Silicon Valley Bank (SVB) and Signature Bank FAQ
On March 12, 2023, the Department of the Treasury, Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) announced that Silicon Valley Bank (SVB) and Signature Bank depositors would have access to all of their money. Shopify knows that some merchants are still impacted, and we're doing everything we can to help to quickly return to business as usual.
I'm a Shopify Plus merchant that uses manual billing. What should I do?
You need to temporarily halt all wire payments. Shopify will update you with new bank account details as soon as possible. The total amount due will need to be paid once Shopify provides you with new bank information, which we expect to do in the next few days. Ensure that this information is shared with your accounts payable team and any payment processors.
I'm waiting for a Payout. What should I do?
Getting paid with Shopify Payments has resumed if your store is located in the United States or the United Kingdom and you currently have a SVB or Signature Bank account on file for Shopify Payments. Accumulated funds are in your Shopify Payments balance and will be issued according to your regular payout schedule. Payouts can take up to five business days to appear in your account.
If you contacted Shopify Support to manually place a hold on your payouts, then the account owner needs to contact support and request that the hold is lifted.
I've requested a payout reversal. When will the payout reversal be processed?
If your store is located in the United States or the United Kingdom and you've requested a payout reversal, then Shopify will reach out to you through our existing email correspondence.
When will I receive a new Capital Offer?
Shopify has resumed all operations for Shopify Capital in the United States.
If you're eligible for a Shopify Capital offer, then you can view your funding offers and request a merchant cash advance directly from the Capital page of your Shopify admin.
My daily repayments for my Capital Loan haven't been debited. What should I do?
Shopify has resumed all operations for Shopify Capital in the United States.
Starting March 14, 2023, remittance collection will restart. You won't be debited for sales from March 10-13, 2023 (inclusive). However, you're still responsible for the total amount, which means that your loan might take a few more days to repay.
I accepted a Capital Offer, but have not received my funding. What should I do?
Shopify has resumed all operations for Shopify Capital in the United States. If you're eligible for funding, then you'll receive your loan amount in the bank account provided to Shopify.
What if I still have concerns?
Please contact Shopify Support if you have any questions that aren't covered here and Shopify will be happy to help.