Managing your Shopify Balance account

Managing your Shopify Balance account

This page was printed on Jun 09, 2022. For the current translation, chew the fat hypertext transfer protocol : //www.peterswar.net/en/manual/finances/shopify-balance/account .
From the Shopify Balance page, you can access your report natural process, horizon statements, and transfer funds. To learn more about your Shopify Balance tease, refer to managing your card. To learn more about the rewards program, refer to the Shopify Balance rewards. Shopify does n’t charge any fees for using your Balance card, but ATM supplier fees may apply. You can find more information about fees in your Terms of Service.

Shopify Balance account requirements

Shopify Balance accounts are not available to all merchants. To open a Shopify Balance report, you need to meet the stick to requirements :

  • be a store based in the United States or Puerto Rico (other United States territories are not supported)
  • have Shopify Payments set up or sign up for Balance when signing up for Shopify Payments
  • have a valid US Social Security Number (SSN)
  • have a single account owner for Shopify Payments (you can have partnerships)
  • be on any Shopify plan except for Shopify Plus

Note

You must activate two-step authentication to use your Shopify Balance score .

Set up your account

If you ‘re eligible for a Shopify Balance score, then you can use the follow steps to set up your account .

Steps

  1. From your Shopify admin, go to Finances > Balance .
  2. Click Open account .
  3. Review your Shopify Payments information, and then click Confirm .
  4. embark your SSN and mobile number, then click Confirm .
  5. Check the box to confirm that you agree with the Shopify Balance Account Agreement and the Shopify Balance Card Agreement, including fiscal mental hospital partner privacy policies and E-SIGN disclosure, then snap Open account .

After your Shopify Balance account is set up, it becomes the account connected to your Shopify Payments report. Your payouts will be deposited into your Shopify Balance bill, including any finance that you receive through Shopify Capital .

Caution

Because your Shopify Balance report is connected to your Shopify Payments report, any Shopify Capital remittances or repayments that you need to pay are besides withdrawn from Shopify Balance. If you have financing through Shopify Capital, then ensure that there are funds in your account to pay for remittances or repayments by either transferring funds to Shopify Balance or changing your payout account .

Manage your account

After you have set up your account, you can perform any management tasks from the Shopify Balance page .

View your Shopify Balance account information

You can view your report count and your routing total .

Steps:

  1. From your Shopify admin, go to Finances > Balance .
  2. Click Manage account .
  3. Click Show details .

For security reasons, you might receive a prompt to authenticate your history again .

View your Shopify Balance account statements

You can view your monthly account statements .

Steps:

  1. From your Shopify admin, go to Finances > Balance .
  2. On the Account activity card, click View statements .
  3. Select the instruction to view. The statement opens in a new tab .

Receiving payouts with a Shopify Balance account

When you sign up for a Shopify Balance history, it is automatically set as your Shopify Payments payout score. Using your balance bill, you can receive your Shopify Payments earnings in angstrom little as one commercial enterprise day from the transaction process go steady. Business days do not include weekends or US holidays.

Note

If you have Shop Pay Installments active and your customer uses it during their checkout, then the payout takes up to three business days .

Changing your payout account

You can change the score that your Shopify Payments earnings are deposited into at any time .

Steps:

  1. From your Shopify admin, go to Finances > Balance .
  2. On the Shopify Balance page, click Manage account .
  3. On the Shopify Balance account page, click Change payout account .
  4. Under Confirm old bank account, enter your Shopify Balance explanation information .
  5. Enter the new history data and snap Save .
  6. Select your reason for changing your account and chatter Confirm .
  7. Click Done .

Note

Changing your payout bill to a third-party explanation does n’t close your Shopify Balance account. You can distillery use any active Shopify Balance payment cards and collect Shopify Balance rewards on transactions made with your Shopify Balance account .

Connecting to third-party apps

Through our partnership with Plaid, you can connect your Shopify Balance score to third-party apps, such as Venmo or Wise, to enable you to do even more with your account, like send money, make payments directly to vendors, and keep track of expenses. For more information about which third-party apps you can connect to, refer to the Plaid apps page .

Note

You must activate two-step authentication to connect your Shopify Balance account to a third-party app .

Steps:

  1. Log in to the third-party app and follow the steps to set up a payment method.
  2. Select to add a bank and to instantly verify your account by logging in.
  3. Select Shopify Balance account.
  4. From the login screen, log into your Shopify store.
  5. In the third party app, complete the steps to connect your account.

Enabling low balance alerts

When you have broken poise alerts activated, you are sent an e-mail when your account balance drops below a preset value. The default option prize is 100 .

Steps:

  1. From your Shopify admin, go to Finances > Balance .
  2. On the Shopify Balance page, chink Manage account .
  3. Under Notifications, click the toggle to activate or deactivate low balance alerts .
  4. optional : Click Change amount to change the account balance value that will trigger a broken balance alarm .

Cash flow insights

The cash flow insights overlay displays an at-a-glance watch of your cash menstruation for the survive two months. You can compare your income to your spend to see if you are earning or losing money. Cash stream insights breaks down your spend into the your lead five spend categories so that you can ensure that your money is being spent where it should be. You can besides view the total on your approaching Shopify circular. For a more detail overview of your shop ‘s finances, refer to the Finances overview.

Note

Cash hang insights only tracks transactions made with your Shopify Balance score. Any transactions made with external accounts are not reflected in this report .

Steps:

  1. From your Shopify admin, go to Finances > Balance .
  2. Under Cash flow this month, click View all insights .
source : https://www.peterswar.net
Category : Finance

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