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.

SKULabs - The fastest way to get your orders out the door (https://skulabs.com/)
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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Helen
Shopify Staff
Shopify Staff
1278 165 213

Hi, @Centrepreneur. I can clarify this for you! The bank account requirements are as follows when using Shopify Payments:

 

  • The account must be a full checking account (or a current account in the UK and Ireland)
  • The account must use the payout currency of your region
  • The account must be able to accept electronic bank transfers

 

Where are you located? Aside from the above requirements, each region also has local specifications that must be adhered to. Please see the Help Doc Bank account requirements for Shopify Payments to determine what’s needed for where you are.

 

Hope this helps! If you have other questions, or need further clarification on anything, please let me know.

Helen | Social Care @ Shopify 
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