The short answer is no. You don’t need a bank account to use Shopify. However, there are some advantages to having a bank account when you’re using Shopify to sell online.
Advantages of Having a Bank Account for Shopify
Having a bank account for Shopify provides several advantages:
Access to payment methods: Having a bank account will allow you to accept payments from customers, such as credit and debit cards, PayPal, Apple Pay, and more.
Record keeping: Your bank account will keep track of all the transactions that you make with Shopify. This will make it easier for you to keep track of your finances.
Security: With a bank account, you can rest assured that your money is safe and secure.
Tax benefits: You can use your bank account to claim tax deductions on your Shopify sales.
Alternatives to a Bank Account
If you don’t want to open a bank account, there are other options you can use to accept payments on Shopify:
Payment processors: You can use third-party payment processors such as Stripe, Square, and PayPal to accept payments on Shopify.
Payment gateways: You can also use payment gateways such as Authorize.net and Paypal Pro to accept payments on Shopify.
Cash on delivery: You can also offer customers the option to pay in cash when they receive their order.
Although having a bank account is not required to use Shopify, it can provide several advantages that can make selling on Shopify easier and more profitable.
If you don’t want to open a bank account, there are several alternatives that you can use to accept payments on Shopify.
No matter which option you choose, you’ll be able to start selling on Shopify by 1 October 2022.