Starting a business together is definitely awesome, and in some cases, you even get to work with your best friend. However, it gets a little complicated when it comes to splitting profits on Shopify.
Every day, I’m seeing many people working together — whether you have a dropshipping business or simply need to pay your collaborators, you need an easy way to do so. Today, I’ll show you the best methods to share your profits — this way, you won’t have any problems, misunderstandings, or lost time.
Deciding on How to Split the Profits
Before actually paying people, you need to decide how that’s going to happen.
1. Agree to a Set of Terms
The first step is to discuss with your partner or collaborator and see what your expectations are. It’s not always a 50-50 gig, so you need to lay out the ground rules. You can decide to split the profits based on the assets you bring to the company or simply choose a fixed price.
2. Find an app to automate it
As soon as you start making sales, you’ll need to start sharing the profits — of course, some may be reinvested (and that should be in the contract if that’s the case). I’ve seen many people going through all kinds of complicated calculations and multiple processors, but that doesn’t always end up good. The numbers are not always right, and if you hire a professional, you may end up paying a lot of money.
In my experience, is best to have everything as simple as possible. After searching for something super easy to use but still effective, I discovered CollabPay.
What platforms does CollabPay work with?
CollabPay is the go-to app to split profits between collaborators and partners. It has easy-to-use integrations with the biggest eCommerce platforms. This means that you have an easy management system on any eCommerce platform.
- & much more in the pipeline
How does it work?
The process is fairly simple. Install the app in your Shopify store, set up the settings, get your collaborators to sign up, connect the accounts and you’re done.
When signing up, you will be taken through a Stripe secure system sign up, so everything is secure. Once verified, you will be able to connect your platforms and sync your products.
How do we get paid?
The best part is that it uses Stripe as the payment system, which is a huge deal. Stripe has an amazing reputation as it supplies all of its payment systems for some of the biggest companies in the world, Shopify being one of them. Usually these types of apps rely heavily on PayPal, which is not an ideal option for anything. PayPal has known issues with no customer support, with many people’s money being locked up for months.
If you want to give it a try and make your life a lot easier, then visit the CollabPay website and sign up ready for the first release!