Managing your Shopify Balance account

From the Shopify Balance home page, you can access your accounts, view statements, and transfer funds.

If you click an account from the Balance home page, then you can access your account details with the following information:

  • statements
  • cash flow insights for that specific account
  • Balance card associated with the account and your cashback rewards, if applicable

You can also transfer funds from your account details page.

To learn more about your Shopify Balance card, refer to managing your card. To learn more about earning annual percentage yield (APY) and other rewards programs, refer to the Shopify Balance rewards.

Shopify doesn't charge any fees for using your Balance card, but ATM provider fees may apply. You can find more information about fees in your Terms of Service.

Shopify Balance account requirements

Shopify Balance accounts are not available to all merchants. To open a Shopify Balance account, you need to meet the following requirements:

  • be a store based in the United States or Puerto Rico (other United States territories are not supported)
  • have Shopify Payments set up or sign up for Balance when signing up for Shopify Payments
  • have a valid US Social Security Number (SSN)
  • have a single account owner for Shopify Payments
  • the Legal Representative must have a physical personal address in the United States or Puerto Rico (other United States territories are not supported).
  • be on any Shopify plan except for Shopify Plus
  • not be a prohibited business, as outlined in Stripe's Prohibited and Restricted Businesses.

Set up your account

If you're eligible for a Shopify Balance account and have not yet activated Shopify Payments, then an account is created for you when you set up Shopify Payments. If you're eligible and already using Shopify Payments, then you can use the following steps to set up your Balance account.

Steps:

  1. From your Shopify admin, go to Finances > Balance.

  2. Click Open account.

  3. Review your Shopify Payments information, and then click Confirm.

  4. Enter your SSN and mobile number, then click Confirm.

  5. Check 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, then click Open 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.

Manage your account

After you have set up your account, you can perform any management tasks from the Shopify Balance page.

Add an additional Shopify Balance account

You can create up to 5 additional accounts for your Shopify Balance.

Steps:

  1. From your Shopify admin, go to Finances > Balance.

  2. Click Add account.

  3. Enter a name for the account.

  4. Click Create account.

Learn more about multiple accounts with Shopify Balance.

View your Shopify Balance account information

You can view your account number and your routing number.

Steps:

  1. From your Shopify admin, go to Finances > Balance.

  2. Click an account.

  3. Click Manage account.

  4. Click Show details.

For security reasons, you might receive a prompt to authenticate your account again.

View your Shopify Balance account statements

You can view your monthly account statements.

Steps:

  1. From your Shopify admin, go to Finances > Balance.

  2. On the Account activity card, click View statements.

  3. Select the statement to view. The statement opens in a new tab.

Receiving payouts with a Shopify Balance account

After you sign up for a Shopify Balance account, your main account is automatically set as your Shopify Payments payout account. Using your main Balance account, you can receive your Shopify Payments earnings in as little as one business day from the transaction processing date. Business days don't include weekends or US holidays.

Changing your payout account

You can change the account that your Shopify Payments earnings are deposited into at any time.

Steps:

  1. From your Shopify admin, go to Finances > Balance.

  2. Select your payout account.

  3. On the Account details page, click Manage account.

  4. On the Shopify Balance account page, click Change payout account.

  5. Enter your new account information, and then click Save.

  6. On the Change payout account dialog, select a reason for changing accounts from the drop-down menu, and then click Confirm.

  7. Follow the prompts to complete two-factor authentication.

  8. Click Done.

Connecting to third-party apps

Through our integration with Plaid, you can connect your Shopify Balance account to third-party apps, such as Venmo, Wise, Freshbooks, Bench and more to enable you to do even more with your account, like send money, make payments directly to vendors, keep track of expenses and sync Balance with your preferred accounting software. For more information about which third-party apps you can connect to, refer to the Plaid apps page.

Steps:

  1. Log in to the third-party app and follow the steps to set up a payment method.
  2. Select to add a bank and to instantly verify your account by logging in.
  3. Select Shopify Balance account.
  4. From the login screen, log into your Shopify store.
  5. In the third-party app, complete the steps to connect your account.

Enabling low balance alerts

When you have low balance alerts activated, you are sent an email when your account balance drops below a preset value. The default value is 100. Alerts are only available on the main account.

Steps:

  1. From your Shopify admin, go to Finances > Balance.

  2. On the Shopify Balance page, click Manage account.

  3. Under Notifications, click the toggle to activate or deactivate low balance alerts.

  4. Optional: Click Change amount to change the account balance value that will trigger a low balance alert.

Allow staff to view Balance account activity

You can give a permission to your staff members to view Shopify Balance transactions and the amount available to spend.

Staff members with this permission can't do the following actions:

  • transfer funds
  • order and manage cards
  • view account details
  • manage account settings
  • view statements
  • move money between Balance accounts
  • create new accounts

Steps:

  1. From your Shopify admin, click Settings > Users and permissions.
  2. Click the staff member who you want to give the permission to.
  3. In the Permissions section, select View Balance account activity.
  4. Click Save.

Cash flow insights

The cash flow insights overlay displays an at-a-glance view of your cash flow for the last two months. You can compare your income to your spending to see if you are earning or losing money. Cash flow insights breaks down your spending into the your top five spending categories so that you can ensure that your money is being spent where it should be. You can also view the total on your upcoming Shopify bill.

Cash flow insights are available on the Balance home page for all accounts. If you click into an account, then cash flow insights will display for only that account.

For a more detailed overview of your store's finances, refer to the Finances overview.

Steps:

  1. From your Shopify admin, go to Finances > Balance.

  2. Optional: Select an account to view the cash flow insights for that account only.

  3. Under Cash flow this month, click View all insights.

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