Account management

It is an online bank covered just like any other bank by the FDIC up to $450,000.00. It just offers you easy access to your money, no fees, and good interest on balance. I hope Intuit gets it together or we will have to find another solution. When trying to connect to Shopify Balance Account it is the Intuit pop up window that is going blank and not verifying Shopify login. Customer support does not know what they are doing. They wanted me to add the Shopify connection to intuit. I already use a much better connection for my store. The part they can't get in there head is this is not store connection its Shopify Balance Bank Connection. I have pasted some info below in hope that someone from Intuit will be able to figure this out and resolve it very quick as we are not waiting months for an update. If it was not available to connect to Shopify Balance then it would not have it as a bank choice when trying to connect it to Intuit.

--------------------------------------------------------------------------------------------------------------------------------

Banking services provided by Evolve Bank & Trust. Money transmission services by Stripe Payments Company. Card products are issued by Celtic Bank and serviced by Stripe, Inc. and its affiliate Bootstrap Servicing, Inc. Use of Shopify Balance must be in accordance with the Terms of service.

Shopify rewards you with an Annual Percentage Yield (APY) on money in your Balance account(s). Rates can change without notice. APY is accrued daily, is compounded, and paid out into your Balance account(s) on the 5th of each month.

From Shopify:

Managing your Shopify Balance account
From the Shopify Balance home page, you can access your accounts, view statements, and transfer funds.

If you click an account from the Balance home page, then you can access your account details with the following information:

statements
cash flow insights for that specific account
Balance card associated with the account and your cashback rewards, if applicable
You can also transfer funds from your account details page.

To learn more about your Shopify Balance card, refer to managing your card. To learn more about earning annual percentage yield (APY) and other rewards programs, refer to the Shopify Balance rewards.

Shopify doesn't charge any fees for using your Balance card, but ATM provider fees may apply. You can find more information about fees in your Terms of Service.

On this page
Shopify Balance account requirements
Set up your account
Manage your account
Receiving payouts with a Shopify Balance account
Changing your payout account
Connecting to third-party apps
Enabling low balance alerts
Allow staff to view Balance account activity
Cash flow insights
Shopify Balance account requirements
Shopify Balance accounts are not available to all merchants. To open a Shopify Balance account, you need to meet the following requirements:

be a store based in the United States or Puerto Rico (other United States territories are not supported)
have Shopify Payments set up or sign up for Balance when signing up for Shopify Payments
have a valid US Social Security Number (SSN)
have a single account owner for Shopify Payments
the Legal Representative must have a physical personal address in the United States or Puerto Rico (other United States territories are not supported).
be on any Shopify plan except for Shopify Plus
not be a prohibited business, as outlined in Stripe's Prohibited and Restricted Businesses.
Note
You must activate two-step authentication to use your Shopify Balance account.

Set up your account
If you're eligible for a Shopify Balance account and have not yet activated Shopify Payments, then an account is created for you when you set up Shopify Payments. If you're eligible and already using Shopify Payments, then you can use the following steps to set up your Balance account.

Steps:
From your Shopify admin, go to Finances > Balance.

Click Open account.

Review your Shopify Payments information, and then click Confirm.

Enter your SSN and mobile number, then click Confirm.

Check the box to confirm that you agree with the Shopify Balance Account Agreement and the Shopify Balance Card Agreement, including financial institution partner privacy policies and E-SIGN disclosure, then click Open account.

After your Shopify Balance account is set up, it becomes the account connected to your Shopify Payments account. Your payouts will be deposited into your main Shopify Balance account, including any financing that you receive through Shopify Capital.

Note
If eligible, then you'll automatically receive a Balance account and spending card when activating Shopify Payments for the first time.

Caution
Because your Shopify Balance account is connected to your Shopify Payments account, any Shopify Capital remittances or repayments that you need to pay are also withdrawn from Shopify Balance. If you have financing through Shopify Capital, then ensure that there are funds in your account to pay for remittances or repayments by either transferring funds to Shopify Balance or changing your payout account.

Manage your account
After you have set up your account, you can perform any management tasks from the Shopify Balance page.

Add an additional Shopify Balance account
You can create up to 5 additional accounts for your Shopify Balance.

Steps:
From your Shopify admin, go to Finances > Balance.

Click Add account.

Enter a name for the account.

Click Create account.

Learn more about multiple accounts with Shopify Balance.

View your Shopify Balance account information
You can view your account number and your routing number.

Desktop
Steps:
From your Shopify admin, go to Finances > Balance.

Click an account.

Click Manage account.

Click Show details.

iPhone

Android
For security reasons, you might receive a prompt to authenticate your account again.

View your Shopify Balance account statements
You can view your monthly account statements.

Steps:
From your Shopify admin, go to Finances > Balance.

On the Account activity card, click View statements.

Select the statement to view. The statement opens in a new tab.

Receiving payouts with a Shopify Balance account
After you sign up for a Shopify Balance account, your main account is automatically set as your Shopify Payments payout account. Using your main Balance account, you can receive your Shopify Payments earnings in as little as one business day from the transaction processing date. Business days don't include weekends or US holidays.

Note
If you have Shop Pay Installments active and your customer uses it during their checkout, then the payout takes up to three business days.

Changing your payout account
You can change the account that your Shopify Payments earnings are deposited into at any time.

Steps:
From your Shopify admin, go to Finances > Balance.

Select your payout account.

On the Account details page, click Manage account.

On the Shopify Balance account page, click Change payout account.

Enter your new account information, and then click Save.

On the Change payout account dialog, select a reason for changing accounts from the drop-down menu, and then click Confirm.

Follow the prompts to complete two-factor authentication.

Click Done.

Note
Changing your payout account to a third-party account doesn't close your Shopify Balance account. You can still use any active Shopify Balance payment cards and collect Shopify Balance rewards on transactions made with your Shopify Balance account.

Caution
Changing your payout account might cause delays in your Shopify Payments payouts.

Connecting to third-party apps
Through our integration with Plaid, you can connect your Shopify Balance account to third-party apps, such as Venmo, Wise, Freshbooks, Bench and more to enable you to do even more with your account, like send money, make payments directly to vendors, keep track of expenses and sync Balance with your preferred accounting software. For more information about which third-party apps you can connect to, refer to the Plaid apps page.

Note
You must activate two-step authentication to connect your Shopify Balance account to a third-party app.

Steps:
Log in to the third-party app and follow the steps to set up a payment method.
Select to add a bank and to instantly verify your account by logging in.
Select Shopify Balance account.
From the login screen, log into your Shopify store.
In the third-party app, complete the steps to connect your account.
Enabling low balance alerts
When you have low balance alerts activated, you are sent an email when your account balance drops below a preset value. The default value is 100. Alerts are only available on the main account.

Steps:
From your Shopify admin, go to Finances > Balance.

On the Shopify Balance page, click Manage account.

Under Notifications, click the toggle to activate or deactivate low balance alerts.

Optional: Click Change amount to change the account balance value that will trigger a low balance alert.

Allow staff to view Balance account activity
You can give a permission to your staff members to view Shopify Balance transactions and the amount available to spend.

Staff members with this permission can't do the following actions:

transfer funds
order and manage cards
view account details
manage account settings
view statements
move money between Balance accounts
create new accounts
Steps:
From your Shopify admin, click Settings > Users and permissions.
Click the staff member who you want to give the permission to.
In the Permissions section, select View Balance account activity.
Click Save.
Cash flow insights
The cash flow insights overlay displays an at-a-glance view of your cash flow for the last two months. You can compare your income to your spending to see if you are earning or losing money. Cash flow insights breaks down your spending into the your top five spending categories so that you can ensure that your money is being spent where it should be. You can also view the total on your upcoming Shopify bill.

Cash flow insights are available on the Balance home page for all accounts. If you click into an account, then cash flow insights will display for only that account.

For a more detailed overview of your store's finances, refer to the Finances overview.

Note
Cash flow insights only tracks transactions made with your Shopify Balance account. Any transactions made with external accounts are not reflected in this report.

Steps:
From your Shopify admin, go to Finances > Balance.

Optional: Select an account to view the cash flow insights for that account only.

Under Cash flow this month, click View all insights.