Eligibility for funding through Shopify Capital
You can check whether your business is eligible for funding from the Capital page of your Shopify admin. You need to be a store owner to apply for funding through Shopify Capital.
If your store is eligible to apply for funding through Shopify Capital, then you receive an email from Shopify Capital and a message on the Home page of your Shopify admin. If you don't receive an email or message from Shopify Capital, then your store is currently ineligible to apply for funding through Shopify Capital.
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Shopify Capital availability
Funding through Shopify Capital is available to select countries and the funding options vary per your business location.
Review the following table to learn more about available countries and funding options:
| Business location | Available funding options |
|---|---|
| Australia | Loans |
| Canada | Merchant cash advances |
| United Kingdom | Merchant cash advances |
| United States | Loans |
Shopify Capital funding requests underwriting process
Your eligibility for Shopify Capital funding requests and pre-qualified amount is determined by your sales history within Shopify and your engagement with the Shopify platform. A personal credit check isn't required when applying for financing through Shopify Capital, but in some cases your business credit history might be reviewed.
The Shopify Capital underwriting process is based on a variety of factors including your sales, payment disputes and chargebacks, your engagement with the Shopify platform and your store, buyer engagement and failed billing attempts. If you don't receive an offer, then your store is currently ineligible to apply for funding through Shopify Capital. If you do become eligible for funding, then you're notified on the Home page of your Shopify admin and you receive an email.
The Shopify Capital underwriting process has two stages:
- During the first stage, Shopify Capital identifies your store as potentially eligible to pre-qualify to apply for funding.
- During the second stage, the Shopify Capital team reviews your store's application and confirms whether your store is eligible to receive the amount of funding requested.
Revision of funding amount
During the second stage of the underwriting process, after you submit an application for funding, if the Shopify Capital team determines that your store isn't eligible to receive the amount of funding requested, then they might revise the pre-qualified amounts to an amount that your store is eligible to receive.
Refusal of funding request
During the second stage of the underwriting process, if the Shopify Capital team determines that your store isn't eligible for funding at this time, then your funding request is declined. If your store becomes eligible in the future, you will be invited to view available options to apply for funding again.
Shopify Capital and payment providers
Shopify Capital is available to eligible merchants using Shopify Payments as well as eligible merchants using third-party payment providers. If you’re eligible, then you might receive an offer to apply for Shopify Capital but depending on which country you’re located, you might be required to activate Shopify Payments to receive funding.
If you use Shopify Payments, then you might not be able to switch your primary payment gateway to a third-payment payment provider until you’ve paid back funding received from Shopify Capital. If you use a third-party payment provider, then you can change your gateway provider at any time.
If you use Shopify Payments or a third-party payment provider, then you can always change your banking information by clicking Change bank account on the Capital settings page of your Shopify admin.
Shopify Capital and Shopify Payments
The options for managing your Shopify Payments account change when your business has received funding from Shopify Capital.
Deactivating Shopify Payments
If you're using Shopify Payments when you receive funding through Shopify Capital, then you can't deactivate Shopify Payments until the total amount owed is fully repaid. If you try to deactivate Shopify Payments while you're in an ongoing funding agreement with Shopify Capital, then an Unable to deactivate Shopify Payments message is displayed. When the total amount owed is fully repaid, then you can deactivate Shopify Payments.
Changing your Shopify Payments bank account
Depending on your country, you can still change the business bank account that's associated with your Shopify Payments in your Shopify admin at Settings > Payment providers. This changes the business bank account where your Shopify Payments payouts are deposited, as well as where your Shopify Capital repayments are withdrawn from. The repayments and payouts can't happen from separate accounts.
Repayments that are already scheduled are still debited using the old business bank account information because they have already been submitted for transfer. New repayments generated after you change bank accounts are drawn from the new account. Depending on your country, you may be required to authorize repayment from the new bank account.