Eligibility requirements for Shopify Balance
Shopify Balance is a commercial card available only to select merchants. If eligible, then you'll automatically receive a Balance account and spending card when activating Shopify Payments for the first time.
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Shopify Balance account requirements
Shopify Balance accounts aren't available to all merchants. To open a Shopify Balance account, you need to meet the following requirements:
- A valid United States Social Security Number (SSN) is required.
- If you're the sole owner of the business, then you must have a physical personal address in the United States or Puerto Rico (other United States territories aren't supported).
- A multiple owner business will be required to share the SSN of at least one owner who owns more than 25% of the business.
- If your business has multiple owners, then at least one owner must have a physical personal address in the United States or Puerto Rico (other United States territories aren’t supported).
- Shopify Payments must be set up or activated when signing up for Shopify Balance.
- You must have two-step authentication activated.
- You must be on any Shopify plan.
- Your business must not fall under the category of prohibited businesses as outlined in Stripe's Prohibited and Restricted Businesses policy.
Shopify Balance card use requirements
Shopify Balance is a commercial card, and you can only use the card for business purposes. Any use of your Shopify Balance card for personal, family, or household purposes may result in immediate termination of your Shopify Balance account.
Shopify Capital remittances or repayments
Because your Shopify Balance account is connected to your Shopify Payments account, any Shopify Capital remittances or repayments that you need to pay are also withdrawn from Shopify Balance.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.
Set up your Shopify Balance account
If you're eligible for a Shopify Balance account and you haven't yet activated Shopify Payments, then you'll automatically receive a Balance account and spending card when activating Shopify Payments for the first time.
If you're eligible for a Shopify Balance account and you're already using Shopify Payments, then you need to set up your Balance account.
After your Shopify Balance account is set up, it becomes the account connected to your Shopify Payments account. Your payouts will be deposited into your main Shopify Balance account, including any financing that you receive through Shopify Capital.
Steps:
From your Shopify admin, go to Finance.
Click Main.
Click Open account.
Review your Shopify Payments information, and then click Confirm.
Enter your SSN and mobile number, then click Confirm.
Select the box to confirm that you agree with the Shopify Balance Account Agreement and the Shopify Balance Card Agreement, including financial institution partner privacy policies and E-SIGN disclosure, and then click Open account.