Shopify does not offer its own business checking account
Shopify is a platform for building and running an online store. It handles payments, inventory, and sales reporting, but it does not issue bank accounts or provide checking services. Shopify does not partner with a single bank to offer branded checking accounts to merchants either.
What Shopify does offer is a merchant account — a way to accept payments from customers and have those funds deposited into a bank account you already own. That account must come from a separate bank or financial institution. Shopify works with multiple payment processors and banks to move money into whatever checking account you choose to connect.
If you run a Shopify store and need a business checking account, you will open one at a traditional bank, credit union, or online bank on your own. Then you link that account to Shopify so deposits land there.
Key Takeaways
- Shopify processes payments for your store but does not issue checking accounts or hold your money.
- You must open a business checking account at a bank or credit union separately from Shopify.
- Once you have a checking account, you connect it to Shopify so customer payments deposit there.
- Shopify charges transaction fees on sales, but those fees are separate from any account fees your bank charges.
- Some banks offer accounts designed for online sellers, which may include features like faster deposits or lower fees.
How Shopify deposits work with your bank account
When a customer buys from your Shopify store, Shopify collects the payment through its payment processor. Shopify then deposits the money into the bank account you have connected to your store. The timing depends on your payment processor and your bank — most deposits arrive within one to three business days, though some take longer.
You control which account receives the deposits by connecting it in your Shopify settings. You can change the connected account at any time, but Shopify itself never holds the money or acts as a bank. The funds move directly from the payment processor to your bank.
Shopify charges you a percentage of each sale (the rate depends on your plan) plus a per-transaction fee. These are Shopify's fees, not your bank's fees. Your bank may charge its own monthly account fee, per-transaction fees, or other charges depending on the account type you choose.
Where to open a business checking account for your Shopify store
You can open a business checking account at any bank or credit union that offers them. Traditional banks like Chase, Bank of America, and Wells Fargo offer business accounts. Credit unions often have lower fees and may offer better rates if you are a member. Online banks like Mercury, Brex, and Stripe (through its banking partners) market accounts to online sellers and may have features tailored to e-commerce.
When you choose a bank, look at the monthly fee, per-deposit fees, per-transaction fees, and minimum balance requirements. Some banks waive fees if you maintain a certain balance or receive a minimum number of deposits per month. Online banks often have lower fees than traditional banks, though they may not offer in-person service.
You will need to provide your business name, tax ID (EIN), and personal identification to open an account. The process usually takes a few days to a week. Once the account is open and verified, you can connect it to Shopify.
How to connect your bank account to Shopify
In your Shopify admin, go to Settings, then Payments. Under "Deposit settings," you enter your bank account details — the routing number, account number, and account holder name. Shopify will verify the account by depositing small amounts (usually under one dollar) and asking you to confirm the amounts. This verification typically takes one to two business days.
Once verified, all future customer payments will deposit into that account. If you change banks or want to use a different account, you can update the information in the same section. Shopify does not charge a fee to connect or change your account.
Fees and costs to understand
Shopify charges you for processing payments — typically 2.9% plus 30 cents per transaction on the basic plan, though rates vary by plan and payment method. These are Shopify's fees and appear on your Shopify bill, not your bank statement.
Your bank charges separate fees. A business checking account might cost $10 to $25 per month, depending on the bank. Some accounts charge per deposit, per check, or per ACH transfer. Online banks often charge nothing if you meet minimum balance or deposit requirements. Read your bank's fee schedule before opening an account.
If you use a third-party payment processor (like Stripe or Square) instead of Shopify Payments, that processor also charges fees. Those fees are in addition to both Shopify's and your bank's charges.
What happens if you do not connect a bank account
If you do not connect a bank account to Shopify, customer payments cannot be deposited anywhere. Your store will not be able to process sales. You must have a connected account before you can accept payments and receive money from customers.
Shopify will prompt you to add a bank account during setup. If you skip this step, you can add it later in your payment settings. The account must be in your business name or your personal name if you are a sole proprietor.
Frequently Asked Questions
Can I use a personal checking account with Shopify instead of a business account?
Technically yes, but it is not recommended. A personal account is not designed for business deposits and may violate your bank's terms of service. Banks can freeze personal accounts used for business purposes. A business account is the correct choice and usually costs only slightly more than a personal account.
Does Shopify hold my money before depositing it to my bank?
No. Shopify processes the payment and passes it to your bank account. Shopify does not hold funds or act as a middleman that delays deposits. The time between a customer's purchase and the money reaching your bank depends on your payment processor and your bank's processing speed, not Shopify.
What if my bank account is closed or invalid?
Shopify will attempt to deposit funds and the deposit will fail. You will receive a notification that the account is invalid. You must update your bank account information in Shopify settings before future deposits can go through. Any failed deposits may be retried, but check with Shopify support about the specific situation.
Can I have deposits go to multiple bank accounts?
Shopify allows you to connect only one bank account at a time for deposits. All customer payments go to that single account. If you want to split deposits between accounts, you would need to manually transfer money from your primary account to other accounts after deposits arrive.
Do I need a business license to open a business checking account for my Shopify store?
Requirements vary by bank and by state. Some banks require an EIN (Employer Identification Number) or proof of business registration. Others will open an account with just your Social Security number if you are a sole proprietor. Contact your bank directly to ask what documents they need before you apply.