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].
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.
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?
I am sorry to hear it!
This is how I ended up in a really bad spot financially. Shopify wouldn’t extended me an offer after I paid off 89% of my balance. It started snowballing on me. I applied for other loans and found out that it takes 2-3 months for SBA loan to be processed, some other business loans take month or so… In the range of 4 months I’ve applied for least to 4 other loans. While waiting on a loan, my credit score started to go lower and lower. Now I’ve been told that I am doing not too bad it just if I paid off some debts, than I should get a loan with no problems. Thing is, currently I am not able to pay down my loans … I am so stressed out that finding myself waking up in the middle of the night being stressed out because of finances…My husband died of Covid on the end of September of 2021. So I am a widow with children and sole provider for our family. It is so hard.
What I’ve learned is: Shopify Capital isn’t reliable. We always have to have a backup.
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I personally have an experience working with their customer service representative. She was nice and talkative. Would check in on me to see how I was doing, but was not helping me at all. Was telling me that they believe we will have to wait some time before I am approved. Never gave me a good reason for a delayed offer. I suspect Shopify is short on funds and cannot support so many clients.
I’m in New York and haven’t received an offer since November 2021 after routinely receiving them and efficiently paying them off for 4 years. My last offer was paid off 7 months ago and still nothing. It’s all a bunch of BS. They left a lot of businesses high and dry. I’ve been a Shopify retailer for 7 years now and recommended so many other businesses to also use their services. They don’t give a s#!+ about us.
Whooo almost a year and still no offers. I guess giving thousands in fees a month for transactions makes it so shopify doesn’t care to make more money off a loan. There’s no way shopify checks these stores everyday for offers.
Right! ITS BEEN A YEAR AND NO OFFERS, just say the money ran out at this point and you can’t help our businesses lol. Its just insane how shopify really snatched the program away from us and it really helped at one point.
I was wondering if you ever got your Shopify Capital offer? I’m in the same boat as you. My business is doing really well. I’ve had five capital loans and paid all of them off early. Never a chargeback. Never an issue with payment. And yet, I’ve had no offer for further capital, and no one seems to be able to tell me anything except, “your shop is being reviewed” which is what they’ve been saying for the past three months. I was really hoping this would be settled so I could open up a new line for the holidays, but that doesn’t seem likely now. I’m STRONGLY considering moving to Squarespace, or at least somewhere that appreciates me as a customer. I pay so many fees for my shop (and the additional apps that should be included). This is so ridiculous.
I’m 100% paid off and Shopify couldn’t care less. It’s incredible to me. Over $100K in loans paid off early since 2017 to not even being offered a loan at all. I don’t understand the logic of alienating those customers who are your bread and butter, especially when there are other eCommerce options out there.
Exactly!!! Maybe they ran out of funds or something because this is so weird. So many businesses are struggling and the capital helped keep my inventory up to date. Its just so annoying. Makes me want to leave Shopify for good honestly!!! Why keep using a platform that could care less about their customers/loyal members. JUST WEIRD.
the program is run by webbank, who also do paypal WC. From my experience with paypal WC they aren’t out of funds. Maybe tightened their criteria for who they lend to? (incl me)
odds are they were taking low interest rate loans and loaning the $ out to
us at a higher equivalent rate. with interest rates hitting 7% there’s no
room for profit til the fed adjusts back down (don’t hold your breath)
Nope. A whole year later and zero offers after paying off 4 easily. I wouldn’t hold your breathe. Seems like they only help a few times and then tell everyone to eff off. I would move somewhere else but my website is too cool.
LOL…I was thinking of revamping my site, so the move would be pretty easy! I think this is so stupid on the part of Shopify. At least I could work with a bank that supported my loyalty!
still no offers ugh!!!
nothing yet! Itsssss so frustrating!!! Im at 94% paid off and still NOTHING. Smh