What kind of bank account do I need?

Supertramp
Pathfinder
127 0 30

I'm going to open a Shopify store soon and use Shopify as my payment gateway. There will be no offline sales, or sales through any channel but shopify. Do I need a merchant account in order to accept payouts from Shopify, or can I in the short-term use an individual checking account?

 

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SKULabs2
Shopify Partner
87 0 14

Hi, Supertramp. A personal checking account should work fine for now, but be sure to set up an LLC or corporation with its own business accounts once you start getting sales. You definitely want to keep your business and personal stuff separate, for taxes and liability among other things.

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Nishant7
New Member
3 0 0

According to Shopify, If you're interested in using Shopify Payments as your payment gateway, you're able to specify the bank account/checking account you wish for the funds to be deposited into - no merchant account required :)

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Tejaswi
Shopify Partner
175 0 35

According to Shopify, If you're interested in using Shopify Payments as your payment gateway, you're able to specify the bank account/checking account you wish for the funds to be deposited into - no merchant account required :)

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Centrepreneur
New Member
2 0 0

You say a personal is fine for now. But it’s requiring me to convert my personal account to a business or create a business account to get payments on Shopify….

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