Stay Away from Shopify Balance & Shopify Capital
This post may get deleted, but I hope enough people read it first and stay away from both of these offerings by Shopify.
Let me start by saying I have been using Shopify Balance for sometime now and for the most part have been pleased. You get your money quickly… usually within hours. As for Shopify Capital, after being inundated with calls to take advantage of the offering, I finally did. I took out a small loan and until recently, all was fine.
The problems began when I started getting emails from Shopify Capital saying the repayment amounts, which they themselves deduct from from my Shopify Balance account were failing. Problem is, each time I got those emails my Balance account had more than enough to cover the very small amounts they were trying to deduct. I now have 4 such failed notices on my account, which puts the loan at risk and me at defaulting and possibly having my store shut down.
Now, that’s not the worse part. The absolutely cherry on this horrible situation, is that Shopify has absolutely no one who deals directly with the banking or loan portion of this company. The customer service agents no nothing and the return calls/emails they promise from someone who can assist, never arrive.
Long story short, just stay away. If you don’t want your name, company and possibly credit ruined, JUST DON’T.
I have made about 5 or 6 phone calls to Shopify and not one $15/hr customer service agent can explain why Shopify Capital keeps claiming repayments are failing when my Shopify Balance account has more than enough money to cover the meager charges. For example, yesterday I received notice a repayment for less than $12 failed, when my account had over $200 in it. Their lies of someone from their non-existent finance department getting back to me are getting old at this point. How are you operating as a damn bank and yet have not one person who can answer questions about your money? The customer service reps are literally sitting around waiting for someone from Microsoft Teams to tell them what to tell you.
Again, avoid Shopify Capital at all cost.
For some odd reason, this has started happening to me also! I have 4 failed mini-payments. I just have to pay it off manually just to prevent anything bad happening to my account
You know I got on, check 2 today and the second says I was dinged. I’m really pissed because there reporting of repayments seem ok until I look and see multiple pulls.
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