Entrepreneurs are building and innovating at breakneck speed, and traditional banks aren’t keeping up. In 2024, banks tightened lending requirements for small and medium-sized businesses, and some banks increased borrowing costs. Additionally, 40% of entrepreneurs cite financial risk as a barrier to starting a business. *
Don’t let unnecessarily complicated finances overshadow your dream of running a business. Entrepreneurs deserve more recognition.
So today we’re introducing Shopify Finance, an integrated home for all your financial solutions built right into your Shopify admin.
Practices like strict repayment terms, credit history requirements, or months-long loan approvals have stifled innovation for too long. That’s why for many years, we have enabled entrepreneurship by providing powerful financial services so that merchants no longer have to rely on the long, opaque and complex processes of traditional banks to stay in business. I went to
Merchants can now seamlessly access Shopify Balance, Shopify Credit, Shopify Capital, Shopify Bill Pay, and Shopify Tax in one place. Just in time for Black Friday and Cyber Monday, Shopify Finance helps merchants focus on growth by reducing the complexity and administrative burden of managing multiple financial tools with:
Unified Finance Home: View and manage all your business finances from one comprehensive dashboard in admin. Faster access to funds: Tools like Shopify Capital, Shopify Credit, and Shopify Balance give sellers faster access to funds and the funds they need. Automatic Rewards: In addition to earning APY rewards on money in your Balance account, sellers can also earn cash back rewards on their Shopify Credit Card and Shopify Balance Card. Flexible repayment terms: Merchants can repay their Shopify Capital and Shopify Credit balances from a percentage of their daily sales. There are no repayments during the off-season when there are no sales. Simplify tax compliance: Easily manage your sales tax obligations in one place to comply with state, county, and local regulations.
“Without Shopify Finance, we would never have reached $10 million in revenue. Having worked with multiple financial vendors, it makes a lot of sense to run our business on one platform.” Jake Chambers, Co-founder of Pupsentials
Increased funding flexibility
Shopify Capital provides eligible merchants, regardless of size or financial maturity, access to up to $2 million in fast-track financing with no impact to credit reports or personal credit scores . We are currently rolling out a monthly fee loan structure in early access. This means the faster merchants pay back, the lower their overall costs will be. This new pricing structure gives sellers more choice and flexibility specific to their business.
Shopify Credit, a fully paid Visa® business card, offers merchants up to 3% cash back on eligible marketing, wholesale, and fulfillment purchases. **Sellers can choose to pay the entire statement for up to 10 months. Pay the balance within a month or pay it over time from a percentage of your daily sales.
make your money work harder
Shopify Balance is a free business account that allows sellers to get paid as early as the next business day, and earns 3.39% APY rewards on every dollar in your balance account. Merchants on the Shopify Plus plan can now take advantage of 4.43% APY rewards, higher ACH limits, and default next business day payments.
Further rationalization of finances
Shopify Tax enables eligible sellers to automate sales tax return filing and remittance, streamlining their compliance workload. Additionally, Shopify Tax automatically deposits sales tax into your balance account to save money for tax obligations.
Shopify Bill Pay allows sellers to pay their business bills any way they want, including credit cards, debit cards, bank transfers, and Shopify balances, regardless of whether the vendor accepts the form of payment. Merchants can now save time by making batch and recurring payments, and combine payments to save on transaction fees, right within the admin’s Shopify Finance home.
“They want to see us grow.”
Shopify Finance is our latest effort to make sellers’ lives easier and remove barriers to entrepreneurship. Corporate finance is now more streamlined, less difficult, and more in tune with the way entrepreneurs need to operate. Shopify Finance was built to not only meet the needs of merchants today, but to help them scale for years to come.
Qiana Allen, founder of Culture’s Closet, said: They want to see us grow. ”
*Shopify-Gallup Entrepreneurship Survey results are based on responses from a survey of 46,993 U.S. adults (ages 18 and older) conducted online from May 1-14, 2024. All participants are members of a committee representing each country based on Gallup’s probabilities.
**“Cashback” refers to benefits earned as a percentage discount on eligible purchases. Earn 3% cash back in statement credits on up to $100,000 in eligible annual purchases in any of the top monthly spend categories: Marketing, Fulfillment or Wholesale, and 1% cash back thereafter. I will. Earn 1% cash back on two other spending categories. Restrictions apply. See Rewards Program Terms for more information.
Shopify is a technology company, not a bank. Shopify partners with Stripe Payments Company for transfer and account services with funds held at Evolve Bank & Trust and Fifth Third Bank, members of the FDIC. Shopify Credit and Shopify Balance Visa® Commercial Credit cards are powered by Stripe and issued by Celtic Bank pursuant to a license from Visa USA Inc. All funding through Shopify Capital in the US is issued by WebBank.
