Key benefits and features of Shopify Balance
Shopify Balance is designed to streamline your business finances and help you make informed money decisions. This financial management tool offers faster payouts, zero fees, and other benefits. This page outlines the key benefits and features of Shopify Balance.
Shopify partners with Stripe, Inc. and affiliated companies, and financial institution partners, including Celtic Bank and Fifth Third Bank, Member Federal Deposit Insurance Corporation (FDIC), to offer money transmission, banking, and issuing services.
On this page
Table of benefits and features with Shopify Balance
When using Shopify Balance, there are a variety of key benefits and features available to you.
| Features and benefits | Details |
|---|---|
| Complete financial visibility | Shopify Balance is a free business financial account built right into your Shopify admin. You can use Shopify Balance to gain a comprehensive view of your business finances with Shopify Balance's comprehensive dashboards, filters, and reports. |
| APY rewards | Shopify rewards you with an Annual Percentage Yield (APY) on all funds held in your Balance account. This reward accrues daily, compounds monthly, and is credited to your Balance account. |
| Earn cashback on spending | You can earn up to $2,000 USD cashback on all eligible purchases per calendar year with your free spending card. |
| Enhanced financial management | Open up to 5 additional accounts within Shopify Balance to organize your funds effectively. You can manage bills, manage taxes, and track inventory to stay on top of your finances. |
| Faster payouts | Shopify Payments payouts are deposited in your Shopify Balance account within 5 business days. For most merchants, payouts typically take 1-3 business days. Payouts sent to an external bank usually take over a week longer to process. Time frames vary by institution. |
| Mobile accessibility | Stay connected to your finances and manage your accounts from anywhere, at any time, with the Shopify Balance mobile app. |
| Physical and virtual business spending cards | Receive a virtual card instantly and order a free physical card customized with your business name. Shopify Balance provides both physical and virtual business spending cards, allowing you to earn cashback and exclusive rewards on your everyday business purchases. Enjoy no monthly fees, transfer fees, or hidden fees, along with no minimum balance requirements. Shopify doesn't charge any ATM withdrawal fees, but you may be charged by an ATM provider. |
| Safeguard your money | Your Balance account is eligible for FDIC insurance for up to $250,000 USD, when your deposits meet the FDIC insurance requirements. |
| Tax simplification | Automate your tax processes by setting aside sales tax and syncing transactions with your preferred accounting software. |
Visa benefits available with your Shopify Balance card
Your Shopify Balance card gives you access to the following Visa card benefits:
- Auto rental coverage for damage due to collision or theft
- Roadside assistance
- Travel and emergency assistance service
- Cardholder Inquiry Service
- Emergency card and cash disbursement
- Lost or stolen card reporting
Learn more about Visa benefits.