Hello, I have a weird question. If I link Business bank account to my store are the payments processed and send to my Business account every single time or are they on Shopify account and paid as balance at once. My concern is that my bank charge 0.20p per transactions IN and OUT. The items I'm selling are low cost ranging between £8 to £13 per item. I know I have to pay Shopify fee which is fine but if each payment from customer will be hitting my bank account separately as well this will scale into a significant amount over time and I don't want to increase the cost of goods.
Thank you for reaching out with your question today.
If you're using Shopify Payments to process credit card payments, you can schedule your payouts to receive them less frequently as opposed to receiving them each time one is ready to be paid out. The minimum pay period for merchants in the UK is 3 business days, so this is what you would need to wait to receive your payouts by default, but beyond that you can also schedule your payouts to have them paid out less frequently - such as on a weekly or monthly basis. This would allow you to reduce the number of times you're receiving payments from Shopify into your bank account.
If you're using a third party gateway to process payments, then you would need to speak to the payment processor directly to discuss whether or not your deposits can be scheduled to a date or timeframe of your convenience.
I hope this has explained things but please do let me know if you have any further questions on this process.
Victor | Shopify Social Care