FAQ Multi Bank Settlement
Who should use Multi Bank Settlement
If you are a franchisor, multi location operator with separate bank accounts for separate locations, or need to manage a lump sum deposit from Shopify to different bank accounts for other reasons, and want to automate, you will need to enable Bookkeep’s Payout Splitting feature, which can be done either during onboarding, or by talking to a customer support representative.
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The same day that funds arrive from shopify in your source bank account funds are withdrawn using ACH or EFT and transfered for deposit arrival the next business day into the destination bank accounts.
Is there a minimum for a payout to be sent?
The default limit for the balance is $100 no payout will be created.
What other funds can be sent in addition to Shopify Payments Payouts?
Bookkeep offers an additional service that can identify BOPIS (buy online, pickup in store) orders and gift card transactions and can add the net amounts due or owed for a Shopify POS location to the balance for the location. Then on the next payout, the full balance will be paid out including BOPIS and gift transactions.
Who does Bookkeep use to process payments for multi-bank settlement.
Bookkeep uses Straddle.com in the USA, Zumrails.com in Canada and Modulr in the UK. You, as the merchant, will be creating your own account with these providers through our portal and we will initiate payments on your behalf through these providers. Bookkeep will walk you though the process of onboarding with our partners as they don't repond directly to merchants.