Last Friday (7th) at 3am i received an email from the Shopify recovery team which stated this:
"To assist you and allow us to resolve your account, I have been approved to offer you a lump sum settlement of £1889 due in full. Accepting this settlement offer means you would most likely be ineligible for future Shopify Capital."
My capital account was up to date and the amount stated as my balance in the email was '£9478' which confused me because my balance when I received the email was '£7,850'. £9478 was my balance 7 days prior to receiving the email, meaning Shopify withheld this offer from me for 7 days till I had remitted an extra £1,628.
On top of that the recovery team also stated this:
"If you decline this settlement, we can enter into an agreement with you to remit £474/month in addition to your remittances from sales until the remaining balance is complete. You can remit using the information below, or we may also be able to debit your bank account on file."
Meaning that if I did not take the offer of paying the lump sum, which doing so would leave me ineligible for future funding (Not that it matters, I remitted £95k in 2 years and still didn't get another capital offer), But they would also debit an extra £474 from my account alongside the 17% they already take from sales.
I have no idea how long it will take to process the settlement with a further £800 in remittances lined up to be debited from my account over the next 3 days, and at this point, I have pretty much finished paying off the capital anyway!
The recovery team has not replied to my emails for 4 days, so i had to contact them through a support agent who was very helpful. But they just said 'We extended the 3-day offer to the 13th" and I feel like the email was purposefully delayed because they saw I had remittances in line, and they wanted to take as much as they could before sending the offer out. I was told it's automated but why would an automated system send an email 7 days Late...
In 3 years our store has had a turnover of more than £1,000,000, and we are currently looking to move into a highstreet store with our POS system integrated with Shopify, my question is...
Would you keep using Shopify after this?
I guess it was kind of them to settle a small amount of my capital which I do appreciate, but it's left a really bad taste in my mouth because the delay of this email cost me nearly £2,000 and the recovery team just ignored my emails and didn't give a shhh.
