The comprehensive understanding about Shopify Balance and how to Set It Up

Ever wanted to know how to use Shopify Balance but didn’t know where to start? No need to worry, this guide will show you detailed information about it, how to set up an account, and top features. With Shopify Balance, you can easily manage your currency and business in a single place. You don’t need to open another bank account to process your online store transaction funds, and manage your money from anywhere you can run your business. So, what is Shopify Balance?

What is Shopify Balance?

Shopify Balance is a money management and business banking result from Shopify. It unify with your online employment and offers no monthly fees to track expenses, use a virtual card, and take power of different other banking products. It blend with the Shopify Ecommerce platform to advance your business finances and merge your checkout builder, order management, and the Shopify Balance account into one dashboard. In addition, Shopify managers gain entry to a business card with no minimum poises, access to ATM and a immediate link to Shopify Capital if you require funding for your business.

Conditions for opening a Shopify Balance account

To open account, you need to meet the following requests:

1. Stores located in the US or Puerto Rico (other US territories not supported)
2. Have set up or signed up for Shopify Payments for Balance when signing up for Shopify Payments
3. Have a valid Social Security Number (SSN) in the United States
4. Have a lone account owned for Shopify Payments
5. Use any Shopify plan except Shopify Plus plan

How to Set Up Shopify Balance

If you are eligible for a Shopify Balance account, you can use the following steps to set up your account. Steps to take

1. In the Shopify admin page, go to Finance > Balance.
2. Click Open account.

3. Review your Shopify Payments information, then click Confirm. 4. Enter your SSN and mobile phone number, then click Confirm. 5. Check the box to confirm that you agree to the Shopify Balance Account Agreement and Card Agreement, including the financial institution partner’s privacy policy and E-SIGN public information, then Click Open Account. Once your Shopify Balance account is set up, it becomes the account connected to your Shopify Payments account. Your payments will be deposited into your account, including any financing you receive through Shopify Capital.

How to Manage Your Account

After setting up your account, you can perform any management tasks from this page. View your account information. You can see your account number and routing number. Steps to take

1. In the Shopify admin page, go to Finance > Balance.

2. Click Manage account. 3.Click Show details. For security reasons, you may receive a prompt to re-authenticate your account. View your account statement. You can view your monthly account statement. Steps to take

1. In the Shopify admin page, go to Finance > Balance.
2. On the Account Activity tab, click View statement

3. Select the statement to view. The statement opens in a new tab.

Receive payment on account

When you sign up for an account, it will automatically be set as your Shopify Payments account. When using an account, you can receive earnings from Shopify Payments in just one business day from the transaction processing date. Business days do not include weekends and US holidays. Note: If you’ve activated Installment Purchases and the customer uses Shop Pay Installment at checkout, it will take up to 3 business days to resolve.

Change payment account

You can change your Shopify Payments earnings receiving account at any time. Steps to take

1. In the Shopify admin page, go to Finance > Balance.
2. On the page, click Manage Accounts.
3. Click Change payment account.
4. In the Confirm old bank account, enter your Shopify Balance account information.
5. Enter the new account information and click Save.
6. Select the reason for the account change and click Confirm.
7. Click Done.

Note: When changing a payment account to a third-party account, it will not be closed. You can still use any active Shopify Balance payment card and receive rewards for transactions made with your account.

Feature Highlights from Shopify Balance

Easy account setup

You can set up a bank account without a bank account in just a few minutes and get instant access.

Faster access to capital

You will have access to within a day funds that you earn through your Shopify store. Whether you’re a start-up or a thriving business, unifying these dashboards ensures you’re productive, managing all aspects of your business from one screen. and don’t have to wait for the payment to be transferred. No minimum balance required.

Faster than a bank

It’s a faster way to get your money, up to 4 days earlier from the bank. Most payments reach your account within one business day, allowing you to spend this money reinvesting in your business, with drawing cash at ATMs, or paying employees. pellets. You can also track payments.

A Business Card to Use at Stores and ATMs

You will receive a card for online and in-store purchases with virtual and physical cards. These cards help you profit from sales and reinvest in anything from office furniture to product development and advertising to charitable donations.

Prize

Get cashback, discounts, rewards or offers on spending cards all the time. Every Shopify product purchase you make gets 2% cash back. This includes app purchases, themes, shipping, and e-commerce marketing that you run on social media sites and search engines. Cashback is capped at $2,000 per year. What’s more, all employees hired on Shopify Experts generate 10% cashback and Apple Store purchases 3% back. Finally, you get discounts and exclusive offers from many of Shopify’s partners, such as cheaper shipping, printing, and offers from UPS.

Top-notch Security

Highly secure with two-step verification, FDIC coverage, complete card control, and 24/7 support. Protect store owners from fraudulent activity on their cards and money management accounts. That is one of the main reasons that businesses tend to choose these money management accounts from Shopify when conducting their business banking.

Concluding

Through our scrutiny, we hope you have an understanding of Shopify Balance and how to set up your own account. In short, it’s a money management account that lets you easily manage your store’s payments and transactions from one place. You can also refund and receive partner offers using your Shopify Balance card. If you’re still struggling or want to explore customizing your Shopify store to further improve your finances, please contact ONEXT DIGITAL immediately. We can provide support for both Shopify Balance and Shopify development and customization.