Can I run a Shopify business using only an online bank account?

[Adam777]

Hello. Can I use Shopify for business without having a physical bank account? I mean is it possible to use it with an online account like Revolut or (Transfer)Wise?

[Olivia]

Hi, @Adam777!

Welcome to Shopify Community.

Thank you for sharing your question with our network. While it's absolutely possible to use a virtual bank for your payout deposits, it is possible that you will experience more payout failures with such accounts. 

To ensure your business keeps running smoothly, I encourage you to review our guidelines for supported bank accounts through Shopify Payments by country. In general, the bank account must meet the following requirements:

• must be checking account or current account that can receive transfers in currency supported by Shopify Payments
• Wire-transfer only checking accounts are not supported
• Savings accounts, flex-currency accounts, and money-transferring services that mimic bank accounts aren't supported
• Virtual banks are supported, with possible side effects of higher payout failures

For more information, check out the linked doc in my reply. I trust that helps, but let me know if you have further questions.

Warm regards,

[Adam777]

Hi Olivia 🙂 
Thank you for your answer! What if I set Stripe as a payment method with Shopify? I mean Stripe payment gateway is integrated in Shopify so technically with Stripe I shouldn't have payout failures. And what if I connect Shopify's Stripe payment gateway with WiseBusinessAccount? In that case can I use Shopify+Stripe+Wise  without any payout failures?

[Olivia]

Thanks for getting back to me, @Adam777!

If Shopify Payments (powered by Stripe) is available in your region, then Stripe will not show as an option. If you wish to use Stripe specifically, you can connect with our Support Team directly to disable Shopify Payments on your account and enable Stripe. 

There are many benefits to using Shopify Payments, including no transaction fees so make sure to weigh out the pros and cons from our pricing page. 

As per your question, I cannot speak to the account set-up on Stripe's end and if it would be a reasonable solution. Furthermore, the bank account requirements when using Stripe directly might be different so I do recommend checking with them if that's what you prefer. 

I hope that helps, but let me know if I missed anything!

[Adam777]

Thank you Olivia! So I don't need to use Stripe as a 3rd party if my business is in the UK since Shopify Payments is powered by Stripe and Shopify Payments is integrated into Shopify? Great. My question is:  Can I use Shopify Payments without having a 

• GBP bank account located in the United Kingdom?

The reason I'm asking is because you wrote that Shopify Payments is powered by Stripe. And Stripe doesn't need a physical bank account. So can I use Shopify Payments without 

• GBP bank account located in the United Kingdom?

My goal is to receive money from individual customers after they buy my downloadable files from my e-commerce website.

Best,

Adam

[Olivia]

Thanks for following up again, @Adam777!

Every business is unique so I want to clarify with the following caveat that using Shopify Payments is subject to our Terms of Service. 

As per my original message though, Shopify Payments can and does work with virtual bank accounts - with the possibility of higher payout failures. In the first link I shared where bank account requirements are outlined for Shopify Payments you'll notice the following stipulations for businesses in the UK:

Again, while virtual banks are supported they must still meet each country requirements. 

Let me know if that helps,

[Adam777]

Hi Olivia,

"virtual bank accounts - with the possibility of higher payout failures"

I still don't understand why.  I mean technically what's the difference that cause higher failures? Shopify Payments is a gateway in case of both physical and virtual bank accounts. Shopify Payments has to work the same way in case of a physical local bank account, and a Wise virtual local account. I've read that "TransferWise is the first tech company with direct access to UK Faster Payments Service"

So why the higher failures with Wise's virtual accounts receiving money through the Shopify Payments gateway? I don't understand. Technically it should work without any failure.

[Olivia · Accepted solution]

Thanks for getting back to me, @Adam777!

Virtual bank accounts, while similar to traditional ones, are still different. They tend to have higher payout failures simply due to their very nature - not only do they have a harder time meeting requirements of payment providers, but they can also give the system more trouble.

Warm regards,