Table of Contents
- Introduction
- Understanding Shopify Payments
- Step-by-Step Guide to Changing Your Bank Account on Shopify
- Common Concerns and Practical Tips
- FAQ Section
- Conclusion
Have you ever found yourself in a situation where, for one reason or another, changing the bank account linked to your Shopify store became necessary? Whether it's due to switching banks for better services, moving to another country, or simply updating your business's financial structure, understanding how to modify your banking details on Shopify is crucial for seamless business operations. In this blog post, we'll dive deep into the nuances of updating your bank account information on Shopify, ensuring that your transactions continue without a hitch.
Introduction
Imagine this: after months of hard work, your Shopify store is thriving. Orders are coming in, customers are happy, and your products are flying off the virtual shelves. But then, you're faced with a pivotal change - you need to update the bank account where your Shopify Payments are deposited. Whether it's a personal decision, a business move, or a geographical transition, the need to change your bank account on Shopify is a critical task that can seem daunting at first.
In today's fast-paced e-commerce world, staying ahead of the curve means keeping all aspects of your business, including financial details, up to date. This blog post is designed to guide Shopify store owners through the process of changing their bank account information, ensuring a smooth transition and uninterrupted business operations. We'll cover everything from the basics of Shopify Payments to detailed, step-by-step instructions for updating your bank account on various devices. Plus, we'll address common concerns and present practical tips to avoid common pitfalls.
Prepare to navigate the changes with confidence as we provide you with all the information you need to successfully update your bank account on Shopify, keeping your business's financial flows seamless and secure.
Understanding Shopify Payments
Before we dive into the specifics of changing your bank account on Shopify, let's briefly understand what Shopify Payments is. As Shopify's integrated payment solution, it simplifies the process of accepting and processing payments for your online store. Once you set up Shopify Payments, the earnings from your sales are directly deposited into the bank account you've linked. It's a seamless connection between your sales and finances but requires up-to-date banking information to function correctly.
Step-by-Step Guide to Changing Your Bank Account on Shopify
Changing your bank account details in Shopify is a straightforward process. Here's how you can do it across various devices:
On a Desktop
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Navigate to the Settings: Log into your Shopify admin account. In the bottom left corner, click on 'Settings,' then select 'Payment providers.'
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Access Shopify Payments: Find the Shopify Payments section and click on the 'Edit' button.
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Update Bank Account Details: Click on 'Edit' in the Bank Account section. Here, you can enter your new bank account details. Be attentive to the accuracy of the information you input.
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Save Your New Details: After entering the new bank account information, click 'Save.' Your bank account details are now updated.
On a Mobile Device (iPhone or Android)
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Go to Settings in the Store app: After logging into your Shopify account on the app, tap the Store symbol, then select 'Settings.'
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Select Payments: In the 'Store settings' section, tap 'Payments.'
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Edit Shopify Payments Details: Find Shopify Payments, tap 'Edit,' then 'Edit' again in the Bank account section.
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Input and Save New Details: Fill in your new bank account details and tap 'Save.' Your information is now up to date.
Points to Remember
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Verification: You might be required to verify your old bank account information before entering the new details. This is a security measure to prevent unauthorized changes.
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Prepaid Cards: Shopify Payments does not accept prepaid bank cards as bank account credentials for receiving payouts.
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Japanese Bank Accounts: If you're adding a Japanese bank account, remember to use Kanji (full-width) characters.
Common Concerns and Practical Tips
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If You've Moved Abroad: If you're changing your bank account due to a move to a different country, remember to update your store's country settings in Shopify. This ensures compatibility with local banking standards and regulations.
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Unable to Verify Old Bank Account: If you cannot access your old bank account details for verification, contact Shopify Support. They can assist in removing the old details after confirming your identity, allowing you to add the new bank account.
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Check for Delays: Bank account updates usually take effect immediately. However, it's prudent to allow a few business days for the changes to reflect in your payouts.
FAQ Section
Q: What should I do if I enter incorrect bank account details by mistake? A: If you realize you've entered incorrect details, repeat the steps to edit your bank account information with the correct details as soon as possible. If any payouts fail due to incorrect account details, contact Shopify Support for assistance.
Q: Can I use a bank account that's under a different name from my Shopify store name? A: Yes, but the bank account should be legally tied to the entity running the Shopify store. Ensure that any differences don't lead to issues with your bank or Shopify Payments.
Q: How often can I change my bank account details on Shopify? A: Shopify doesn't limit the frequency of changes to your bank account details. However, frequent changes could raise security flags, so it's best to keep updates to a necessary minimum.
Q: What happens to pending payouts when I change my bank account? A: Pending payouts are typically processed to the bank account details that were active at the time of the sale. Once the bank account information is updated, future payouts will be directed to the new account.
Conclusion
Changing your bank account on Shopify might initially seem like a daunting task, but it's a straightforward process that can be completed quickly and securely. Whether you're updating your banking information due to personal preferences, business requirements, or geographical movements, keeping your Shopify Payments details current is essential for seamless business operations. By following the steps outlined in this guide, along with addressing common concerns and implementing practical tips, you can ensure that your Shopify store's financial transactions remain smooth and uninterrupted.
Remember, accurate and up-to-date bank account information is key to receiving your hard-earned payouts without delays. So, take the time to review your details thoroughly before saving. Happy selling!
