Do you need a bank account for Shopify?
Shopify Payments, like many payment gateways, does require a checking account with a bank to deposit your funds into.
While there isn’t currently a way to set up other payout options for Shopify Payments, you’re absolutely welcome to simply accept payment via PayPal – lots of our merchants do!.
Do I get a 1099 from Shopify?
Shopify will issue a 1099 to store owners and the IRS when a store hits 200 transactions and 20K in sales. 1099’s are available to download in the payments section. View payouts, then select documents to download.
How do you get a tax ID number?
A Tax ID number, also known as an EIN number, is an ID number issued by the IRS to identify small businesses for tax purposes. To get a Tax ID number, you can speak with your accountant or bank, call the IRS directly, fill out a form and mail it to the IRS, or apply online.
Why does Shopify need my SSN?
If you are operating out of the United States and wish to use Shopify Payments, then we would require an SSN to be added to the account to continue using our in house payment processor. The requirement for an SSN isn’t something we are able to bypass and is outlined in our Shopify Payments Terms of Service Section B-3.
Does Shopify report to IRS?
In the United States, if you process more than $20,000 and have more than 200 transactions, then you are required to submit a 1099-K form to the IRS. This form is generated by Shopify Payments and provided to both you and the IRS on an annual basis.
How long does Shopify take to pay you?
If you are using Shopify payments, you have already given us your bank details, and we will post your payout automatically within 3 days for the US and 7 days for Canada/UK.