Hello, I am 17 years old from the US, and I am looking forward to starting a Shopify store. I have a few concerns about the payment setup: Do I need to use the name and SSN of my parents, as well as their banking information, or can I use my bank account? Will it affect my parents' taxes? How can I manage the money I own if I use my parents' banking info on Shopify?
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Hi! Sorry, just to confirm here, I’m still a little confused. If I am 15, would it be a violation of Shopify’s Terms if I register a Shopify account undermy parents legal information but input my own bank account for transactions?
This is an accepted solution.
As a minor you can add your bank account for payouts but the credit card (CC) used for billing would need to be your parents. Your parent's would also need to be the account owners (AO) and you (the minor) a staff member.
There can be a few steps to this process and getting it set up. Your best bet could be to create an account (so you can log in when you reach out to support for authentication purposes) and then reach out to our support team directly to get the account set up properly. You can contact the support team directly here for that. Let me know if you have any other questions!
Great questions. What would happen here is the same as any other account, if you're using Shopify Payments (SP), then transaction fees are deducted from your payouts and the remainder is transferred to the bank account. If for some reason your payouts didn’t cover his transaction fees then it would be charged on the CC for billing which would be your parents in this instance yes.
Can I ask which country you're based in to see if you're eligible to use SP's as your payment gateway?
Let me know if you do have any other questions about Shopify or setting up your account!
Almost! The credit card will be billed for any Shopify-related charges. For example, the card will be charged every month for the Shopify subscription. You may also be charged for any apps you install or any shipping labels you may create. The funds your store generates can not go towards the monthly invoice as they will need to be paid separately.
Wishing you the best with it all and like I said if you have any other questions about Shopify or setting up your store. Don't hesitate to ask.