what is shopify balance

all right so this is gonna be a pretty,quick video about shopify balance just a,general information for anyone who's out,there looking you know considering if,they should get the card or not or the,shopify balance account,the reason why i'm making this video is,because three weeks ago i logged into my,shopify dashboard and down here just,like right here it just said we're,introducing the new shopify balance,account and card and i was just very,hesitant to actually get a car but i was,like what the hell i'll try it out,so i ended up going to youtube and this,was the only video that i could see,really talking about shopify balance and,i just wish there was more information,out there about this card because if,this came out in 2020 and there's like,no video out there would like,substantial information,i figured i might as well just put the,basic information out there that i know,so anyways once you open up your shopify,balance account it's pretty much like a,business bank account i already have,i've been running this store right now,since january of 2020,and so it's like a year or nine months,old and i don't know at what point,shopify will offer this to their,customers or if it's like for every,store you have to be at a certain level,or whatever the reason is,but i got the opportunity to try it out,and open an account it's pretty simple,you just fill in your name your,information where you want the card sent,to you and whatever else you want to put,in there,once that is done it's going to be on,the left side it's going to be under,finances and it's just going to show you,all of this the month to date sales and,all that stuff so you can see that i,have a shopify payment installment from,anyways um the shopify balance card what,i want to show you guys is i tested it,out i made a large purchase on there the,reason why i switched to the shopify,card or shopify balance is because my,actual business bank account i'm using,like a professional business bank,account,my max spending limit per day,is,five thousand dollars now the good part,about this is that i just received the,card today took three weeks for me,signing up and opening this account,during that process when,i was getting i was getting the card,mailed to me,it took three weeks and in that process,you can see i have two cards on here so,when you open the account they give you,a virtual card where you can use that,card immediately to spend the money if,you have it in there,and then they send you the actual,physical card and when it comes in it's,a green and you know a shopify branded,piece of paper on hard stock,and it says you own your own business,now your finances so why i like this,card is for one you have a thirty,thousand dollars a day withdrawal limit,or spending limit so you can spend 30,grand in discard every day which is,great you can actually pull money out of,an atm i believe the limit right now,that i saw from the card was um a,thousand dollars a day 18 on certain,purchases i believe up to a hundred,thousand dollars a year that you can,spend on the card and get a two percent,cash back,and they have some promotion stuff that,they run on here this stuff i'm not,really like,that all hyped up about this because,every single platform that you work with,will have all of these like deals with,google yahoo i mean google being,facebook,um snapchat and all these stuff and i,always give you these bonuses but all of,these things are just,don't quote me but from my experience,with you know online marketing and stuff,all of these things only apply to you if,you don't already have,a google account or a snapshot account,or whatever else you might be interested,in but i think it's really interesting,so if you have a facebook account you,look to run ads on facebook first time,and i think this is a great opportunity,but i'm not really too concerned about,this but the cashback part is really,good because you can pay your shopify,bills with it with the card,or have all your bills deducted from,your shopify balance account um the only,downside of this for me right now is,that i have to reconnect my,my quickbooks to directly to my shopify,because,everything else is connected to my,business account where it can track,accurately the profits and my quarterly,taxes and stuff like that but now that,it's just everything is still in shopify,it doesn't track that it's just tracking,the expenses that are still coming from,my business account and then this money,is just in here um another thing that,i'm not really aware of,um well another thing is that if you're,having trouble getting a business bank,account then this is a great way for you,to get a head start because this is,pretty much,you know thirty thousand dollars a day,spending limit is no jokes already not,like being hindered by five grand it's,it's a problem,also the payouts are made every 24 hours,into this account so you don't have to,wait forever for your money to process,to,you know send it from shopify to a,different location which might take,three businesses or however long it,takes but you don't have to worry about,that so every 24 hours i believe i'm,currently visiting maine and every,morning at,9 30,9 30 or 8 30 every morning the money is,like in this account spendable and then,you can you know the payouts and stuff,are in here,so these payouts they happen every 24,hours,and yeah but if you guys are interested,in checking it out i you know i would,recommend it if you don't already have a,business bank account or if you do if,you need a higher spending limit if,you're being held back by that then i,think it's a great card and ex yeah,that's all i got hopefully this was,helpful some of you guys peace

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