How does repayment work with a Shopify Capital loan if I don't make daily sales?

[ShugarPlums]

Hi, I just received my first Shopify Capital loan and was wondering how all this works? I know they take 17% of my daily sales, however my question is what if you do not have any sales for that day? My site is pretty new and I do not necessarily have sales everyday. Can someone please break this down for me so I can understand it better? 

1. Do I make payments daily if I have not sales?

2. Are payments only required if I have sales?

3. When I get a sale. I assume they will take out an automatic 17% off the purchase?

Thank you for your help in advance.

https://shugarplumsgifts.com/

Ali

[Elias]

Hi, @ShugarPlums.

Thank you for reaching out and posting this question!

If you have a Shopify Capital loan, then some of the terms set may vary between regions. However, in the US, merchants will repay their amounts in two ways:

1. Merchants will repay a percentage of their gross daily sales.
2. Merchants will also be expected to pay off a set amount of the loan by a certain date. These amounts are called milestones and are approximately 1/6th of the total owed. If you'd like to repay the remaining balance, then you can do that directly through the settings of the Shopify admin.

That being said, if you have a Shopify Capital merchant cash advance, then the remittances will be debited everyday by Shopify for a percentage of the daily sales. If there's no sales on a particular day, then no remittance will be debited. It's also worth noting that remittances are calculated on all sales marked as paid in Shopify regardless of whether they were refunded or cancelled later. 

I've also taken a look at your store (https://shugarplumsgifts.com/) and I think it looks amazing! While I love the amount of content and sections on the homepage, I did notice that the loading speed was slightly impacted. This is likely due to the number of images that were loading at the same time, so reducing a couple of sections could improve the performance of your store. On that note, though I can't see all the apps you're using by looking at the Online store, you can also improve the performance by removing some apps that you don't really need. If you'd like to go over your store or get some help with reviewing your apps, then don't hesitate to get in touch with us via the Shopify Help Center. From there, we'd be happy to access your account and continue assisting you through live chat, email, or callback. 

I'd love to hear more about how the Shopify Capital can help with your business! Are you running any ads at the moment? Do you have a marketing plan prepared for your store?