When you sell products or services using the Shopify platform, the money from those sales will typically be deposited into your bank account through a process known as “payouts”. Here’s how it works:
Payouts schedule: Shopify processes payouts according to a schedule that varies by country. In most cases, payouts are made on a rolling basis every 2-3 business days, but it may take longer depending on the country and the bank.
Bank account information: To receive payouts, you’ll need to provide Shopify with your bank account information, including the bank name, account number, and routing number. You can add or update this information in the “Settings” section of your Shopify account.
Transaction fees: When Shopify pays you for your sales, they deduct any applicable transaction fees, which may vary depending on your Shopify plan and the payment method used by the customer.
Payout reports: You can view detailed reports of your payouts and transaction history in your Shopify account. These reports will show you the total amount of each payout, the fees deducted, and the transaction details for each sale.
Withdrawal: Once the payout is deposited into your bank account, you can withdraw the funds as needed. Some banks may charge a fee for receiving international transfers, so be sure to check with your bank for details.
Overall, Shopify makes it easy to receive payments for your sales and manage your payouts through its integrated payment processing system. By providing your bank account information and staying up-to-date on your payouts, you can ensure that you receive your sales revenue quickly and efficiently.