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?

[Rebecca_Holland]

Congratulations !!  Thanks for the tip - though I tried to no avail - it’s just still good hearing they are still helping their businesses!!!!

[Jlawson13]

You’re welcome.

[Prettypinkpetal]

Didn’t work for me. Congrats tho

[Megan123]

im having the same problem 😞 have had so many in the past and now i really need a bit of help, its nowhere to be seen. Very disappointing 

[boutiquegirl22]

Same. I paid off a small loan of $2700 in a week and nothing. 

[boutiquegirl22]

Funny thing is, I had a notification a week ago that I was almost eligible for a review. Hit my percentage I need to pay back and crickets. 

[Rebecca_Holland]

Totally feel your pain ~ I would have started looking for capital resources elsewhere earlier, this seemed so perfect and inclusive.

[Megan123]

same, i'm currently on 93% so just looking forward to having this all paid off so i can move on! Its a lot of money to be coming out of my sales just to stop getting offers with no reason or explanation 

[Prettypinkpetal]

Shopify literally told me to go to PayPal to see if they had a working capital while I waited here. They promised I’d have another offer before the holidays and then said to go to PayPal when I realized they were lying. 

[DDANDALINAILS89]

This is so unfortunate!!!! 😞 I think they don’t have funds to give that’s just my opinion because I keep reading no offers sent to ppl who have been paid off and they randomly change others eligibility from 50% to 85% yeah that definitely speaks volumes for sure !!!!

[Rebecca_Holland]

It's kinda telling when they refer you to other sources .. wouldn't you say

[Prettypinkpetal]

Yea I’m pretty pissed. Then I have capital agents on the phone promising me I’d get one before the holidays in August. Like who says and does that? Totally ruined my holidays that I wanted to do. 

[Rebecca_Holland]

I actually had the same - said there shouldn't be an issue.   It was great - sadly shouldn't have put all my eggs in one basket - but wish I got a heads up before the holiday season (paid mine off in July).  Feeling kinda 👻 

[Prettypinkpetal]

The thing that makes me mad the most is the fact that PayPal did this to me too after I paid off 2 loans fast. So I moved to shopify because everyone said they were better. Got 4 in a row and just when I finally get up to the point where my next one would change my life forever, this happens. It’s beyond annoying and ridiculous. If we all paid our loans off this fast with a bank, they would turn around and give us more. None of us expected this to happen and it speaks volumes for shopify. I will never praise them again to customers. 

[holymtn]

Everything seemed to change with Shopify when interest rates changed and
bank loans became more expensive.

I'll bet they're keeping cash handy

The other thing to wonder about is all the people who aren't on this thread
who have been defaulting/not paying. We have no way of knowing if the
program is working overall as a business division for Shopify. It's
possible that it just worth the cost.

It's also possible they set up the capital program to test drive it with
mid-size and small retailers before pivoting to capitalizing 7 figure
retailers that are more likely to survive the recession. A lot of Shopify
stores popped up as pandemic projects and I wonder if this was their way to
maximize value from those before shifting to fewer, bigger partners. (I
never did more than $275k/yr - anyone here in the 7 figure club?)

[Rebecca_Holland]

I so agree!  I do, however; wish it was made clearer that this ought not to be expected regardless of past history.  I moved $ to pay off faster and now regret how I could have utilized that cash.  BUT .. it's all part of understanding our business.  I am not in that (7+ club), so I'd be curious to know as well! 

[EllensBoutique]

I did the exact same thing. It said eligibility review at 51% and the Shopify live chat agent said yes you will get a offer just not sure when and wait wait wait until it then moved after months go to 85% for an eligibility review. Reached that 4-5 days ago and no offer at all. I was relying on that for extra stock for Christmas as I sell baby and childrens clothing so this is my busiest time. Every single time I ask for an update with the Shopify agents they literally copy and paste the same answer saying they don’t know how long it takes 🤦‍♀️ Just wish they would say before giving false hope and trying to have offers to generate extra sales to reach the 85% quicker x

[holymtn]

Yah - sometimes it's hard to remember that Shopify Capital is a program to
make them money, not to help us out. I had a few missed remittances from
PayPal sales (didn't have it set up to auto-transfer from PayPal to my
Shopify Balance account) so I'm on a monthly fixed remittance as well.

I thought it was interesting that they need the monthly fixed remittance to
be paid via PayPal when they already have just about all of my funds in a
Shopify Balance account. This tells me that Capital is probably a separate
fund run by a separate entity from the main corporate body of Shopify and
will therefore respond a bit differently.

While Shopify is one of the few stocks actually performing solidly and
showing profits, Capital may be in a totally different position, depending
on how many merchants have defaulted.

[Trendsetter78]

My store typically generates 7 figures a year and have received a total of 12 MCA from Shopify. However, in 2022 sales were a lot slower than normal and noticed they moved my eligibility for a new loan from 51% to 85%. Once the 85% eligibility was met, still no offers from them. Although I will say I’ve had a lot of returned payments due to the slow season the MCA did eventually get paid off. I haven’t been offered any more cash advances since. But in reading the many horror stories, I am happy to not have received any offers that would’ve caused me to accept them due to vulnerable times. It helped me grow my business a lot. But after reading the many stores that closed down erroneously by Shopify I’m grateful to have not experienced this. While it was a very great product I don’t recommend it. But I also know the importance of cash injection to grow your business. I’ve pivoted and learned other ways to stay afloat and game plans to fund my own cash needs for business. If you can avoid taking the loan/cash advance I say stay away. Good luck to everyone. 

[holymtn]

Can't speak for anyone else but it seemed that when they moved my eligibility review from 50% to 85% they put it JUST on the other side of strong BFCM sales - almost like they wanted to see how it went.  Challenge accepted and met - hit 85% yesterday. We'll see if they issue an offer.

[Rebecca_Holland]

Did they give you an offer?

[holymtn]

Was just able to submit another request by finding an old offer email. Folks might want to try this one. go to: https://[yoursite].myshopify.com/admin/capital/offers *make sure you update the url* - It let me name an amount and make a request (which hopefully tags an  underwriter for review). They may be tightening the requirements, but it's better than waiting...

[Prettypinkpetal]

Didn’t work for me. Go figure…

[Rebecca_Holland]

Wish it worked but didn't for me .. 

[Jlawson13]

I’m glad it worked for you 

[Megan123]

i'm glad it worked for you! I contacted shopify yesterday just to see if there was any info on whats going on. they just said they don't discuss offers and that i will see one when i'm eligible. Just super disappointed as i have never had problems before and have paid all of mine off so quick

[holymtn]

no guarantee it worked yet - just that it let me place a request.

I'm guessing they're tracking a variety of metrics - it always seemed to me
that the store's average earnings were a big factor as to if/how much they
offered and I bet they adjusted that threshold.

[Rebecca_Holland]

I'm sure!  It's pretty disappointing for sure .. especially this time of year

[Rebecca_Holland]

I understand that feeling!

[Rebecca_Holland]

Finished my last one in July (2022) and have heard nothing since.  I've always had one waiting prior (80% etc).  It seems many stores that have utilized this have since gone dark without any further offers.  

[Heymrswings]

Does anyone know what email you’re reaching out to for Shopify capital? 

[Prettypinkpetal]

there is no specific email. They all tell you the same thing. 

[YandM]

I have been 100% remitted for over a month now - still crickets. Anyone else?

[Rebecca_Holland]

I finished in July 2022 -  nothing to date. 

[Prettypinkpetal]

I am so over this. It’s been 5 months for me and I could have paid another loan by now and gotten another offer. Shopify messed up so bad doing what they’re doing. It seriously makes me want to try square. I moved from PayPal to shopify because they did the same crap with their working capital loans. Thought shopify was great because they were giving them out every-time I paid it back. Just when the loan would be life changing, they just stop. Promised me I would get one on the phone, and ghosted me. I’m so mad. My whole holiday plans were destroyed because of them lying to me and not giving me another like they promised. 

[ChristopherH]

My original eligibility check was at 50% then went up to 85% and now I have paid 92% of capital loan and have no offers. I reached out via chat and the representative said that in 7 business days I would get a offer. Keep in mind I have those transcripts of the chat. That didn't happen so I called shopify and at that point the representative at that moment said I would get an offer in 2 business days. That did not happen. I reached out again and spoke to someone else who really didn't answer any of my concerns. It seems like they try to  avoid answering direct questions and I kept repeating how their own team members are providing false information with time frames when the truth is the capital team does not have a timeframe for loans. Even offered to show them transcripts of the conversation and they just kept changing the conversation . I think what bothered me most was how they didnt want to take ownership for their mistake and tried to beat around the bush. Still have no offers but as I have been reading it seems like many other business owners are experiencing the same issues.  

[Prettypinkpetal]

Yea I had someone on the phone promise me I’d get one before the holidays. Never got one. I’m making more money than before, have more traffic, no chargebacks, etc and 5 months later still has not had another offer. They keep telling me the same thing as you. 

[bajusls]

I just received my second offer which was a bit less than the first (which is almost paid off)... any idea if there is a way to request a higher loan amount? 

[YandM]

Anyone else receive this email and still NOTHING?! And still getting the run around from Shopify. Now I’m even more mad. 

 

[omegacanuck]

I was thinking this was odd as well.  We usually got an offer after around 85% repaid, but this time nothing.  Then we got to 100% paid, nothing.  THEN they send an email saying you only need to repay 65%, but nothing.  I'm 50/50 on wanting one.  It's quick and easy, but definitely a pricey loan.   Being that there are so many, maybe Shopify is running out of money to lend.

[palletsandplank]

We just hit the 65% payoff on our current capital loan and it went into eligibility review and the next day we had a new offer.  We applied for it yesterday and are now awaiting to hear back if we were approved or not.  This will be our 6th loan I believe through Shopify, they too have been changing our eligibility % often, first 85, then 50, now 65.  

No idea the rhyme or reason behind why and when they decide who to give offers to. 

[curiouscharles]

Glad it seemed to go normally for you. 

I've been waiting over a week now since I crossed the 65% threshold, and still nothing. 

Tried chatting with support today, and they just said I'm "in the long queue".

Just all very strange, it's always happened automatically in the past. 

I know Shopify had money in the Silicon Valley Bank, maybe that crashing has someone to do with this?

[BreezyGirl]

Any updates in funding? Did you get an offer yet? I've been having this issue as well and been with Shopify for years! Now NOTHING. This is so frustrating!!

[YandM]

NOTHING. I can’t even tell you how many times I have reached out. Same song and dance every time. Even when it seemed like they were really going to listen and help. Nope. I gave up. 

[BreezyGirl]

Wow 😞 I can't believe this!!!! Shopify is so foul for this. I wonder why this is happening? So many businesses needed this.

[curiouscharles]

So, just an update to this post...

I'm now at 88% repaid and I got an offer this morning, which I accepted. 

Same terms as last time [percentage of daily sales, and amounts offered].

It was after a really solid week of sales, which I haven't really had since about November of last year [my industry is contracting atm with cost of living crisis + spiking interest rates]. 

Not sure if it had anything to do with sales picking up, or me fulfilling orders faster etc. 

Either way I decided to just grind it out and was pleasantly surprised to find an offer on my dashboard this morning [in the middle of a trail run mind you, did it on my phone lol].

[daveom66]

how many businesses here having issues with new offers are in  Nevada, North Dakota,  South Dakota or Virginia?

[BreezyGirl]

I'm in Georgia 😕 still no offers ugh!!!

[daveom66]

i use shopify capital and paypal working capital - and i know that some states have become ineligible for PWC because of changes to legislation that require PWC to rewrite their processes and Ts and Cs, which Paypal say will take them about a year to comply with.

[Prettypinkpetal]

I swear it’s just broken and they don’t care. I got 4 loans in a row and paid off so early and I’ve been waiting since last August. I’m in Michigan. They don’t care when I call but say that there’s nothing wrong with my shop and I’m doing better than so many. Umm? But I don’t qualify for a loan why?