6 Easy Steps to Set Up Email Money Transfers on Shopify

Setting up email money transfers on Shopify is a simple way to offer customers a secure payment option. In this guide, you’ll learn the easy steps to start and what you need to know before setting it up. 

We’ll also walk you through the process step by step and share some best practices to manage these transfers smoothly. With just a few adjustments, you can have email money transfers ready to use in your Shopify store in no time.

Overview of email money transfer

An email money transfer (EMT) is an easy way to send money electronically using just the recipient’s email address or phone number. Instead of relying on traditional bank account details, EMTs allow you to securely transfer funds through email. This service is widely offered by banks in Canada, although some financial institutions may offer similar options in other countries.

Requirements for setting up email money transfers on Shopify

To set up email money transfers (EMT) on Shopify for stores globally, the requirements include the following:

• Valid Email Address: Ensure you have an active and secure email address for receiving customer payments. This email will be shared with customers during checkout, so it must be reliable.
• Online Banking Access: Both you and your customers need access to online banking services that support email transfers. While common in regions like Canada, global stores can set up similar manual payment options if their bank supports email-based payments.
• Custom Manual Payment Setup: To enable EMTs on Shopify, create a custom manual payment method. Go to Settings > Payments in your Shopify admin and select Create custom payment method. Enter your payment details and instructions here.
• Security Question & Answer: For added security, set up a security question and answer that customers provide during the transfer. This ensures that only the intended recipient can access the funds.
• Clear Instructions: At checkout, provide customers with clear instructions on how to complete the email money transfer. Include your email address, security details, and step-by-step guidance on finalizing the payment using their online banking.
• Manual Payment Confirmation: Once payment is received, manually mark the order as paid in your Shopify admin.

These requiremenrs ensure that Shopify stores, regardless of location, can offer email money transfers as a payment method, provided their bank supports this option.

Setting Up Email Money Transfers on Shopify (Step-by-step)

Step 1: Log into Shopify Admin

Step 2: Access Payment Settings

• Once in the admin dashboard, go to the bottom left-hand corner and click on Settings
• From the list that appears, select Payments

Step 3: Choose Manual Payment Methods

• Scroll down to the Manual payment methods section.
• Click on the drop-down menu and choose Create custom payment method (as shown in your screenshot).

Step 4: Set up manual payment method

• In the pop-up, enter a name for the payment method. For example, you can name it Email Money Transfer or Bank Transfer.
• In the Additional details box, enter the key information your customers will need to complete the email transfer. A sample might look like this:

Please send the payment to [YourEmail@example.com]. Use the following security question: “What is the order number?” The answer is “[Customer Order Number].” 

This will give your customers clear instructions on how to securely send money to your email address.

• In the Payment instructions section, provide further information on what customers need to do after completing the transfer. 

Example: After completing the email transfer, please reply to your order confirmation email with the transfer confirmation number. Once we receive and confirm the payment, your order will be processed.

Step 5: Activate the Payment Method

• After filling in all the required fields, click the Activate button to enable your Shopify store’s email money transfer option.

Best Practices for Managing Email Money Transfers

Email money transfers (EMTs) offer a quick and secure way to send and receive funds electronically. However, to ensure the smooth operation and safety of these transactions, there are several best practices to follow:

1. Verify Recipient Information Carefully

Always double-check the recipient’s email address or phone number before sending money. Sending funds to the wrong address can lead to complications, and once a transfer is accepted, it is usually irreversible. Ensure that the details match exactly what the recipient provided.

Why it matters: Mistyped email addresses can cause the transfer to go to an unintended person, and you may be unable to retrieve the funds. Banks and services do not typically reverse accepted transfers

2. Use Strong and Unique Security Questions

When creating a security question for the transfer, select one that is easy for the recipient to answer but difficult for others to guess. Avoid common questions like birthdays or names, which can be easily discovered.

Best approach: Create a custom security question that only the recipient knows, such as a detail from a shared experience or a code word. This adds an extra layer of security to the transaction

3. Communicate the Security Answer Securely

Do not share the security answer through the same medium as the transfer notification (e.g., email or text message). Instead, use a more secure method like a phone call or an encrypted messaging app to share the answer with the recipient.

Why this is important: Phishing attacks often target transfers, trying to intercept the security answer through email. A separate communication method reduces the risk of interception​.

4. Monitor Transaction Limits and Fees

Before making a large transfer, check your bank’s daily or weekly transaction limits. Different financial institutions have varying limits on how much can be transferred via EMTs in a given period. Additionally, while many banks offer EMTs for free, some may charge fees for sending or receiving large amounts of money.

Example: Many banks in Canada set daily EMT limits at around $3,000 for personal accounts. Exceeding this may require breaking the transfer into smaller amounts or paying extra fees​.

5. Use Auto-Deposit for Frequent Transfers

For recurring transfers to the same recipient, consider enabling the Auto-Deposit feature. This option allows funds to be deposited directly into the recipient’s account without answering a security question, which can save time and reduce human error.

Advantage: Auto-deposit eliminates the need for a security question, streamlining frequent transactions while maintaining security​.

6. Stay Vigilant Against Phishing and Fraud

Be cautious when receiving unexpected transfer notifications. Fraudsters often use phishing scams to trick people into revealing security answers or accepting fraudulent transfers. Verify the authenticity of any unexpected or suspicious EMTs directly with the sender.

Best practice: Always log into your bank account through a secure method, such as the official bank website or app, to accept a transfer. Avoid clicking links in unsolicited emails, which could lead to phishing websites.

Conclusion

I hope you find this post helpful as you set up email money transfers on Shopify. Following these steps will allow you to offer your customers a secure and convenient payment option, enhancing their shopping experience. 

Remember to always check your settings and instructions carefully to avoid mistakes and use best practices for managing EMTs to keep everything running smoothly. With a little setup, your store will be ready to handle EMTs in no time.

FAQs

Are email money transfers safe?

YES, EMTs are generally considered safe. They use encryption and security measures such as secret questions to ensure only the intended recipient can access the funds. However, it’s important to be cautious of phishing scams and only accept EMTs from trusted sources.

How does an email money transfer (EMT) work?

The process is straightforward. To start, the sender logs into their bank’s online banking platform and selects the email money transfer option. They enter the recipient’s email address or phone number, the amount to send, and a security question the recipient must answer to access the funds. 

Once everything is confirmed, the bank notifies the recipient via email or text. The recipient can then accept the transfer by answering the security question and choosing where the funds should be deposited. 

How long do EMTs take?

The transfer is usually quick. Funds are usually available to the recipient within 30 minutes to a few hours. 

However, the timing can vary depending on the bank and the recipient’s acceptance of the transfer. In some cases, it may take up to a day, especially if there are delays with the financial institutions involved.

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