Been searching for somewhere I can control the frequency Shopify Payments deposit into my bank account after the waiting period. My bank account charges for each deposit made so I would prefer that each transaction processed by Shopify didn't get deposited.
Is there a way to set a lump sum deposit once a month into the bank account from Shopify Payments?
I find this really strange that the payment schedule can't be altered. Because I use Stripe (the payment processor used for Shopify Payments) for selling I do on another site. And stripe DO allow to change your payouts for either weekly or monthly. See here:
So it is shopify who are restricting us from doing this ☹️.
FWIW, I've setup a spreadsheet to manage our Shopify Data and reconcile against Bank Deposits on a monthly basis. We use Quickbooks and iif Creator, so we are able to export a month's worth of Shopify Data from Excel to Quickbooks. It's pretty efficient. Depending on your volume and bookkeeping requirements, this may or may not work for you, but if it does it is certainly better than trying to keep up with all the deposits...
By default, you get paid every day as soon as your funds are available to be paid out. If you want to get paid at regular intervals, then you can set up a weekly or monthly payout schedule. When you update your payout schedule, pending payouts are delayed until the next applicable payout date on your new schedule. If you select a recurring date for when you want to get paid, then the payout is scheduled for that day but your bank might take additional time to process the transfer.