Taylor Scott
If you want to use Shopify Payments, you must connect a bank account to receive your payouts. Shopify and its banking partners are required to collect and verify information about you and your business to prevent financial crimes. You can use the same bank account for Shopify Payments payouts if you have multiple stores. To add or update a bank account, you need to be the store owner or a staff member with specific permissions. You can connect your bank account with Plaid, a secure service that helps verify your banking details.
| Characteristics | Values |
|---|---|
| Is it necessary to connect a bank account to Shopify? | Yes, if you want to use Shopify Payments, you must connect a bank account to receive your payouts. |
| What type of bank account is eligible? | A checking account or current account that can receive transfers and is eligible to receive payouts in a currency that Shopify supports for your country. |
| What if I have multiple stores? | You can use the same bank account for Shopify Payments payouts. |
| What if my bank account details change? | You can update the information in your Shopify Payments settings. |
| What is the process for connecting a bank account? | You can connect your bank account using Plaid, which helps verify your banking details. You'll need to sign in to your bank with your online banking credentials and select the account you want to connect to Shopify Payments. |
| Are there any requirements or restrictions? | Yes, your business must not be a prohibited or restricted business in the United States, and you must provide certain personal information, such as a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). |
| How does Shopify use my personal information? | Shopify and its banking partners collect and verify information about you and your business to comply with regulations designed to prevent financial crimes. |
| Can I use ACH debits for billing? | Yes, if your store meets the eligibility requirements and you have a USD bank account. |
| How do I verify my bank account for ACH debits? | You'll need to enter your account and routing numbers, designate the account type, and start the verification process. Shopify will deposit two small amounts into your account, and you'll need to verify these amounts. |
| What happens if verification fails? | You can choose to replace or remove the failed bank account and contact your bank for assistance before attempting verification again. |
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What You'll Learn
Using Shopify Payments
If you want to use Shopify Payments, you must connect a bank account to receive your payouts. Shopify Payments is PCI-compliant and supports 3D Secure checkouts. It also allows your customers to save their shipping and payment information to help them check out faster.
Shopify Payments is a payment provider that comes with your account and is ready to go when you are. You can enable popular payment methods and local currencies for smooth checkout experiences. You can also track your orders and payments all in one place.
To connect your bank account to Shopify Payments, you can use Plaid, a secure service that helps verify your banking details. First, sign in to your bank with your online banking credentials, then click the bank account that you want to connect to Shopify Payments. Select the checkbox to agree to the terms and conditions, then click "Connect account information".
If you've already connected your bank account to your Shopify account, you can verify your connected bank account with Plaid. From your Shopify admin, go to Settings > Payments. In the Shopify Payments section, click "Activate Shopify Payments". Click "Submit details" and select your business type, then enter the required details and click "Continue account setup".
Shopify Payments supports checking accounts or current accounts that can receive transfers and are eligible to receive payouts in a currency that Shopify supports for your country. If you have multiple stores, you can use the same bank account for Shopify Payments payouts.
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Connecting your bank account
To connect your bank account to Shopify Payments, you must meet certain requirements. These include having a valid Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or Employer Identification Number (EIN). If you're a single-person business without an EIN, you select 'Individuals' and provide your name, date of birth, SSN or ITIN, and home address.
Shopify Payments requires a checking or current account that can receive transfers and payouts in a currency that Shopify supports for your country. Savings accounts, flex-currency accounts, and money-transferring services that mimic bank accounts aren't supported. If you have multiple stores, you can use the same bank account for Shopify Payments payouts.
To connect your bank account, you can use Plaid, a secure service that verifies your banking details. From your Shopify admin, go to Settings > Payments. In the Shopify Payments section, click 'Activate Shopify Payments'. After submitting your business details, you can connect your bank account using Plaid. Sign into your bank with your online banking credentials, then click the account you want to connect to Shopify Payments. Agree to the terms and conditions, then click 'Connect account information'.
If you've already connected your bank account manually, you can verify it with Plaid. Go to Settings > Payments, then click Manage in the Shopify Payments section. In the Payout details section, click 'Change bank account'. On the Replace account page, enter the new routing and account number, then follow the Plaid connection process as outlined above.
Shopify and its banking partners are required to collect and verify information about you and your business to prevent financial crimes. As regulations evolve, they may contact you to provide additional information.
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Adding and verifying bank account information
To add and verify your bank account information for ACH debits, you need to be the store owner or a staff member with specific permissions. Your Shopify store must also meet certain eligibility requirements, including being at least 90 days old, having a monthly gross merchandise value (GMV) of at least $10,000 USD in the last 90 days, and having a verifiable physical address in the United States.
To add a new bank account, go to Settings > Billing in your Shopify admin. Click on Billing profile, then click on Add payment method. If necessary, select Bank account from the Payment method type drop-down menu. Enter the account and routing numbers for the bank account you want to verify, along with the store owner's name, and designate the account type as Private or Business.
To verify your bank account, click Start verification. Within 1 to 3 business days, Shopify will deposit two small amounts (less than $1.00 USD) into your bank account. After receiving these deposits, go back to Settings > Billing > Billing profile in your Shopify admin. In the Payment methods section, click Complete verification for the bank account that you want to verify. Enter the two amounts that were deposited into your bank account and click Complete verification. If you want to make the verified account your primary payment method, select the appropriate option. Upon successful verification, your bank account will be listed in the Payments section of your Shopify admin.
If you want to use Shopify Payments, you must connect a bank account to receive your payouts. You can connect your bank account using Plaid, a secure service that helps verify your banking details. To do this, go to Settings > Payments in your Shopify admin. Click on Manage in the Shopify Payments section. In the Payout details section, click Change bank account and select your banking institute. Sign in to your bank with your online banking credentials and click the bank account you want to connect to Shopify Payments. Agree to the terms and conditions and click Connect account information.
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Updating bank account details
Updating your bank account details on Shopify is a straightforward process. Here is a step-by-step guide:
Navigating to Settings
Firstly, log in to your Shopify admin account. In the bottom left corner, click on 'Settings', then select 'Payment providers'.
Accessing Shopify Payments
Find the Shopify Payments section and click on the 'Edit' button. This will allow you to access and modify your payment settings.
In the Bank Account section, click on 'Edit' again. Here, you can enter your new bank account details. It is important to be attentive to the accuracy of the information you input to avoid any issues or delays.
Saving Your New Details
After entering the new bank account information, click 'Save'. Your bank account details are now updated.
Additional Considerations
When updating your bank account details, it is important to remember that any payouts that are already scheduled will be sent to your old bank account. If a scheduled payout fails, it will be automatically retried to your new bank account within 72 hours. Additionally, you may need to verify your previous banking information before making changes for security reasons. If you are adding a Japanese bank account, remember to use Kanji (full-width) characters.
Shopify does not charge any fees for changing your bank account details. However, it is always a good idea to check with your bank for any potential charges or requirements related to bank account changes.
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Transferring funds to/from Shopify Balance
To transfer funds to or from your Shopify Balance account, you must first connect a bank account. Shopify Payments can only be used if a bank account is connected to receive payouts. This can be done through Plaid, a secure service that verifies your banking details. You can also manually connect your bank account to your Shopify account.
Shopify Balance transfers are sent immediately, but they can take up to 6 business days to be delivered. You can view your remaining daily transfer limit on the Move Money page. It is important to note that you can only transfer funds in US dollars.
To transfer funds from your Shopify Balance account to a connected bank account, follow these steps:
- Go to "Finance" and click on "Main."
- Click on "Move Money" and then on "Transfer Funds."
- From the "From" drop-down menu, select the Shopify Balance account you want to transfer funds from.
- From the "To" drop-down menu, select your bank account as the payee for the transfer.
- Enter the amount you want to transfer.
- Click "Review Details" to check if the information is correct.
- Confirm the details and authorise the transfer.
You can also transfer funds between different Shopify Balance accounts. The process is similar to transferring funds to a bank account, except you select another Shopify Balance account in the "To" drop-down menu.
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Frequently asked questions
Yes, if you want to use Shopify Payments, you must connect a bank account to receive your payouts.
You can connect your bank account to Shopify Payments via Plaid, a secure service that helps verify your banking details. From your Shopify admin, go to Settings > Payments. In the Shopify Payments section, click Activate Shopify Payments. Then, submit your business details and click Continue account setup.
Your bank account must be a checking account or current account that can receive transfers and is eligible to receive payouts in a currency that Shopify supports for your country. If you're based in the United States, you must have a valid Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or Employer Identification Number (EIN).
You can update your bank account information in your Shopify Payments settings. To do this, you'll need to verify your old bank account information. Any payouts that are already scheduled will be sent to your old bank account.
