10 Things You Should Know About Shopify Capital

Dec 18, 2020 | eCommerce

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: 

  1. No need to fill-out lengthy paperwork, as your assessment will be based on your history with Shopify. 
  2. No credit checks are involved in this process and you receive your funding within days of accepting an offer. 
  3. 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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. How much might Shopify Capital offer?
    • Shopify Capital offers funding amounts between $200 to $1,000,000 USD or $200 to $500,000 CAD.
  6. 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.
  7. 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.

Top online brands trust Rainfactory’s expertise in online advertising, conversion rate optimization, & strategic management. We are a full-service digital agency that operates as a marketing department for growing brands. Join our client portfolio