What is Shopify Balance and How to Set it up?

It is always nice to be paid quicker, to have a cashback rewards card for business spending, to pay bills, manage ecommerce expenses and manage a business account all from one place. All this is included in Shopify Balance, an innovative financial product by Shopify. It caters to independent businesses and offers financial services, a Shopify balance card, as well as multiple tools to manage cashflow. What is Shopify Balance?

This in-depth article will answer these questions. It also includes highlights about Shopify Balance’s overall operation, how to create an account, and top features.

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Continue reading to find out the answer to the question: What is Shopify Balance?

What is Shopify Balance?

Shopify Balance offers a money management and business bank solution. It can be integrated with your online business. There are no monthly fees and allows you to track expenses and use a virtual credit card. You also have access to other banking products.

Shopify is marketing the product/service to help online businesses “skip the banks”. It allows you to accept payments from customers, and then receive the money the next day without any additional fees.

This combines with the Shopify eCommerce platform to improve your business finances. It also enables you to merge your Shopify Balance account, checkout builder, order management, as well as Shopify Balance account into a single dashboard. You can log in to your account using the same credentials that you used for Shopify’s other products.

Shopify entrepreneurs also have access to a Business Card with no minimum balances, access at ATMs and a link to Shopify Capital, if they need funding.

Shopify Balance appears to be able to reduce the number of credit and debit cards that you have for your business. Shopify Balance also combines your tools as all your card information is automatically transferred to your Shopify account. It is a Fintech product, which is designed to improve merchants’ lives on Shopify’s ecommerce platform.

How to set up Shopify Balance

Go to the Shopify Balance landing page.

There are two ways to open a Shopify Balance Account:

  • Create a Shopify store if you don’t have one already.
  • Log in to your Shopify account if you have one.

Both are available at the Shopify Balance homepage. You can either sign up for a Shopify account trial, or log in to your existing account.

After you have launched your store or logged in to your account, click on Finances > Balance.

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Please note that this section may not be available if you do not click through to the Shopify Balance landing page.

This will take you to a page that explains Shopify Balance in detail. It doesn’t charge any fees and you can get paid quicker.

If Shopify Balance doesn’t have a sign-up button, ensure you’ve met all requirements. You won’t find a Sign up button but a read-only landingpage if you are missing any of these requirements.

  • Your Shopify store must exist in the United States.
  • A valid US Social Security Number must be provided and saved to the Shopify dashboard. This information is required by Shopify Payments.
  • To be able to use Shopify, you will need a mobile number. This number is used to send necessary text messages.
  • Shopify Payments must be activated within your dashboard.

After you have met all requirements, you will see the Open Account button on Shopify Balance. To proceed, click that button.

You will now be taken to the Shopify Balance Account Settingup section. Here you can follow a few steps to create the account and link it with your store.

Click on the Continue button to continue reading the Shopify Balance Getting Started tab.

Verify your information under the Verify Your Information tab. Check the fields for Legal name, date of birth, and address. Before you proceed, ensure that all information is correct. To change it, click the Edit (Pencil Icon).

When you are done, click the Verify button

Now you will see a tab for Entering Your Social Security Number. Enter your social security number and click on Confirm.

In the Agree to Terms section, click the checkbox to accept all Shopify Balance Account or Card agreements.

To complete the process, click the Complete Account Setup button

Click on the Complete Account Setup button.

Now you have a Shopify Balance module in your Shopify dashboard. You must complete one additional step to do anything on this page. Otherwise, they will blur out the buttons or insights. For security reasons, you must set up two-step authentication. To make this happen, click the Set up Two-Step authentication button

Shopify will prompt you to log in once more, then you can click on the Turn On Two Step button.

There are two options for 2-step authentication:

  • Use a biometric or security key
  • Use an authenticator app such as Google Authenticator (we highly recommend it since biometrics can be too complex for most users and it’s safer than a SMS text authentication).
  • You can use SMS delivery if authenticator apps are not your thing or you don’t know how they work (although it is easy to learn, which is what we recommend).

Select the authentication method you prefer, then click the Turn on button.

Authentication apps store your login codes on one device. Losing access to that device can result in your account being locked out. Shopify offers additional codes that can unlock your account in the event you lose access to the authentication application. These codes can be printed, copied, or downloaded for any reason.

That’s it! You can now see the Shopify Balance section, which gives you access to your spending cash, account management tools and account activity. Now you have a Shopify Balance account.

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shopify dropshipping store set up

How to manage your account

Go to Finances > Balance to manage all aspects of your account.

Click Manage Account.

Shopify Balance Account page displays both your routing number as well as your account number. This page allows you to manage your account by copying and pasting the details for other purposes, such as money transfers. You can also click the little Copy icon buttons to each number to copy them to your clipboard.

Scroll down to find the Card Management section. This section contains information about your Shopify Balance virtual card. Shopify Balance accounts come with a virtual card. However, you can order a physical card by clicking on the Order a Physical Card button. This will allow you to purchase s a physical card to carry around in your wallet to use at brick-and mortar locations.

The Card Management section provides additional information about cardholders. You can click on View Cardholder Details to view account information and transfer information.

How to view all account statements

Navigate to Finances > Balance on the dashboard. Click the Manage Account link. This will display the account’s last four numbers.

Click the View Statements link. This will bring you to the Shopify dashboard, where you can review the most recent transactions. You can also download multiple statements from the page to your computer.

How to view transaction and transfer limits

Shopify Balance card and account transactions have transaction limits and transfer limits. They may be subject to change depending on the volume of your transactions.

Go to Finances > Balance on the dashboard to check your transaction limit. Click on the Manage Account link to see the last four digits for your account number.

Scroll down to Card Management. Scroll down to the Card Management section.

This page contains information such as cardholder name, billing address and card numbers. This page also contains the Daily Spending Limit.

The transfer limits may be slightly different. Go to Finances > Balance and then click on Move Money in the upper right corner.

You can transfer money from your Balance account into another bank using the Transfer Funds page. It also shows your daily transfer limit.

Click on the Transfer Funds From Balance tab to find the limit. The Amount field displays your Daily Transfer Limit.

How to send funds to or from your Shopify Balance account

Go to Finances > Balance to move funds to your Balance account. Click Move Money.

To transfer money from an account to the Balance account, click the Add Funds To Balancing tab. You’ll find the routing number and account numbers here. To see the complete numbers, click on the Show Details button. You can also copy each number.

You must first go to the dashboard for the account you want to transfer money to. To transfer money to an account, you can open a Chase or Bank of America bank account.

Use the transfer tools of your bank to paste the routing and account numbers for Shopify Balance. Then, complete the transfer.

You also have the option of transferring funds from Shopify Balance to send it somewhere else, such as a checking or third-party savings account. Open the Transfer Funds From Balance tab.

Select your From Account (the Shopify Balance) Click on the Add an Account link to fill in the To account field with routing information and details from your third party bank. Next, enter the amount you wish to transfer. For your convenience, you can also add a description. To continue with the transfer process, click the Next button.

How to receive online store payments to your Shopify Balance account

Shopify Balance is a popular choice for merchants because of its ability to quickly pay their online stores (and one money management account that can be accessed from the online store dashboard).

There is no way to set Shopify to automatically transfer payments to your new Shopify Balance account. Shopify Payments is required to operate Shopify Balance. Shopify automatically sets Shopify Balance account as default payout account. These payouts arrive in your account within one business day. After that, you can access the money or move it to another account.

Warning: The 1-day payout is not available for Shop Pay installment transactions. These are where customers pay later to make a payment plan. They can take up to three days to process. This applies only if Shop Pay is activated in your store by the customer.

How to change the Payout Account to something else

Shopify Payments is required to create a Shopify Balance account. It is possible to have Shopify Payments but choose to send payments to another account than Shopify Balance.

Go to Finances > Balance to change the Shopify Balance payout account. Click on the Manage Account button.

Click on the link to Change Payout Account under Account Details.

Locate the Replace Bank Account section. Enter the information from another bank account into the fields for New Routing Number or New Account Number. Click Save to change the payout currency.

How to view Shopify Balance Insights

Shopify Balance provides many insights that allow you to see your account balance, activity, as well as payout details.

You can find the majority of these insights on the Shopify Balance main page. Go to Finances > Balance. The page provides a quick way to see how much money you have available from Shopify Balance.

The Account Activity section will start to populate any transactions that are made through your shop, as well as the money that has been transferred into your Shopify Balance account. Click on the View Shopify Payments link for more information.

This will display a complete list with the most recent payouts. You can also click View Transactions to view the transaction details for those payouts.

The Overview tab under Finances provides the most complete collection of insight for your Shopify Balance account as well as all finances. This includes if you have received a loan through Shopify Capital. This page displays net sales, gross profits margins, earnings and spending. It also shows the current bill. Filter by date to get more information. Click Show All Transactions in order to see extended insights.

Shopify Balance Feature Highlights

You’ll need to manage your money online and in person with most business bank accounts. You’ll often be required to pay monthly fees and wait for approval letters. We often see slow payouts (4 days), minimal account balances, and very limited rewards benefits for working with business bank accounts.

A bank business account is a great option because you can get FDIC insurance up to $250,000 which is something that online businesses should have.

Although Shopify Balance is different than a traditional bank account it still offers FDIC insurance up to $250k. Shopify Balance also cuts down on wait times and eliminates fees. It also allows you to sign-up for rewards programs, which opens up the possibility of $2,000 cashback each year.

These are the features you can expect from Shopify Balance

Combining access to your online store and business finance

What does Shopify Balance mean for your online business? Business owners often have to switch between their business bank account and online store. This financial institution can be a little annoying and slow down your daily workflow. Shopify Balance allows you to reunite your finances with your store. You can access all payments, spend the money, and manage your online shop from the Shopify admin.

This consolidation of dashboards is great for startups and thriving businesses. It allows you to work efficiently, manage all aspects of your business from one place, and doesn’t require you to wait for payouts.

Shopify merchants now have full access to all Shopify tools from one place, including the Shopify Fulfillment network, standard Shopify plans, storefront themes and, if applicable, a POS (point-of-sale) system.

There are fewer restrictions, fees, and limits than traditional business banking

Shopify Balance doesn’t require you to sign up for the early access list. You don’t need to wait at a bank branch. There is no minimum account or hidden fees unlike standard banking.

Shopify Balance is committed to removing any roadblocks in your quest for a money management account. There are no hidden or monthly fees and there are no minimum account balance requirements.

You must be a US citizen, have a phone and a SSN. There are also some restrictions. Merchants can open an account in minutes.

Faster payments than regular business banking

Shopify Balance reduces the time it takes to receive payouts from online stores to business accounts. This is because they take up to four days to process. Shopify Balance payouts are usually received within one business day. This allows you to spend the money on your business, withdraw cash at ATMs, and pay employees.

You can use your Business Card at ATMs and Stores

Ecommerce professionals need to reinvest their money in order to keep your store stocked with new products. Shopify Balance’s virtual and physical business cards allow them to do just that. Shopify Balance members receive a virtual money card when they sign up. This allows you to make online and phone payments using the card number. Shopify allows you to order a physical card.

These Shopify Balance cards, when combined, allow you to take sales profits and reinvest them in everything from office furniture to product design and advertising to charitable donations.

Cashback starting at 2% to 10%

Shopify Balance’s cashback program is the best part. Shopify offers 2% cashback on every purchase of Shopify products. This applies to all purchases of apps, themes and shipping. It also includes ecommerce marketing that you do on social media and search engines.

Cashback is limited to $2,000 per annum

Shopify Experts hires get 10% cashback and Apple Store purchases get you 3% back. You also get exclusive offers and discounts from Shopify partners like lower shipping and printing costs, as well as supplies from UPS.

All these rewards are credited back to your Shopify Balance account, so you can spend your money on your business.

FDIC Insurance and Card Control features provide top-notch security

We were concerned about security when we first looked at this account. We were relieved to learn that every Balance account member receives FDIC insurance up to $250,000. This protects store owners against fraudulent activity on their money management accounts and cards. This is a relief as traditional financial institutions are the preferred choice for businesses when they need to conduct their business banking. Shopify’s money management account offers the same protection.

A card control section on the dashboard is another way to protect your account. This allows you to lock your Shopify Balance card in the event it’s lost or stolen. You can then order a replacement card in the same area, and you can continue with your business.

Shopify Balance: The pros and cons

Although Shopify Balance offers many advantages over its disadvantages, there are still limitations for people outside the US. To help you make a decision, consider the pros and cons listed below.


FDIC insurance is available for as high as $250,000. This allows merchants to protect their funds from fraud and recover any money that has gone missing. This is huge, considering Shopify Balance is not a debit card or credit card. However, you still get traditional banking insurance just like you would if you had an account with any other financial institution.

Payouts are processed within one business day from your online shop. This is significantly faster that many merchant or bank accounts. You can also start spending the money directly from your Shopify Balance account, rather than having it transferred elsewhere.

You can get 2% cashback through the rewards program on a variety of business purchases. This includes items purchased through Shopify such as premium themes, custom domains and Shopify apps. This is useful for Shopify Shipping, as well as any advertising on social media or search engines. Shopify Experts Marketplace offers 10% cashback for hiring a developer, designer or marketing expert.

Shopify Balance card offers you exclusive deals such as discounts on Google products, UPS printing, packaging, and 3% cashback on all Apple.com purchases

All cashback is automatically invested into your company account.

If you have all the requirements, it takes only five minutes to set up your account. It is much simpler than applying for a bank card. There are less forms and paperwork required. You don’t even have to wait.

Shopify Balance is included in your Shopify store subscription. Shopify Balance does not have hidden monthly fees, like business bank accounts.

Shopify Balance does not require a minimum balance. This is a major upgrade considering that many business bank accounts require that you have a certain amount in your account or you will be charged a fee.

Shopify Balance account owners receive an instant virtual card that allows them to make online purchases wherever Visa is accepted.

To make in-store payments or run contactless payments, you can order a physical credit card and receive cash at thousands of ATMs all over the globe.

Shopify Balance’s insights make it easier to manage your money than if you transfer it to a bank. All your finances are in one place. You can see analytics from the dashboard and Shopify has a simple tax filing tool.

Shopify Balance accounts offer additional security features such as locking your card, replacing it with a new one, and resetting a pin from your mobile app or online dashboard.


Shopify Balance accounts can only be opened if your business is located in the United States. This is great for US brands but it doesn’t work in other countries. Banks vary greatly from one country to the next, so it is possible that we will not see anything like this for quite some time.

It is technically not a credit or debit card, so it can be confusing. Shopify refers to it as a money management account. Although it functions like a debit or credit card, its primary funding source is your ecommerce shop. Although you can load money from other accounts, this requires a separate bank account.

To receive text messages, you must have a valid phone number. We are sure that most people have a mobile phone number. However, we find it odd to require this. Shopify doesn’t need access to your phone to send text updates, unless you ask.

Shopify Payments is required to access Shopify Balance. We expected this but we figured that paying for Shopify’s platform should suffice to allow you to access the Balance account. We understand that it can be difficult to sync with multiple third-party payment portals.

Shopify Balance: Who should it be?

We have the following requirements to answer this question: Shopify Balance is recommended for US-based businesses that are willing to give their SSN and mobile number. To create a balance account, you will need to use the Shopify Payments payment solution.

If you have checked those boxes and are already using Shopify Payments or will soon, then we see no reason to not take advantage of Balance in order to grow your small or large business. It is ideal for merchants who are unhappy with traditional banking practices. They want faster payouts and no minimums.

Anyone who meets the requirements can register (even new stores). We encourage you to take a look at it! If you have any questions about Shopify Balance, please leave them in the comments.