Shopify Balance Review
With Shopify Balance, Shopify aims to become an all-in-one solution for online sellers. Take a look at the features and perks, which businesses are best suited for this service, and more.
Shopify Balance At A Glance
- FDIC-insured business account
- No monthly fees
- Cash back, rewards, and partner perks
- No monthly fees
- Next-day payouts from online sales
- Up to $2,000 cash back per year
- Partner perks and rewards
- Visa ATM card
- No interest earned
- No checking, savings, or subaccounts
- No cash deposits
- Only for Shopify sellers
- Some businesses excluded
Table of Contents
- What Is Shopify Balance?
- Shopify Balance Rewards & Perks
- Shopify Balance Pricing & Fees
- Shopify Balance Eligibility Requirements
- Shopify Balance Features
- Looking For Additional Features? Here Are Shopify’s Other Business Services
- Shopify Balance Customer Service
- Shopify Balance Reviews
- Is Shopify Balance Safe?
- Final Verdict: Is A Shopify Balance Account Worth It?
- Shopify Balance FAQs
What Is Shopify Balance?
Shopify Balance is a money management tool that delivers many traditional banking tools and benefits to Shopify sellers. But exactly what is Shopify Balance, and is it right for you? We’ll help you answer those questions with our Shopify Balance review.
If you’re not familiar with the platform, you might want to start by reading our full Shopify review to get a feel for it before considering Shopify Balance.
Already a top name in eCommerce, Shopify aims with the introduction of Shopify Balance to become an all-in-one solution for online sellers. Startups and small sellers, in particular, may find that Shopify Balance offers an easy way to manage cash flow and access money from online sales.
If you’re already operating an online store built on the Shopify platform, you’re probably already eligible for a Shopify Balance account. And that can save you some time and hassle compared to the requirements of opening a traditional business bank account.
Shopify Balance Rewards & Perks
A Shopify Balance account delivers a wealth of valuable rewards and perks that compares favorably to both online and traditional banks. Especially if yours is a relatively new business and you haven’t yet transitioned to business banking services, opening a Shopify Balance business account can deliver serious value as you build and expand your Shopify store.
Here’s what you can expect as far as Shopify Balance rewards and perks:
- Up to 2% automatic cashback when you use your Shopify Balance Visa card on eligible purchases
- 10% cashback when you hire services from Shopify Experts
- Special advertising perks from Google, Facebook, Instagram, Snapchat, and Pinterest
- Discount on your first 12-month subscription to Google Workspace
- 3% cashback on eligible Apple.com purchases
- 15% discount on UPS printing, packaging, and business services
- Discounted rates on Shopify Shipping
Of course, there are some fine-print details to these perks. For starters, the cash back award tops out at a maximum of $2,000 back per year. You won’t have to worry about redeeming your cash back award or letting it expire, as this reward is automatic. You can check out the full details, including advertising discounts, on the Shopify Balance rewards page.
Shopify Balance Pricing & Fees
|Wire Transfer Fee||$0|
|Foreign Transaction Fee||0%|
With no monthly fees or minimum requirements, Shopify Balance can be an economical business banking choice. There’s also no minimum deposit required to open a Shopify Balance account, so you can start using it as soon as you set up your Shopify store.
Keep in mind that Shopify Balance is a financial service, not a bank, and this is not a checking account but a money management service. Shopify Balance banking is backed by two FDIC-member banks: Evolve Bank & Trust and Celtic Bank. So though you may find some traditional banking features missing, such as the ability to deposit cash or write checks, your money is safe with Shopify Balance.
See the Shopify Balance Features section of this Shopify Balance account review below for more details on what you can and can’t do with a Shopify Balance account.
Shopify Balance Eligibility Requirements
|Savings Account Minimum||$0|
Finding the right bank account is an important step in growing and managing a small business. Shopify Balance is worth looking into if you’re already using Shopify to handle your eCommerce sales. Not every Shopify account-holder will be eligible for a Shopify Balance account, however. Businesses that can use Shopify Balance must:
- Be US-based, with Puerto Rico as the only supported US territory
- Use Shopify Payments
- Have a valid Social Security number attached
- Show a single account owner
- Be on any Shopify plan except Shopify Plus
- Activate two-step authentication
Shopify Payments has additional requirements, and its terms of service include a lengthy list of prohibited businesses that are ineligible for the service. This list includes all businesses categorized as high risk. So if you’re considering a Shopify Balance account for your business banking, we advise you to check the list and make sure your business will be eligible.
Shopify Balance Features
|Cards||Debit cards can be used fee-free at US ATMs|
|Transfers||No charge for transfers to/from a linked bank account|
|Savings||Does not include any savings options|
|Cash Deposits||Cash deposit not available|
|Mobile Deposits||You cannot deposit checks|
|Bill Payment||Pay vendors through your Shopify admin|
|Access To Credit||No linked loans or lines of credit|
|Merchant Services||Use of Shopify Payments is required|
|Mobile Apps||Mobile apps for iOS and Android|
Many online-only banks offer services and features that are very similar to traditional banks’ offerings. Unfortunately, this is one area where Shopify Balance falls a little short. Although you won’t find checking options, a savings account, or access to lines of credit, one key feature — the speed with which funds are made available — may make a Shopify Balance account worthwhile.
Shopify Balance operates entirely within the Shopify universe. Funds from the sales you make through your Shopify store will be available to you the next business day. That’s significantly faster than Shopify’s normal rate. Businesses that operate online only probably won’t mind that they can’t deposit cash or checks to their Shopify Balance account.
Here are some other important features to note:
- ATM Access: Use the money from your Shopify sales to make online and in-person purchases or withdraw funds from ATMs nationwide. Although Shopify won’t charge you a fee, the ATM’s owner may.
- Spending Card: You’ll receive a virtual Visa card as soon as you open your account. You can order a physical card for free, and it will have your business name printed on it. Add the card to your mobile wallet and use it for contactless payment wherever Visa is accepted.
- Transfers: You’ll be able to transfer money in and out of your account and pay bills online using your Shopify Balance account number and routing number.
- Security Features: You can lock and unlock your spending card from your Shopify store’s admin panel. Your deposits are FDIC-insured up to the legal maximum of $250,000. Two-step authentication is required for Shopify Balance accounts.
Like any banking service, Shopify Balance includes some limitations on when funds will be available. Notably, payouts from Shopify sales will happen the next business day. That means you’ll have access to your money significantly sooner than with other banking methods and faster than Shopify sales normally fund. If you don’t use Shopify banking services, you’ll wait at least five days from the time of the sale. There’s one notable exception: If you enable Shop Pay Installments, funds from those sales can take up to three business days to reach your account.
Here are some other funding limits:
|Transaction Type||Processing Time|
|Cash Withdrawals||Same day|
|ACH Transfers||Up to 3 business days|
|Mobile Check Deposit||N/A|
Looking For Additional Features? Here Are Shopify’s Other Business Services
Shopify is one of the biggest names in eCommerce, with a suite of products aimed at supporting businesses of all sizes. Adding Shopify Balance banking services to the mix offers small business owners another tool for managing their business. Keeping all your finances within the Shopify sphere can also help you separate your personal and business transactions. It will also simplify your record-keeping and might make tax time a little less troublesome.
Here are some other Shopify products you might be interested in using:
*Note: The use of Shopify’s in-house payment processor is required for those wanting to use a Shopify Balance account.
Shopify Balance Customer Service
|Shopify Balance Support||Availability|
|Dedicated Support Representative|
|Knowledge Base or Help Center|
|Videos & Tutorials|
Shopify Balance offers users access to the same support options that all Shopify users have. And fortunately, those options are extensive, such as direct support via phone, email, and live chat. Users can also access an impressive array of useful and easily accessible self-help options, including but not limited to a knowledgebase, community forums, a searchable encyclopedia, webinars, a podcast, and a blog.
We have consistently rated Shopify highly for its customer service. In our experience, it has been easy to reach agents by phone, email, and live chat. And we’ve been able to access informed answers in a reasonable amount of time. We find the self-help resources more than adequate and certainly more extensive than those of many eCommerce competitors.
We do note that Shopify Balance does not offer any dedicated support resources for users of this banking service. When we contacted a rep with a question via live chat, he seemed less than perfectly informed about Shopify Balance. However, he was able to locate the answer we needed within a reasonable amount of time. As Shopify Balance takes off, we’d hope to see some form of banking-specific support for the program’s users.
Shopify Balance Reviews
Shopify Balance is a relative newcomer both to the Shopify universe and to the field of business banking services. For that reason, we didn’t expect to find a whole lot of commentary from users online. It’s important to note that Shopify itself garners good reviews overall. And the absence of clusters of noisy complaints about Shopify Balance can be taken as a relatively good sign.
Let’s look at what users have to say about their Shopify Balance accounts.
Negative Shopify Balance Reviews & Complaints
Some users have said they’ve tried Shopify Balance but plan to quit because of what they see as a serious flaw: At this point, there’s no way to integrate this banking platform with your bookkeeping software, such as Xero or QuickBooks. We’ll be keeping an eye on this complaint since it was the biggest one we came across. Here’s a summary of the few negative comments we saw:
- No bookkeeping integrations
- Available only in the US + Puerto Rico
- High cost with using Shopify
Positive Shopify Balance Reviews
For those already using Shopify to power their online stores, Shopify Balance can fit seamlessly into your business management. You can do everything from a single admin panel, from paying bills to marketing to fulfilling orders and more. Here are some of the best aspects of adding Shopify’s business banking option to your Shopify account:
- Fast access to cash
- A clear view of business finances
- All-in-one solution
- Good rewards and cashback
Is Shopify Balance Safe?
It’s important to remember that Shopify Balance is a financial service and not a bank. Banking services are provided through a partnership with an FDIC-insured bank, Evolve Bank & Trust. That means the money you have in your Shopify Balance is insured to the legal limit and as safe there as it would be in the vault at your local branch bank. Shopify Balance also partners with Stripe and Celtic Bank for money transmission and issuing services, respectively.
As part of the Shopify platform, Shopify Balance offers the same excellent security the platform offers all users. Shopify is Level 1 PCI-DSS compliant, the gold standard for eCommerce. Customer data is hosted on secure and well-maintained Debian Linux servers guarded by ultra-secure Open BSD firewalls. Shopify also employs white-hat hackers to test its security measures and offers users extensive resources for protecting their stores and data from hackers, ransomware, and viruses.
Final Verdict: Is A Shopify Balance Account Worth It?
|Shopify Balance Review|
|Business Size||Startups & new small businesses|
|Rewards Rate||2% on eligible purchases|
|Choose If You Need||Banking services for your online-only business|
Although many small business owners do it, it’s simply not a good idea to use your personal bank account for your business finances. You may be able to get away with it when you’re just getting started, but eventually, you’ll want to limit your fiscal and legal responsibilities by opening a business bank account. The problem is, while there are some good options for business banking, not every small business will be able to meet eligibility requirements. And applying can take a lot of time that you just don’t have to spend on opening an account.
For those already using Shopify to power their online sales, Shopify Balance may be the answer to your business banking needs. We think it would work best for smaller businesses with a simple structure and few (if any) employees. Shopify Balance won’t be a good choice for your business if you do any significant sales in person, whether at a brick-and-mortar location or festivals, markets, and the like. That’s because Shopify Balance works best with online payments rather than cash or checks that you’ll have no easy way to deposit.
If your small business meets that description, and if you’d like fast access to the funds from your online sales, an easy way to pay your business bills, and cash back rewards when you spend money on expenses such as advertising and shipping, sign up for a Shopify Balance account!
Shopify Balance FAQs
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