statement and balance sheet reports. You can also export all your categorised transactions in seconds.
- GST tracking: Thriday will automatically track your GST position so you can easily lodge your BAS when it's due. Thriday will remind you of upcoming due dates so you can attend to all crucial tax milestones.
By automating your accounting and bookkeeping with Thriday, you can save time and effort and focus on running your business. Integrating with popular e-commerce platforms like Shopify, Stripe, and PayPal makes Thriday an excellent solution for small businesses who want to accept payments into a business bank account*. The best part is it's free of charge on Thriday's $0 monthly banking plan.
If you're looking for a bank account* that can help you streamline your payment process, automate your accounting and bookkeeping, and manage your finances more effectively, Thriday is the way to go. With its user-friendly interface and powerful features, Thriday is an excellent choice for small businesses that want to simplify their payment process and focus on growing their business.