If you’re a Shopify entrepreneur, the moment you’ve been eagerly awaiting is finally here—the point where your hard-earned profits start flowing into your bank account. In this comprehensive guide, we’ll walk you through the process of how to withdraw money from Shopify store directly into your bank account. No more waiting around; let’s get right into it.
Before diving into the nitty-gritty of the withdrawal process, let’s first understand the foundation of how Shopify handles payments.
“Shopify Payments” is an integrated payment processing solution provided by Shopify, the popular e-commerce platform. It’s designed to simplify the process of accepting payments from customers on your online store. Here are some key aspects of how to withdraw money from shopify payment methods:
- In-House Payment Solution: Shopify Payments is Shopify’s proprietary payment gateway. This means it’s built directly into the Shopify platform, and you don’t need to set up a third-party payment processor to accept payments.
- Seamless Integration: Since it’s integrated with Shopify, you can easily enable and configure Shopify Payments within your Shopify store’s settings. This eliminates the need for manual integration or external plugins.
- Multiple Payment Methods: Shopify Payments allows you to accept payments using various methods, including major credit cards like Visa, MasterCard, American Express, and Discover. It also supports alternative payment options like Apple Pay and Google Pay, making it convenient for customers with diverse preferences.
- Currency Support: It supports multiple currencies, which is especially useful for international e-commerce businesses. You can receive payments in your local currency, and Shopify will automatically handle currency conversion for customers from different regions.
- Security: Shopify Payments prioritizes security and complies with Payment Card Industry Data Security Standard (PCI DSS) requirements. This ensures that customer payment information is handled securely, reducing the risk of data breaches.
How Does Shopify Pay You?
Now, let’s explore how Shopify pays you for the sales you make through your online store:
- Payouts: When a customer makes a purchase on your Shopify store, the payment is initially processed through Shopify Payments (or your chosen payment method). These funds are held securely by Shopify until they’re ready to be transferred to your bank account.
- Payment Schedule: Shopify typically follows a payment schedule. Depending on your store’s location and settings, payments may be held for a specific period (e.g., 3 to 7 days) to account for any potential returns or disputes.
- Bank Account Setup: To receive your earnings, you’ll need to set up your bank account details within your Shopify store’s payment settings, as outlined in the script you provided earlier. This ensures that Shopify knows where to deposit your funds.
- Automatic Transfers: Once the payment holding period expires and there are no issues with the transactions, Shopify will automatically initiate transfers to your designated bank account. These transfers include the total amount of your sales minus any applicable fees.
- Payment Notifications: You’ll receive notifications from Shopify, such as email alerts, when payments are initiated and when they’re deposited into your bank account. This helps you keep track of your earnings.
- Access to Earnings: After the funds are deposited into your bank account, they become accessible for your use. You can use them to reinvest in your business, cover expenses, or withdraw them for personal use.
Shopify Payments is Shopify’s built-in payment processing solution, offering a seamless way to accept payments from customers. Shopify pays you by holding funds for a brief period, then transferring them to your linked bank account. This process ensures that your earnings are secure and easily accessible for your business needs.
How to Cash Out from Shopify to Your Bank Account Directly
Here’s the moment you’ve been waiting for. We’ll provide a step-by-step guide, drawing from Shopify’s official instructions, to ensure your money is smoothly transferred to your bank account.
- Log in to Your Shopify Store: Start by logging into your Shopify dashboard. This is your command center for all things related to your online store.
- Access Settings: From the bottom-left corner, click on the “Settings” button. This is where the magic begins.
- Complete Account Setup: You’ll be prompted to complete your account setup. Click on the “Payments” button.
- Select Your Payment Method: In the payment method section, select the method you want to use – in this case, your bank account.
- Fill in the Details: A form will appear. You’ll need to provide the statement descriptor (your store name) as it appears on your bank statements and your phone number with the correct country code.
- Add Banking information. This is crucial. Enter your bank’s sort code and your account number, where you want your funds to be deposited.
- Agree to Terms and Conditions: Review and accept the terms and conditions.
- Complete Account Setup: Finally, click on the “Complete Account Setup” button.
How Long Does It Take to Receive a Payment from Shopify?
Patience is key. The time it takes to receive a payment from Shopify depends on several factors. Typically, Shopify follows a payment holding period, which can vary from 3 to 7 days.
During this time, they ensure there are no issues with the transactions, such as disputes or returns. Once this period elapses, Shopify initiates the transfer.
Afterward, the actual time it takes for the funds to reach your bank account can vary based on your bank’s processing times.
In most cases, you can expect to receive your earnings within a week or slightly longer from the time of the sale from.
What are Shopify Payments Countries?
Shopify Payments may not be available everywhere. Here, we provide a comprehensive list of countries where you can use this feature easily.
- Czechia (Czech Republic)
- Hong Kong SAR
- New Zealand
- United Kingdom
- United States
If you are not sure if Shopify payouts are not supported in your country, you can contact Shopify support.
Let’s address some common questions you might have about Shopify payments.
Does Shopify pay directly to a bank account?
Yes, Shopify pays directly to your linked bank account. Once you’ve set up your bank account information in your Shopify store’s payment settings, your earnings are automatically deposited into that bank account after the payment holding period.
Is Payoneer available on Shopify?
Payoneer is indeed an available payment option for Shopify. To integrate Payoneer as a payment gateway within your Shopify store, simply follow these straightforward steps:
- Access your Shopify admin panel.
- Navigate to the “Settings” section.
- Select “Payments.”
- Click on “Add payment provider.”
Do I need a business bank account for Shopify?
While it’s not mandatory to have a business bank account to use Shopify Payments, having one can be beneficial for separating your business finances from personal finances. It also helps with tracking your e-commerce earnings and expenses more efficiently. Check with your local regulations regarding business banking requirements.
Final Words – How to Transfer Money from Shopify to Bank Account
In closing, how to withdraw money from Shopify is fully explained. Transferring money from your Shopify store to your bank account is a straightforward process once you’ve completed the necessary setup discussed above. With various payment methods at your disposal and a secure, efficient system in place, you can focus on growing your e-commerce empire with peace of mind.
Now, go ahead and access those hard-earned profits. Your bank account is waiting!