As a first time dropshipping store owner I do not know what bank account should I use to connect my PayPal and Stripe account? Can I use my current details and change to business later on?
Or should I open a new bank account for this purpose only?
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Julie here from Shopify Support.
Setting up your payment gateways is one of the first steps you should take when preparing your online store for launch, so I'm glad to see that you're taking care of this!
While you can most definitely manage your business using your personal bank account, it’s recommended that you keep a separate account for business transactions. Not only will a separate account simplify your accounting later on, but keeping your personal finances separate will help you better understand how much money your business is spending. I suggest reaching out to your local bank, as they should be able to guide you in the right direction!
It's also important to note that payment gateways all have their own requirements for the types of bank accounts you can use. While I can't speak to PayPal's requirements, based on this help doc, it looks like they support both checking and savings accounts. Once you've finished setting up your PayPal Business account and have connected your bank account, you'll then want to follow Shopify's help doc on setting up PayPal on your store, which will help you ensure that you'll successfully receive payouts from PayPal. If you don't already have a PayPal Business account, not to worry, as this help doc will also show you how to set one up.
As for Stripe, I just want to confirm whether you're instead referring to Shopify Payments, since Shopify Payments is powered by Stripe. If you are using Stripe instead of Shopify Payments, then you'll just want to review their own set of requirements here. If you're referring to Shopify Payments, then we have a breakdown of the bank account requirements here. To use Shopify Payments, your bank bank account must:
With all this said, whether you decide to open a separate account for your business is entirely up to you and really boils down to how you intend to financially manage your business. If you decide to open a separate bank account for your business further down the road, you can always update your bank account with your payment gateways; we have some information on how to edit your bank account with Shopify Payments here.
As you continue setting up your payment gateways, I encourage you to check out Oberlo's blog post, "Everything You Need to Know About PayPal and Other Payment Gateways", which is specific to dropshippers like yourself. In there, you'll find some great advice around setting up your payment gateways.
I hope this helps, but feel free to respond here if you need any further clarification!