It's always nice to get paid faster, have a business cashback rewards card for spending, pay bills, manage ecommerce expenses, and manage business accounts from one place. All of this is included in Shopify Current Balance , a new financial product from Shopify that provides financial services to independent businesses, the Shopify Balance Card, and several tools for managing cash flow. So, what is Shopify Balance?
That's what we'll answer in this in-depth article, with a focus on Shopify balances, how to set up an account, and key features.
Read on to answer the question, what is Shopify Balance?
What is Shopify Balance?
Shopify Current Balance is a money management and business banking solution for Shopify. It integrates with your online business and offers no monthly fees to track expenses, use virtual cards, and take advantage of various other banking products.
Essentially, Shopify is marketing this product/service as a way for online businesses to "skip the bank," allowing you to accept payments from customers and receive money from those transactions the next business day at no additional cost.
It works with the Shopify ecommerce platform to advance your business finances and combines your checkout builder, order management, and Shopify balance accounts into one dashboard. Much like many of Shopify's other products, you log email list into your Shopify store using the same account credentials as your Shopify store.
Additionally, Shopify entrepreneurs have access to business cards with no minimum balance, access to ATMs, and a direct link to Shopify if you need funding for your business.
Overall, Shopify Balance seems to minimize the number of debit and credit cards you carry for your business. It also brings your tools together as all card information goes directly into your Shopify account. This is a Shopify ecommerce platform with a fintech product that aims to improve the lives of merchants again.
How to Set Your Shopify Current Balance
Start heading to the Shopify balance landing page .
You have two options for a Shopify balance account:
If you don't already have a Shopify store, start a free Shopify trial and launch one; you must first open a Shopify account and create a store before gaining access to Shopify Balance.
If you currently have a Shopify account, log into your account to set up Shopify Balance.
Both options are on the Shopify Balance home page, where you can start a free Shopify account trial or log into your current account.
What is Shopify Current Balance
After launching your store or logging into your account, click Finance > Balances.
Note: This section of the dashboard may not appear unless you click on the Shopify Balance landing page we mentioned above.
This will bring up a page that explains everything you need to know about your Shopify balance, such as how it charges nothing and lets you get paid faster.
Shopify balance button
If you don't see the Sign Up button on Shopify Balance, make sure you've followed all the requirements; if one of the following requirements is missing, you won't see the Sign Up button, but just the login page:
Your Shopify store must be located in the United States.
You must have a valid US Social Security number and save it to your Shopify Dashboard (they are set up in Shopify Payments).
You need to have a mobile number and save it to your Shopify account details. This is used to send you the necessary text messages.
You must activate Shopify Payments in your dashboard.
If you've checked all of these requirements, you should be on the Shopify Balances page. Click to continue.
Open Shopify Balance Account
This will take you to the Shopify balance account setup section, which provides some simple steps to activate the account and link it to your store.
Select the Getting Started tab to read how Shopify Balance works, then click the Continue button.
Under the Verify Your Information tab, check the Legal Name, Date of Birth, and Address fields. Make sure this information is correct before continuing. If not, click the edit (pencil) icon to change what's there.
Click the Verify button when done.
You will now see a tab to enter your Social Security number. Enter your Social Security number in the field and click Confirm.
Finally, in the Agree to the Terms section, check the box to accept all Shopify balance account and card agreements.
Click the Finish Account Setup button to complete the process.
Click the Finish Account Setup button.
You now have a Shopify balance management module Shopify dashboard. It's one more step to actually do anything on this page (other wise they obfuscate buttons and insights). For security purposes, you must configure 2-step verification. Click the Set Up 2-Step Verification button to do so.
2-step verification Shopify current balance
Shopify asks you to log into your account again, after which you can click the "Turn On Two Steps" button.
Two-step verification options include:
Use security keys or biometrics
Use an authenticator app like Google Authenticator (we recommend this most as biometrics is too complicated for normal users and it's more secure than text SMS authentication)
If you don't like authenticator apps or don't know how to use them, use SMS delivery (although it's not hard to learn, we recommend it)
Select the desired authentication method and click the Open button.
Authentication apps often store their login codes on one of your devices, so losing access to that device could lock you out of your account. Shopify offers additional recovery codes to unlock your account if you happen to lose access to the authentication app. Feel free to print, copy or download these codes, just in case.