FAQ Multi Bank Settlement

What is "Payout Splitting" or Multi-Bank Settlement for Shopify Payments?

For businesses using Shopify Payments and Shopify POS, Bookkeep offers the ability to automatically split payouts into multiple bank accounts based on the POS location where the sale took place.

What countries is this available in?

Multi-bank payouts is avaible only through Bookkeep in the USA, Canada, and the UK.

Explain the flow of funds?

All funds stay within your organization's bank accounts. Bookkeep acts on your behalf, through our payment processing partner, to facilitate ACH or EFT transfers from the bank account where Shopify deposits funds "source bank account" to the "destination bank accounts" you will set up in the Bookkeep platform.

Do I need to set up a new bank account?

No, you will not need any new bank accounts. You will only need to set up an account for your business with our ACH or EFT payment partner in the USA, Canada or the UK.

What is the timing for the transfers?

The same day that funds arrive from shopify in your source bank account funds are withdrawn using ACH or EFT and transfered for deposit arrival the next business day into the destination bank accounts.