Modern Financial Management with Shopify Balance for Plus Plans

Your business just had a record week of sales. Congrats! Now, would you rather wait seven days to access your money—or get it the next business day? Time is money, so waiting around for payouts could mean delaying paying bills or putting off key investments to keep growing your revenue. Getting paid ASAP is ideal, but it’s not the norm with traditional banks, which can take up to a full week to process deposits.

Likewise, managing your money with traditional banks can be a pain—especially if your money is spread across several different bank accounts. It’s not uncommon for business owners to log in to one account to check sales, another account to manage cash flow, and yet another account to contribute to savings. That’s enough toggling between tabs to give anyone whiplash.

Businesses using Shopify don’t have to settle for delayed deposits or disconnected financial accounts. Shopify Balance is now available to eligible businesses on Shopify’s Plus plan. Shopify Balance is a free alternative to traditional banks, and it’s available directly within the Shopify platform, helping you manage your money right where you make it. 

For businesses on Shopify Plus, Shopify Balance can disburse funds the next business day by default,¹ so you can get your money when you need it. Businesses can also use Balance to earn a competitive 4.43% APY reward² on savings to fuel even more growth. Shopify Balance modernizes financial management, so businesses can get even more from their money.

In this blog, you’ll learn how Shopify Balance empowers you to manage and grow your money your way.

What is Shopify Balance? 

Shopify Balance is a free business financial account³ with benefits tailored to businesses on Shopify’s Plus plan. Balance is built into your existing Shopify store, and it integrates directly with other Shopify products, including Shopify Payments. Shopify Balance can be a convenient addition to your finance stack because you can manage, spend, and grow your business’s money in a familiar place.

Shopify Balance also offers several additional features exclusively available to businesses using the Plus plan, including next-business-day payouts,¹ higher transfer limits,⁴ and a reward in the form of high annual percentage yield (APY).²

5 benefits of a Shopify Balance account

1. Manage, spend, and save your money
2. Grow your money with a 4.43% APY reward
3. Get fast next-business-day payouts
4. Do more with high transfer limits
5. Skip the fees and keep the money you earn

1. Manage, spend, and save your money

With Shopify Balance, you can streamline money management for your business and gain more control over your finances. 

Here’s how Shopify Balance can help you keep your money in order:

• Manage your money: Shopify Balance gives you a clear, holistic view of exactly how much money is flowing in and out of your business. Ensure you always understand your finances by collecting and managing your money within Shopify Balance. Get insight into your business’s solvency and cash flow at glance with dashboards, filters, and reports that help illustrate your Shopify store’s financial health. Shopify Balance can also make tax season easier by automatically setting aside estimated sales tax from your payouts and syncing transactions with your preferred accounting software. 

• Spend your money: Use your money how you want with a Shopify Balance Visa^® spending card. The Balance card allows you to withdraw cash and make payments based on the amount of deposits you hold in your Balance account.⁵ Your business will get a physical and virtual card to make business purchases, so you can make the right investments to continue growing your business your way. You can use your card to pay bills, make purchases, buy inventory, and more. As an added reward, you can earn up to $2,000 cashback on everyday spending each year, too.⁵

• Save, protect, and grow your money: Save your money in a Shopify Balance account and earn a reward in the form of a high yield on money that would otherwise be sitting idle. Shopify Balance users on the Plus plan will earn a 4.43% APY reward across their main Balance account and additional accounts.² Shopify Balance also helps you keep your money secure with eligibility for FDIC pass-through insurance on up to $250,000.⁶

Shopify Balance allows you to organize your financial management with one main account and five built-in additional accounts. Shopify Balance adds value to your finance stack and streamlines your financial management.

2. Grow your money with a 4.43% APY reward

Shopify Balance can be your financial account with a high yield. That’s because Shopify Plus users can earn an exclusive, competitive 4.43% APY reward on money held in a Balance account.² The reward accrues daily, compounds monthly, and is credited directly in the form of a statement credit to the Balance account.

With Shopify Balance, there’s no limit on earnings, no limited time to earn, and no minimum balance required. There are also no certificate of deposit (CD) or term requirements to receive this APY rate. 

The 4.43% APY reward paid by Shopify is on par with rates that traditional banks offer, and it’s only available to businesses on the Plus plan. 

To better understand Shopify’s APY reward rate* for Plus users, let’s look at a few business financial accounts** for comparison: 

• First Internet Bank offers 5.48% APY
• Live Oak Bank offers 3.90% APY
• Prime Alliance Bank offers 4.25% APY
• nbkc bank offers 2.75% APY

^{*The Shopify Balance APY reward is not interest and is not offered by a financial institution. It is a reward provided by Shopify and is subject to change without notice.} 

^{**APY rates as of October 2024, sourced from Investopedia.}

For further comparison, 0.57% APY is the national average yield for savings accounts in the US.

Curious to see what you could earn with a 4.43% APY reward? Try our Shopify Balance calculator to see how your money can grow. 

3. Get fast next-business-day payouts

Access your hard-won sales revenue when you need it. Shopify Balance can deliver payouts the next business day by default,¹ so you’re not waiting in limbo for the next deposit to drop. Shopify Balance enables fast deposits in part because it’s integrated with Shopify Payments, and both services are offered in partnership with Stripe.

Alternatively, traditional banks can take up to seven days to process payouts. Time frames vary by financial institution, but generally, the longer you have to wait, the more you risk slowing down your business and missing out on investment opportunities. With Shopify Balance, you get your money when you need it, so you can make the most of growth opportunities whenever they arise. 

4. Do more with a high transfer limit

Take your business growth to new levels with high daily transfer limits, so you can move your money as you please. Unlike traditional banks, businesses using Shopify Balance don’t need to call in to request an increased transfer limit. Shopify Balance for Plus plans have high transfer limits tailored to your business needs, up to $1,000,000,⁴ so your transfer limit can grow alongside your business. 

5. Skip the fees and keep the money you earn 

Shopify Balance charges zero fees—so your business can avoid monthly, transfer, and hidden fees³ that a traditional bank would typically charge. With Shopify Balance’s fee-free financial account, you keep more of the money you make, so your financial goals get one step closer to becoming reality. 

How a Shopify Balance account works

Determine your eligibility for a Shopify Balance account 

To use Shopify Balance, your business must meet eligibility requirements, starting with these basics: 

• Your business must be on any Shopify plan, including Plus
• Your store must be based in the United States or Puerto Rico
• Your store must be using Shopify Payments

Get full details on Shopify Balance eligibility here. 

Although businesses on any Shopify plan can use Shopify Balance, some benefits are only available to brands using Shopify’s Plus plan. Benefits exclusive to the Plus plan are a 4.43% APY reward,² next-business-day payouts,¹ and higher transfer limits up to $1,000,000.⁴

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Shopify Balance made it much easier to keep our accounts organized and find transactions in a heartbeat.

2. Take control of your cash flow with fast access to your funds 

With Shopify Balance, you get access to your sales revenue faster. Instead of waiting for banks and payment processors to transfer funds, Shopify Balance offers next-business-day access to revenues from sales,¹ improving cash flow management. You can withdraw cash when you need it, seize opportunities, and ensure bills are paid on time every time. 

Improving cash flow was critical for Pupsentials, a customized embroidered goods company specializing in pet portraits. The business experienced rapid growth, generating $5 million in revenue in less than three years. To keep growing, the company needed to understand exactly how much money was flowing in and out of the business. So, Pupsentials founders Kyndall and Jake Hunt Chambers opened a Shopify Balance account. 

“We saw results quickly with Shopify Balance, and it was a big difference maker,” says Jake. “It helped us avoid the cash crunches we kept running into, which meant we could keep our operations flowing. It was also much easier to keep tabs on our cash than in the past when we were juggling multiple different accounts.”

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