Shopify Capital Eligibility review

[BoutiueBabe]

Hey Guys!

I have utilized shopify capital to build my business and it's been booming. I've had about 8 shopify capital loans and currently stand at 89% completion of a current loan. My eligibility was at 85%. I haven't heard anything about new offers. I call and all I'm told is that I'm still in review with no time frame. Sometimes I'm told there is a backlog issue and I'll receive an email when offers are ready. I've never had this issue, I normally see my offers within about 3 days of meeting my eligibility. it's been about a month and the eligibility has now changed to 51%. is anyone else out there having this issue? How long was it before you seen offers pop up?

[AMshop]

Thanks for letting us know! Since this thread was opened I've remitted my balance 100% and no change. Trying to be hopeful.

I did look into Paypal if anyone is interested—but its a low line of credit (I got 4k with good credit) and you have to use Paypal to check out so it's pretty pointless if you work with any wholesale platforms, there is no card to charge or account to list. It's just a default payment method when you check out with Paypal. I needed a new label printer so I checked out with it and it does give you 6 months 0 interest and then something obscene after that.  Not at all like Shopify Capital, but if you buy direct from merchants and vendors, it can cushion your cash? 

[kingscross]

where do you see this eligibility %? I can't see it anywhere on the capital page. All it says is, there are no offers yet, check back later....

[EllensBoutique]

If you go to admin, settings then capital it will show the % on there 

[kingscross]

It Just says for me now Progress 76% below balance left to pay then it shows how much I've paid back and all i can click on is details and agreement below. Did something popped up for you guys at some stage once a certain % was paid off?

[Rebecca_Holland]

I've been at 100% remittance since March !  Nothing - all other offers came in before 100% remittance!  I've had several and now nothing.  Worst time of year to not look after your longtime members.

[AMshop]

Well! Maybe their ears are burning. I JUST got an invitation for capital. but its 1/2 of the previous one. Each of my previous 6 capital loans have been double.  Unless I want to pay 17%, which is insane. Less money at a higher interest after 7 months of meeting qualifications is offensive tbh.  I guess it's at least an offer—wishing you all something better than what I got. 

[Rebecca_Holland]

Well that’s good to hear — though coming in short it sounds like!  Crossing fingers here !!

[BoutiueBabe]

This give me Hope! 

[Prettypinkpetal]

How long were you waiting? 

[Rebecca_Holland]

I finished my last in March 

[AshlynBoutique]

Here’s my latest update ..
recap: on 10/11 I hit my 50% mark and on 10/12 I was offered a new one (mine are small) I’m used to accepting the offer and within 8hrs being approved and funded by next morning 7 times in a row so I obviously got used to it. Well as you know (those that have read all comments) I contacted them many times and questioned them on absolutely everything right down to “Has the money ran out?!” Finding out that Australia had been opened up and the teams were overwhelmed and short handed. I found out on Monday they have teams in a few places so catching up is happening! 
I’m happy to say an hour ago it went from 10/12 your request is in review and taking longer then expected to “Approved!” 
I honestly think all that get the offers and have been waiting forever will be getting them again soon as in really soon. When she told me there’s several teams I had a good feeling for all of us. 

[Rebecca_Holland]

That's great to hear !! 

[EllensBoutique]

I reached 85% for an eligibility review a few days ago and previously had an offer but still nothing, and the Shopify support must read off the same script 🤦‍♀️ 

[Rebecca_Holland]

Starting to think it's a well used script .. 😞

[BoutiueBabe]

Still no offers. Currently at 92%!  I’m over it! 

[Prettypinkpetal]

I’m over it too. I get the same emails everytime. Zero updates. I’ve been past 100% since august and I’m making more money than before I got my previous loan. I’m seriously just over it. 

[Prettypinkpetal]

And the person I spoke to promised me is get one before the holidays. 

[DDANDALINAILS89]

I’m so over it too at this point I don’t believe a word Shopify administration says I guess I’m in that mind set see it to believe it !!

[YandM]

I am so glad I’m not the only one super frustrated with this and pretty much desperate for this Capital to come through asap with the holidays basically here. I’ve been 85% remitted for months now and now at 96% climbing to 100% fast. I’ve always got another offer way earlier than this. I’m so disappointed. 6.5 years I’ve been a Shopify retailer and have recommended them to so many other businesses. The fact that they’re tending to new clients over their loyal long time clients, who have been clawing their way out of Covid, is really not cool. 

[Prettypinkpetal]

Agreed. When you do everything right, you expect another one. They 100% ghosted us. 

[Rebecca_Holland]

I'm so sorry. I totally feel where you are coming from ... finished 100% in July and nothing 😞

[YandM]

THREE MONTHS after 100% remittance and still NOTHING. Same old song and dance from every single person I've spoken to and I am chatting DAILY. My question now is - Has anyone found an alternative for working capital that is quick and easy?

[Prettypinkpetal]

Not without going through hoops. I just applied for a loan and because I didn’t have pay stubs and my new taxes, they wouldn’t even budge with an offer, even though I connected my bank account. I don’t have pay stubs because I’m self employed and I’m not using 2021 taxes because I made way more last year. My income wouldn’t add up to what I claimed I made. So over all this. It’s not hard to keep giving out loans to the ones paying them off. I feel like we’re just never going to get one again. Truly sad. I pay shopify SO MUCH IN FEES everyday and they just bailed when I needed them the most to up my game to the max. 

[AMshop]

I have heard good things about Onramp, and they have solid reviews on trust
pilot. My friend swears by Paypal credit, but only some people accept
Paypal to make a purchase.

I talked to my bank about a line of credit, and it's much easier with much
better payment terms. I bank with Novo and Bluevine, and both have been
incredible for me, and both offer lines of credit.

With how Shopify has handled capital, the increase in plans, and the
decrease in features, it's all off-putting, so I am doing what I can to
avoid paying them more than I have to to keep the lights on.

[kg12345]

My remittance was 50% before eligibility and changed to 85% ironically the day after I hit 50%. I hit 85% yesterday and had an offer today like in the past BUT it is lower than any offer I've ever had from them. 

[Prettypinkpetal]

Be happy you got one. Still waiting 6 months later for even an offer. It’s a joke.

[Rebecca_Holland]

Have to agree - so sad.  It really affected us -- paid off fully in July 2022 ... nothing

[Prettypinkpetal]

I keep getting the run around when I do hit them up. There’s nothing that I’m doing wrong in my business and it’s maintained an even amount every month, no chargebacks, no failed payments, etc. I Just got a small PayPal working capital loan and that account was even more sporadic than my shopify account. It literally doesn’t make sense. I was hoping to get an offer for $40000 before Christmas. Never happened. I’m ready to see what square offers. I want to be a millionaire. If shopify won’t help me, I’ll just find somewhere else. They have a capital team for zero reason if they can’t give out loans to people who deserve it. 

[kg12345]

Truly so terrible. Best of luck to you and your business! Keep us updated on square! 

[YandM]

WOW consider yourself extremely lucky. I was 85% remitted 5 months ago and 100% remitted 3 months ago and still nothing. I just keep getting the run around that it's an automated system and they can't override it. Like someone said - what is even the point of a shopify capital team then?! It was never this way before. They have totally screwed so many of us. I'm struggling so bad right now in our winter off-season, where we've had terrible weather and little to no traffic. Do they care? Nope! 

[Prettypinkpetal]

Must be extremely nice that people are still getting capital loans, 🤬

 

[Heymrswings]

Keep faith ads don’t give up! I haven’t received a loan since November but received an offer that was quadruple my last offer 2 days ago. Hopefully this is the beginning of what they’ve been working so hard on for all of us. 

[Prettypinkpetal]

But how is it that someone that paid theirs off in August still hasn’t had an offer but people that paid it off not too long ago are getting offers? I swear their system is broken. I paid it off so fast with zero issues. Makes me so mad. 

[Prettypinkpetal]

Congrats though! You 100% deserve it. 

[holymtn]

Wow - very grateful for this thread (both because I can/must now totally shift my holiday inventory plans AND because I feel relieved to know I'm not the only one!).

On my 6th loan - went for the 17% remittance for this one and got lowered to 50% eligibility review (was at 85% for the 5 previous). Hit 50% about a month ago and was planning on using the next round to restock for BFCM.

Shopify impressed me so much with their Capital program over the last 2 years, I bought stock in the company - seeing how widespread this issue is, I'm left scratching my head. I wonder if the huge jump in bank interest rates comes into play - maybe they were loaning us borrowed money, and the rate adjustments have made it less economical.

If anyone from Shopify does happen to read this thread, it really would have been helpful to have had some notice so we could have planned accordingly. The result is Shopify loses out on the interest on our loans AND on our (now diminished) holiday sales. This was a lose-lose.

I'm pleased to read that it sounds like it's moving for US retailers again, but probably too late for many of us to get approved and restock before December. Hopefully it'll move quickly enough for us to still able to close the year strong.

[BoutiueBabe]

Update: still no offers! I talked to someone last week and they said they would send my account to the capital team but I still haven’t heard anything back! 

[Prettypinkpetal]

They’ve been saying that to me since August. Still no offers. 

[holymtn]

Oh now they've moved my eligibility up to 85% 😂😂 On the same loan it was
at 50% for!

[Rebecca_Holland]

Mine has been paid in full since July - historically they've been great with turn around the same day when eligibility has been met. 

[DDANDALINAILS89]

They did the same thing to me 😂 it’s whatever I guess I was expecting that for sure!! I feel bad to those who have paid off and have waited!!! it isn’t fair to them especially being with Shopify for 5 years plus smh!!! 

[AshlynBoutique]

They just did the same with mine. it took 28days to be funded and review at 50% which I got there in 7 days (Saturday) I was obviously sooo  interested to see if a new one would be offered and wouldn’t you know at 4:01pm pst literally as I was looking at my admin checking numbers to see if I hit the 50% and BAM it changed from 50% to 85% for review. 
My cut off for daily sales is 4pm pst so the system knew I passed the 50% and auto changed. 😕 NICE! 

[kingscross]

where do you see these %? I can't see it on mine somehow...

[Megancox26]

Hi this just happened to me!! I am so confused on why they moved it? 

[Rebecca_Holland]

Moved the eligibility review?  The amount ? 

[BoutiueBabe]

Update: I was able to speak with someone through chat today who advised that I did not qualify for offers but I will now be put on a day-to-day eligibility review for more offers. I've definitely have had a decline is sales since closing my Store front in September and I've been low on inventory since reaching my eligibility in Late April. I'm just going to pick up a small part time to buy inventory and add more dropship items until I'm able to buy a bulk order.

[Rebecca_Holland]

Did they give you a reason for denial? It looks like your Shopify storefront is active!  I'm so sorry and hope that an offer comes in sooner rather than later!  

[AshlynBoutique]

Y’all I think they’re caught up and doing them as they come in. After they auto moved me from 50% to 85% review I was a bit concerned HOWEVER I hit 85% last night and this morning woke up to an offer and by 3pm pst had an approval. Which is the way it’s always been with mine same day and funding by next morning. So this tells me after waiting 28days for the last one to be funded that they’re back to the normal way. 
I honestly think that all that have gotten them and are used to the offers will be starting to get them. I’m keeping my fingers crossed for everyone and sending good vibes your way! 

[Jlawson13]

So, I just tried something and it worked. When my loan was 100% paid off I did not see any new offers (in my email). I went back to the old email for funding (the one Shopify sent me previously) and clicked the link and it magically requested new funding for me. The funding was for a bit more than last time. It was approved within hours and deposited the next day. So my advice is to find an old email for a funding offer and try to see if you can click it to request new funding. I don’t know if it will work if you’re at the eligibility review mark or only if you’re 100% paid off. It’s worth a try.

[BoutiueBabe]

I'm not at 100% yet. Im currently at 92% but i will try that when I reach 100%

[engravednature]

I’m at 93% with my fingers crossed.