Shopify understands the need to finance your growing eCommerce businesses, and their answer is Shopify Capital. They created a funding platform designed specifically for business owners on Shopify. Here’s what they tell us about the program:
- No need to fill-out lengthy paperwork, as your assessment will be based on your history with Shopify.
- No credit checks are involved in this process and you receive your funding within days of accepting an offer.
- Payback for this can come from sales instead, meaning you can opt to return funding through a percentage of your sales.
We know there are 7 more things you need to know about Shopify Capital, so that you can have everything you need to get set up right for your business. Here are 7 more things to know, adapted from their site here.
- What are the eligibility criteria?
- Your store is located in the United States or Canada.
- Your business has a low risk profile.
- Your store has Shopify Payments or another third-party payment provider enabled.
- Your store processes a certain amount of sales.
- Can anyone apply for funding from Shopify Capital?
- No. If you’re eligible to request funding, then you’re invited to view your funding options. Only merchants who are offered funding can request funding from Shopify Capital.
- What happens if Shopify says my store is eligible for funding?
- You’ll receive an email and a message in your Shopify admin inviting you to view your pre-qualified amounts. If you haven’t been invited to view your funding options, then you’re not currently eligible for funding.
- How long does it take to receive funding from Shopify Capital?
- After you’ve looked at your pre-qualified amounts and requested the best one for you, you’ll find out whether your request is approved within 2-5 business days. If your request is approved, then you could receive the funding in your bank account as soon as the next business day.
- How much might Shopify Capital offer?
- Shopify Capital offers funding amounts between $200 to $1,000,000 USD or $200 to $500,000 CAD.
- Can I negotiate my pre-qualified amounts?
- No. The terms of your funding options are determined by Shopify Capital’s underwriting process, and they can’t be negotiated or adjusted.
- How long is my pre-qualified amount valid?
- Shopify Capital funding offers are generally valid for 30 days but are constantly reassessed. A pre-qualified amount can increase, decrease, or be revoked at any time.
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