Shopify capital, either through loans or cash advances from businesses, will draw a certain proportion of your daily sales as repayment.
The loan scheme is more strict because it needs to comply with a specific amount every 60 days. If it is insufficient, it will be deducted from the bank account declared in Shopify payments. On the other hand, if you don't generate sales on any day, the merchant's cash advance will not be taken away from you.
You can also choose to pay the specified one-time amount in advance or the rest in one time, as long as it is more than $20. Here are the steps.
- From your Shopify administrator, go to Settings > capital.
Click payment.
Select the amount you want to pay - a custom amount or all balances.
Click Next and view the amount to be repaid.
Click payment.
Keep in mind that there is no penalty for completing repayment before the end of the 12-month loan term. Having said that, it won't do you any good except to finish what you owe ahead of time. You can also check and track your repayment progress through "Settings > capital" on the Shopify management panel.
【Source text: by report】
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