Well, I don't recommend speculating about Shopify's financial circumstances, but I would criticize their management judgement in getting involved with this third party monstrosity.
Someone needs to be fired and this blight removed from the Shopify community.
Where is the president of Shopify on this?
Update: they offered me to pay $10,000 and they will clear my loan or pay $2500 monthly. I cant do either. I have switched to big commerce and opened a new business and boy it’s stress free. I have tried to get payments lower and affordable and yet no help from either. I have taken this as a loss as Shopify is the biggest platform but I’m happy I do not have to worry about my store being shut down every 10 minutes. Good luck to everyone I would not recommend
Honestly, I wouldn't take it as a loss. Shopify might market itself as an Etsy type of platform, but it really isn't. I don't know anyone who goes to Shopify and searches for what they're looking for. I even polled my large Instagram following (over 50k) and less than 1% actually searched on Shopify. You're much better off switching sites. Big commerce is where I'm going once the cash advance is paid off. Their site has everything I've been wanting: WITHOUT having to pay an arm and a leg for a gazillion "apps".
Even besides this nightmare from the cash loan, Shopify has always done very shady things. I recall a few months ago I was waiting for a deposit of about 8k to come in. I was flat broke from medical bills, so obviously quite excited. I shipped a few items (under a $100 that day) and the next day my site was locked. I had an outstanding shipping bill of $348. Which wasn't due for another week, but for some reason they decided to collect early. They couldn't answer me, AND THEY FROZE MY PAYOUT. I kept asking "how can you expect me to pay an outstanding bill when you're holding my money?!" They had no answer. No wait, one rep suggested I "borrow from my mother or friends." seriously. They also couldn't answer why the bill was issued a week early. Just kept saying it was automated. In the end, I did borrow from a friend, pay the bill to get my payout. But it's just one of the many bizarre situations Shopify puts you in. I look forward to the day I can move over to Big Commerce.
Since everyones situation is unique and personal details should not be discussed publicly if you have concerns related to Capital and your Shopify account please reach out to Recovery_Operations[at]shopify.com. When composing your message please replace [at] with the @ symbol.
When reaching out provide as much detail as possible so the team can assist.
TyW | Community Manager @ Shopify
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I noticed that pre-covid, I was getting a really large offer that didn't seem right. I didn't take the loan at the time because 13% just seemed too high. Then when covid started, I saw the amount go down dramatically, about 50% less. Also the interest/fee went down as well. I'm not sure if there is a connection between this and the loans described here. I have taken a few loans from Shopify without any issues. Fortunately, my store has always been growing, so I've always been ahead on the payments.