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Shopify Capital: Review & Eligibility (Pros & Cons)

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Securing financing for business expansion can be a challenging endeavor, especially when pursuing traditional loans. Banks and financial institutions often require extensive documentation, strong credit history, and collateral, making it a daunting process for many entrepreneurs. However, Shopify merchants are fortunate to have access to the Shopify Capital program, offering a unique and tailored solution for their expansion needs.

Shopify Capital provides an innovative funding avenue for e-commerce entrepreneurs. Unlike traditional loans, this program considers a merchant’s sales history and performance metrics on the Shopify platform, making it more accessible to those who may not meet traditional lending criteria. This approach recognizes online businesses’ potential and ability to thrive and expand rapidly.

With Shopify Capital, merchants can obtain financing that suits their business needs, whether for inventory replenishment, marketing campaigns, or scaling operations. The flexibility of repayment, tied to daily or weekly sales, aligns with the e-commerce business model, alleviating the pressure of fixed monthly payments during slower periods.

In a world where access to capital can be a significant barrier to growth, Shopify Capital stands as an example of how technology-driven platforms can empower entrepreneurs to realize their expansion dreams. It showcases the importance of tailored financial solutions that understand the unique challenges and opportunities of e-commerce businesses, ultimately fostering innovation and growth in the digital commerce landscape.

In this article, we’re going to learn everything about Shopify Capital and why it could be a good option for your business’s financing needs. So, stick around because there’s a lot of information coming your way.

What Is the Shopify Capital Program?

Shopify Capital is a financial services program offered by Shopify, a popular e-commerce platform. The program is designed to provide funding and financial support to Shopify merchants to help them grow and scale their businesses. It was created to address the common challenges that e-commerce entrepreneurs face when it comes to obtaining capital for inventory, marketing, and other business expenses.

This program offers a unique opportunity for Shopify merchants to access capital without going through traditional capital-raising ventures. Most entrepreneurs find that accessing financing is a significant challenge. While Shopify Capital offers a unique opportunity, there are pros and cons. That is why we must take a deep dive into the specifics of the Shopify Capital program.

What Is Shopify Capital Eligibility?

Shopify Capital eligibility criteria are the requirements that Shopify considers when deciding whether a merchant qualifies for funding through the Shopify Capital program. Eligibility criteria are designed to ensure that the merchants who receive capital are likely to use it effectively for their business and can repay the funding in a mutually beneficial way. While specific eligibility requirements can change over time and may vary by region, here are the key factors that Shopify typically evaluates:

#1: Shopify Store Ownership

To be eligible for Shopify Capital, you must be the owner of a Shopify store. You cannot apply for funding if you don’t have an active store on the Shopify platform.

#2: Sales History

Shopify Capital often considers your store’s sales history as a primary factor. Merchants with a consistent sales track record are likelier to be eligible. The specific sales threshold may vary, but the longer and more successful your sales history, the better your chances.

#3: Location

Shopify Capital availability can vary by region. Merchants in certain countries or regions may not have access to the program, so it’s important to check if it’s available in your location.

#4: Store Health

The overall health of your Shopify store can be a factor. This may include factors like the absence of significant disputes, suspensions, or other issues related to your store’s performance.

#5: Outstanding Advances or Loans

If you’ve previously received funding through Shopify Capital, your repayment history and the status of your existing advances or loans will be considered when determining eligibility for additional funding.

#6: Compliance with Shopify Policies

Your eligibility may also depend on whether you adhere to Shopify’s terms of service and policies. Violations or issues related to these policies could affect your eligibility.

#7: Credit Checks

Shopify Capital may sometimes perform credit checks, particularly if you’re applying for a loan rather than an advance. A good credit history can improve your chances of eligibility for loans.

#8: Use of Funds

Shopify may inquire about how you intend to use the funds. While they generally provide flexibility in using the capital, being able to articulate a strategic plan for the funds can be advantageous.

Please be sure to check the Shopify Capital website to keep up with the latest news and information about this program. Please note that eligibility and requirements may vary. So, running your pre-check is a good idea to see if you qualify. Otherwise, you might need to ensure you comply with the requirements before formally submitting your application.

How Does Shopify Capital Work?

Shopify Capital is essential for a business loan. Unlike traditional banks or financial institutions, your business is not subject to astronomical interest rates. Here’s a breakdown of the two primary funding options you can apply for through Shopify Capital:

#1: Shopify Capital Advances

  • The funding amount for Shopify Capital Advances is determined based on your historical sales data and performance on the Shopify platform.
  • Shopify evaluates your store’s sales trends, revenue, and other relevant metrics to calculate the maximum advance amount you’re eligible for.
  • Typically, merchants can receive advances ranging from a few thousand dollars to hundreds of thousands of dollars, but the exact amount varies widely.

#2: Shopify Capital Loans

  • For Shopify Capital Loans, the funding amount is also based on your business’s financial history and creditworthiness.
  • These loans may have fixed terms and interest rates.
  • The loan amount can vary significantly, and merchants may receive loans ranging from a few thousand dollars to several hundred thousand dollars.

It’s important to note that the specific funding amount you receive will be outlined in the funding offer provided by Shopify Capital. This offer will include details about the advance or loan amount, any associated fees (for advances), interest rates (for loans), and the repayment terms.

Additionally, Shopify Capital may periodically review your business’s performance and offer you additional funding opportunities if your store continues to grow and maintain a good repayment history. However, the specific terms of these offers will depend on your ongoing performance and eligibility at the time of the offer.

How Much Money Can You Get from Shopify Capital Loans and Advances?

The amount of money you can get from a Shopify Capital loan or advance depends on a number of factors. Some payouts range from a few thousand dollars up to millions. These payouts largely depend on your business’s size, sales, and the purpose of the loan.

If you apply for a loan, repayment considerations play a key factor in determining how much funding you would be eligible for. A good rule of thumb is to have a specific amount in mind with a detailed breakdown of how you plan to use the funding in order to justify the amount. A good understanding of your business’s financials helps convince Shopify you have the means to repay the loan or reimburse the capital advance.

It should be noted that unlike venture capitalists and angel investors, Shopify does not take an equity stake in your business. In other words, you do not need to give away a percentage of your company to quality for a Shopify Capital loan or advance.

What Can You Use Shopify Capital Funding For?

You can use the funds obtained through Shopify Capital for various business purposes, including:

  • Purchasing inventory.
  • Expanding your product line.
  • Marketing and advertising.
  • Hiring additional staff.
  • Improving your website or online store.

It’s important to disclose exactly what you need the funding for. Doing so will improve your chances of getting the precise amount you need to fund your project. Rough or vague estimates will make it harder for you to qualify for the funding you seek.

What Are the Fees and Costs of the Shopify Capital Program?

The fees and costs associated with the Shopify Capital program can vary depending on your specific funding option and your business’s circumstances. Here, I’ll explain the potential fees and costs associated with both the Shopify Capital Advance and Shopify Capital Loan:

Shopify Capital Advance Fees

#1: Fixed Fee

Instead of charging interest, Shopify Capital imposes a fixed fee on the advance amount. This fee is calculated when you accept the funding offer, and it remains constant regardless of how long it takes to repay the advance.

#2: Example

Suppose you receive a $10,000 Shopify Capital Advance with a fixed fee of $1,500. In this case, you’ll repay a total of $11,500 (the original advance plus the fee). The fixed fee structure provides transparency in the cost of the advance.

Shopify Capital Loan Costs

#1: Interest Rate

For Shopify Capital Loans, you’ll be charged an interest rate on the loan amount. This interest rate is typically fixed and specified in the loan offer.

#2: Loan Term

Shopify Capital Loans come with a defined loan term during which you’ll make regular installment payments. The loan term can vary but is typically set when you accept the loan offer.

#3: Example

If you receive a $20,000 Shopify Capital Loan with a fixed annual interest rate of 10% and a 12-month term, your total cost would be $20,000 (the original loan amount) plus $2,000 in interest, making the total repayment $22,000.

No Hidden Fees

It’s worth noting that the Shopify Capital program typically does not have hidden fees, application fees, or early repayment penalties. This transparency in fees is one of the program’s advantages.

Daily or Weekly Repayments

The repayment structure for both advances and loans is designed to align with your business’s daily or weekly sales. A percentage of your daily or weekly credit card sales, processed through Shopify Payments, is automatically deducted to repay the advance or loan. This means that your repayments will be lower during slower sales periods, helping with cash flow management.

Other Costs

While the primary costs of the Shopify Capital program are the fixed fees for advances and the interest rates for loans, it’s essential to review the specific terms of your funding offer for any additional details or costs that may apply. These can include details about repayment frequency and any other terms or conditions specific to your offer.

Keep in mind that the exact fees and costs can vary, and they depend on the specific terms of the funding offer provided by Shopify Capital. It’s crucial to thoroughly review and understand these terms before accepting any funding offer to ensure that it aligns with your business’s financial goals and capabilities.

Shopify Capital Repayment Performance

Shopify Capital repayment performance refers to how merchants who have received funding through the Shopify Capital program manage their repayment obligations. It’s an essential aspect of the program as it impacts both the merchant’s financial stability and their ability to access future funding through Shopify Capital. Let’s take a look at what repayment performance entails:

#1: Repayment Structure

  • Shopify Capital offers a unique repayment structure tied to a percentage of a merchant’s daily or weekly sales. This structure is designed to be flexible and adaptive to the merchant’s revenue fluctuations.
  • When a merchant accepts a Shopify Capital Advance or Loan, they agree to have a fixed percentage of their daily or weekly sales automatically deducted to repay the funding amount, along with any associated fees (for advances) or interest (for loans).
  • This means that merchants repay more during higher sales, and during slower periods, they repay less. This flexibility can help with cash flow management.

#2: Automatic Deductions

Repayments are typically set up as automatic deductions processed through the Shopify Payments system. Merchants don’t need to make repayments manually; they are automatically calculated and deducted from their sales revenue.

#3: Good Repayment History

  • Merchants who consistently meet their repayment obligations and make on-time payments are considered to have a good repayment history. This is a positive indicator of a merchant’s financial stability and ability to manage debt responsibly.
  • Having a good repayment history can enhance a merchant’s credibility with Shopify Capital, potentially making them eligible for additional funding opportunities in the future.

#4: Impact on Future Funding

  • Shopify Capital may periodically review a merchant’s repayment performance and offer additional funding opportunities if they have a strong repayment history. This is based on the premise that responsible borrowers are more likely to receive additional funding.
  • Conversely, consistently missing repayments or defaulting on the funding can negatively impact a merchant’s eligibility for future funding through Shopify Capital.

#5: Communication with Shopify Capital

If a merchant anticipates challenges in meeting their repayment obligations, it’s essential to communicate with Shopify Capital early. The program may work with merchants to find solutions, such as adjusting repayment percentages or schedules.

#6: Repayment Reporting

Merchants can typically monitor their repayment progress and history through their Shopify dashboard, which provides transparency into how much they owe, what they’ve paid, and any remaining balances.

On the whole, Shopify Capital repayment performance is a critical aspect of the program that evaluates how well merchants manage their repayment obligations. Merchants need to understand the repayment structure, make on-time payments, and communicate with Shopify Capital if they encounter difficulties. A good repayment history can lead to additional funding opportunities. At the same time, consistent defaults or late payments can affect eligibility for future funding.

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What Are the Pros of Shopify Capital?

The Shopify Capital program offers several advantages for eligible merchants looking to grow and expand their businesses. Here are the key pros of the program:

#1: Easy Access to Funding

Shopify Capital provides a streamlined and accessible way for eligible merchants to secure financing for their businesses without the extensive requirements and processes often associated with traditional loans.

#2: Tailored to E-commerce

The program is specifically designed for e-commerce businesses, making it well-suited to online retailers’ unique needs and challenges.

#3: No Fixed Monthly Payments

The repayment structure, based on a percentage of daily or weekly sales, aligns with the e-commerce business model. During slower periods, repayments are lower, helping with cash flow management.

#4: Transparent Fees

The program typically has transparent fixed fees for advances and clear interest rates for loans, which can be easier to understand compared to some complex interest calculations.

#5: Quick Approval and Funding

The application and approval process is often quicker than traditional loan applications. Once approved, funds can be deposited into your account promptly, allowing you to seize growth opportunities swiftly.

#6: Flexible Use of Funds

Merchants can use the funds for various purposes, including inventory replenishment, marketing campaigns, hiring staff, or expanding product lines, giving them flexibility in investing in their businesses.

#7: No Collateral Required

Shopify Capital generally doesn’t require collateral, which can be a significant benefit for merchants who may not have valuable assets to secure a traditional loan.

#8: No Impact on Credit Score

The program’s eligibility evaluation typically doesn’t involve a hard credit check, so applying for Shopify Capital doesn’t impact your personal credit score.

#9: Potential for Additional Funding

Merchants with a strong repayment history and growing businesses may be eligible for additional funding opportunities, allowing them to continue scaling their operations.

#10: Integration with Shopify Platform

The program is fully integrated with the Shopify platform, simplifying the application process and making it convenient for Shopify store owners to access financing without leaving their dashboards.

#11: Supports Business Growth

Shopify Capital can help businesses expand, increase revenue, and become more competitive in the e-commerce market by providing the capital needed to invest in inventory, marketing, and other growth initiatives.

#12: No Hidden Fees or Prepayment Penalties

Merchants can enjoy the program’s transparency, with no hidden fees, application fees, or early repayment penalties, allowing them to manage their finances more predictably.

What Are the Cons of Shopify Capital?

While the Shopify Capital program offers many benefits, it’s important to be aware of its potential drawbacks and limitations. Here are some of the cons associated with Shopify Capital:

#1: Eligibility Requirements

Not all Shopify merchants are eligible for Shopify Capital. Eligibility is based on factors such as sales history, location, and other criteria. This means that some merchants may not have access to this funding option.

#2: Variable Funding Amounts

The amount of funding you can receive through Shopify Capital can vary based on your sales history and business performance. This unpredictability may make it challenging to plan for specific financial needs.

#3: Fixed Fees (for Advances)

While fixed fees can offer transparency, they may also result in a relatively high cost of capital compared to traditional loans, particularly for shorter repayment periods. Merchants should carefully assess the cost-effectiveness of Shopify Capital versus other financing options.

#4: Interest Rates (for Loans)

Shopify Capital Loans come with interest rates, which may be higher than rates offered by traditional lenders or financial institutions. It’s important to compare these rates to alternative loan options.

#5: Impact on Cash Flow

While the repayment structure is designed to be flexible, repayments are still tied to your sales. During slow periods, you may find that a significant portion of your revenue goes toward repaying the advance or loan, which could impact your cash flow.

#6: No Personalized Support

Shopify Capital is a self-service program, and you may not have access to personalized financial advice or support that you might get from traditional lenders or financial advisors.

#7: Limited Use of Funds

The funds obtained through Shopify Capital can typically only be used for business-related expenses. This program may not be suitable if you need financing for personal expenses or other non-business purposes.

#8: Lack of Building Credit History

While Shopify Capital doesn’t negatively impact your personal credit score when applying, it also doesn’t help you build a positive credit history because repayments are not reported to credit bureaus. This means that using the program doesn’t contribute to improving your credit profile.

#9: No Access to Equity Capital

Shopify Capital provides debt financing but doesn’t offer access to equity capital. If you’re looking for investors or partners who can provide funding in exchange for ownership or equity in your business, this program won’t fulfill that need.

#10: Market Dependence

The program’s repayment structure depends on the merchant’s sales, which market factors, seasonality, or external economic conditions can influence. This can make it challenging to predict and manage repayments during periods of volatility.

#11: Availability by Region

Shopify Capital may not be available in all regions or countries, limiting access for some international merchants.

Conclusion for Shopify Capital: Review & Eligibility (Pros & Cons)

Shopify Capital presents a compelling opportunity for businesses seeking to expand without compromising their future. With a streamlined application process and no impact on personal credit scores, it offers a user-friendly path to access much-needed funds. The flexibility of repayments, directly tied to daily or weekly sales, ensures businesses can navigate cash flow fluctuations without undue stress.

However, while Shopify Capital offers numerous benefits, such as quick access to capital, transparent fees, and no hidden costs, it’s vital to consider potential drawbacks like variable funding amounts and fixed fees. These factors could impact the cost of capital and affect short-term financial planning. Despite these limitations, Shopify Capital remains a valuable resource for Shopify stores to grow their operations without resorting to high-cost alternatives. By understanding the program’s terms and conducting a thorough cost-benefit analysis, businesses can leverage Shopify Capital effectively to fuel their expansion goals.

 

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Build Your Own Bundle

Offer shoppers the ability to create their own bundle of products by selecting from a range of available options

What is Build Your Own Bundle?

Build Your Own Bundle scenario provides shoppers with the flexibility to select specific items or features that best meet their individual needs and preferences. The selection is based on a pre-curated set of products by the merchant.

Why are brands using it?

  • Increase AOV - encourage higher spending with customizable bundles, raising average order values and revenue
  • Personalize purchases - tailor products to customer preferences, potentially increasing Average Order Value (AOV) and overall revenue
  • Stand out competitively - offer a unique option, attracting customers looking for customized solutions

How By Benson uses Build Your Own Bundle

As a professional destination for home gardeners, By Benson understands that it might be tricky to select all the necessary tools to make your garden shine. That's why By Benson helps its shoppers choose bundles of tools with a single click, while boosting their Average Order Value (AOV).

www.bybenson.com

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Build Your Own Bundle

Offer shoppers the ability to create their own bundle of products by selecting from a range of available options

What is Build Your Own Bundle?

Build Your Own Bundle scenario provides shoppers with the flexibility to select specific items or features that best meet their individual needs and preferences. The selection is based on a pre-curated set of products by the merchant.

Why are brands using it?

  • Increase AOV - encourage higher spending with customizable bundles, raising average order values and revenue
  • Personalize purchases - tailor products to customer preferences, potentially increasing Average Order Value (AOV) and overall revenue
  • Stand out competitively - offer a unique option, attracting customers looking for customized solutions

How Good Store uses Build Your Own Bundle

Good Store encourages its shoppers to build their own custom bundles of soaps. They provide a variety of soaps to choose from and leave the selection itself to the shopper. This is fun, rewarding, and makes both sides happy.

www.good.store

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Bundle as Product

Combine multiple individual products into a bundle and sell them as a single unit

What is Bundle as Product?

Bundle as Product scenario involves bundling multiple individual products together and selling them as a single unit. This strategy offers shoppers a curated selection of items that work together or complement each other.

Why are brands using it?

  • Increase sales and revenue. Bundling leads to higher sales volumes and greater revenue due to the perceived cost-effectiveness.
  • Highlight the value and convenience of purchasing a set of items together, enticing them with an irresistible offer
  • Enhance value perception. Bundles create the perception of added value, making them more appealing to customers.

How Westman Atelier uses Bundle as Product

Westman Atelier understands that the attention span of the average shopper is quite short. Furthermore, with numerous options available, it's often easier to opt for a suggested bundle that's already curated for you.

www.westman-atelier.com

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Frequently Bought Together

Present bundles of products that are frequently purchased together, simplifying the decision-making process for your customers

What is Frequently Bought Together?

It is a recommendation scenario that suggests additional products to the shopper, which are often purchased by other customers in conjunction with the item they are currently viewing or considering purchasing.

Why are brands using it?

  • Boosted sales and revenue - increases average order value by suggesting complementary products, leading to higher sales
  • Simplified customer experience - saves time and effort for customers by offering relevant product recommendations, enhancing satisfaction and loyalty
  • Cross-selling opportunities: "Frequently Bought Together" creates opportunities for cross-selling, allowing brands to introduce shoppers to a wider range of products

How Aim’n uses Frequently Bought Together

Aim'n never misses a shopper when it comes to its product pages. It utilizes the 'Frequently Bought Together' feature to suggest additional sizes to product viewers, ensuring that no shopper is left without a solution while keeping its main sizes as the default option.

www.aimn.se

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Bundle as Product

Combine multiple individual products into a bundle and sell them as a single unit

What is Bundle as Product?

Bundle as Product scenario involves bundling multiple individual products together and selling them as a single unit. This strategy offers shoppers a curated selection of items that work together or complement each other.

Why are brands using it?

  • Increase sales and revenue. Bundling leads to higher sales volumes and greater revenue due to the perceived cost-effectiveness.
  • Highlight the value and convenience of purchasing a set of items together, enticing them with an irresistible offer
  • Enhance value perception. Bundles create the perception of added value, making them more appealing to customers.

How BLANQI uses Bundle as Product

BLANQI make it easy for their shoppers to find complete maternity sets. While shoppers receive a fast, single-click shopping experience, BLANQI enjoys higher order amounts without investing any additional resources.

www.blanqi.com

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Build Your Own Bundle

Offer shoppers the ability to create their own bundle of products by selecting from a range of available options

What is Build Your Own Bundle?

Build Your Own Bundle scenario provides shoppers with the flexibility to select specific items or features that best meet their individual needs and preferences. The selection is based on a pre-curated set of products by the merchant.

Why are brands using it?

  • Increase AOV - encourage higher spending with customizable bundles, raising average order values and revenue
  • Personalize purchases - tailor products to customer preferences, potentially increasing Average Order Value (AOV) and overall revenue
  • Stand out competitively - offer a unique option, attracting customers looking for customized solutions

How Carly Jean uses Build Your Own Bundle

Carly Jean offers its shoppers the opportunity to build their own custom looks by selecting the individual items that comprise their desired outfit. 'Build Your Own Bundle' enables Carly Jean to easily provide a personalized experience that shoppers love and want to return to again and again.

www.carlyjeanlosangeles.com

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Spend X Get Y

Encourage shoppers to spend a certain amount of money (X) in order to receive a specific benefit or reward (Y)

What is Spend X Get Y?

"Spend X, Get Y" promotions are designed to motivate shoppers to spend more money with the promise of receiving something valuable in return. It's a win-win situation where customers get a benefit, and the store increases its sales.

Why are brands using it?

  • Promotes larger purchases - motivates shoppers to spend more to qualify for the promotion, potentially leading to bigger transactions
  • Increases Average Order Value (AOV) - encourages higher spending, leading to a higher average transaction value
  • Enhances customer loyalty - provides added value, improving customer satisfaction and fostering loyalty

How Proclamation Jewelry uses Spend X Get Y

Proclamation Jewelry encourages its shoppers to spend at least $500 on jewelry in-store to receive free shipping. This is a win-win for both the shoppers, who get free shipping (which can be expensive at times), and the brand, which maintains a higher average order value.

www.proclamationjewelry.com

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