Key benefits and features of Shopify Balance
You can use Shopify Balance to streamline your business finances and make informed money decisions, with faster payouts, zero fees, and other benefits.
On this page
Table of benefits and features with Shopify Balance
When using Shopify Balance, there are a variety of key benefits and features available to you.
| Features and benefits | Details |
|---|---|
| Complete financial visibility | You can use Shopify Balance as a free business financial account built into your Shopify admin to gain a comprehensive view of your business finances with dashboards, filters, and reports. |
| Earnings rate incentive | You earn earnings rate incentive on all funds held in your Shopify Balance account. The earnings rate incentive accrues daily, compounds monthly, and is credited to your Shopify Balance account. |
| Earn cashback on spending | You can earn up to $2,000 USD cashback on all eligible purchases per calendar year with your free spending card. |
| Enhanced financial management | Open up to 5 additional accounts within Shopify Balance to organize your funds effectively. You can manage bills, manage taxes, and track inventory to stay on top of your finances. |
| Faster payouts | Shopify Payments payouts are deposited in your Shopify Balance account within 5 business days. For most merchants, payouts typically take 1-3 business days. Payouts sent to an external bank usually take over a week longer to process. Time frames vary by institution. |
| Mobile accessibility | Stay connected to your finances and manage your accounts from anywhere, at any time, with the Shopify Balance mobile app. |
| Physical and virtual business spending cards | Receive a virtual card instantly and order a free physical card customized with your business name. You can use both physical and virtual business spending cards linked to your main Balance account to earn cashback and receive rewards on your everyday business purchases. You might also be able to create virtual cards linked to additional Balance accounts. There are no monthly fees, transfer fees, hidden fees, or minimum balance requirements. Shopify doesn't charge any ATM withdrawal fees, but you might be charged by an ATM provider. |
| Safeguard your money | Your Shopify Balance account is eligible for FDIC insurance for up to $250,000 USD, when your deposits meet the FDIC insurance requirements. |
| Tax simplification | Automate your tax processes by setting aside sales tax and syncing transactions with your preferred accounting software. |
Visa benefits available with your Shopify Balance card
Your Shopify Balance card gives you access to the following Visa card benefits:
- Auto rental coverage for damage due to collision or theft
- Roadside assistance
- Travel and emergency assistance service
- Cardholder Inquiry Service
- Emergency card and cash disbursement
- Lost or stolen card reporting
Learn more about Visa benefits.