What is Shopify Balance and how does it work?

What is Shopify Balance and how does it work?

SHOPIFY BALANCE Did you know that you can manage your Shopify store's money from a single account? Thanks to Shopify Balance , you can control payments and receive transactions for your purchases in a single tool. This way, you don't have to rely on your bank and you can easily manage everything from your Shopify store dashboard.

With Shopify Balance you can quickly collect payments, use a VISA card, earn rewards and easily manage your finances. It's the most practical solution for managing your online store's money in the most convenient way.

This fintech product is designed to facilitate the business management of your online store on the Shopify platform.

It combines 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. Much like Shopify's many other products, you can log into your account with the same account credentials you use for your Shopify store.

Learn more about the advantages of creating a free Shopify Balance account to manage your money and keep track of your receipts and payments and effectively manage your cash flow.

Benefits of Shopify Balance

Having a Shopify Balance account offers great advantages for your Shopify store. Let's take a look at some of them.

1. Manage money from a single tool

Regardless of the payment methods your customers use to pay for your products, you can keep all the money in one account, ensuring that there is no confusion or cash flow problems when you have to make payments to suppliers.

If you have multiple stores, having a Shopify Balance account will help you avoid mixing revenue from different stores in the same merchant account. Startups who want to start their online store on Shopify can also accelerate the speed with which they can manage their collections and payments, without having to open a bank account.

2. Low balance alerts

Online stores should always be aware of when they reach a low account balance. This creates a risk because you may not be able to make the necessary purchases, or if you get charged, you may not have the funds to pay.

In this way, Shopify Balance shows you when your account value falls below the minimum you need to operate your store effectively.

3. Effective cash flow control.

The cash flow statement overlay shows you a snapshot of your cash flow for the last two months. This allows you to compare your income with your expenses to determine whether you are making or losing money. The cash flow statement breaks down your expenses into five main categories, ensuring your money is being spent where it should be. You can also see the total on your next Shopify invoice.

4. Integration with other applications

One advantage of Shopify Balance is that it can be integrated with third-party apps, such as Wise (formerly Transferwise), so you can easily send money from your Shopify Balance account to any bank account.

Some of the apps with which it can be integrated include MoneyLion, Digit, Qapital, Stripe, Metal, Avant, among many others. Shopify Balance's flexibility can be compatible with any online banking application, money transfer or even investment platforms.

5.It is completely free of charge.

There is no cost to use Shopify Balance , which is a great advantage for entrepreneurs, who will be able to have an online banking system tailored to their needs that does not require a minimum balance. They will also be able to use a VISA card to make payments, giving them greater convenience when making purchases from suppliers.

This means that online store owners do not need to have multiple debit or credit cards to make payments, and will not have to enter their card details when making a purchase for their online store, as they will be able to pay with their Shopify Balance .

What are the requirements to open a Shopify Balance account?

Although Shopify Balance has many advantages, it is not available to everyone.

If you have an online store and want to take advantage of this application, you have to meet some requirements:

  1. Your store must be based in the United States or Puerto Rico.
  2. You must have previously set up Shopify Payments, or you must sign up for Shopify Balance when you sign up for Shopify Payments.
  3. Your Shopify Payments account must have a single account holder.
  4. This plan is only valid for Shopify users, not Shopify Plus.
  5. A valid US Social Security Number (SSN) is required.

If you meet these requirements to use Shopify Balance , we strongly recommend that you create your account, as it is completely free.

How to set up a Shopify Balance account

If you meet all the requirements to open a Shopify Balance account , the setup process is very simple.

  1. You need to access the control panel in Shopify, go to "Finances" and then click on "Balance."
  2. Next, click "Open Account" and check your Shopify Payments information.
  3. Then click "Confirm", enter your mobile number and SSN and click on "Confirm" again.
  4. Select the option to accept the Shopify Balance Account Agreement and the Shopify Balance Card Agreement.
  5. Click “Open Account”.

From now on, your Shopify account will be set up and connected to your Shopify Payments account. All the money you receive will be deposited into your Shopify Balance account.

Similar to Shopify Balance , there are many Shopify apps and tools that allow you to manage your online store more efficiently and productively. The Shopify eCommerce platform offers you the solution to create your online store and reach thousands and thousands of customers.

If you are looking for advice on developing your Shopify store or would like to implement new solutions and tools to improve your eCommerce management, we invite you to contact us now and stay tuned with our latest blog posts. If you haven't had a Shopify online store, try it out for 15 days free and discover the best-in-class eCommerce platform.