how does shopify balance work

want to have quicker access to your cash,when you're making sales on shopify then,this video is for,you what's up here business blueprint,it's your hair business's best friend,mikey today we're going to go over all,the pros and cons of the new shopify,feature called shopify balance now this,will help give you facts faster access,to your capital once you're making sales,it also kind of acts like a bank it does,have some rewards and really good,features now i don't love everything,about it but there are definitely some,good things,that you need to know that you can use,for your business,so let's take a look but first if you're,wondering you're like gosh mikey where,are you that place is so beautiful i'm,actually in the new private label store,that's going to be opening soon here in,tucker georgia it is my dedication to,our amazing clients i wanted to make the,most beautiful place,for you to come visit,i will have a video coming soon on how,much it costs to open a store like this,and eventually we're going to be looking,for partners like you so i need you to,level up your game because we're only,partnering with the best,all right so we're going to go over,shopify balance from a business owner's,perspective pros cons a little marketing,behind some of what they put out there,so let's just go through it,so as i mentioned you know this is a,quick easy way to get access to your uh,your capital once you make sales so it,says here skip the bank this is true,like i said this is very much like a,paypal account so when you sell on,paypal you have instant access the funds,same kind of thing once you have a,shopify store it's really easy to get,this set up you're just going to click,login to set up shopify balance you're,going to go through a few steps and,you're good to go,uh so let's go through what they say is,great about shopify balance i'm going to,give you pros and cons some of this okay,so the money management account built,for business like yours,so save money no hidden fees okay so,that's good,you're,when it says no hidden fees they maybe,are referring it compared to a credit,card where you might have an annual fee,but most of the time when you're,spending money you shouldn't have any,fees anyway so you know just to think,about that,bring everything,together,no need to open a business bank account,manage your money where you run your,business,i think that's a bad idea you always,want a business bank account guys like,that's free to set up that's super easy,get uh i generally recommend like either,a local bank that you really like or if,you travel a lot you definitely want a,national bank because when i travel i,mean we have accounts at chase,truist wells fargo and that's important,to me because when i travel if i have an,issue and i need to go into a bank it's,great if i'm in a different city and i,can walk in a branch and deal with,whatever i have to deal with,so having just relying on shopify for,your bank is very dangerous i wouldn't,do that,you don't technically probably need to,open a business bank account if you want,to do this but,have both it makes sense,so shopify balance rewards later in the,video we're going to get into this and,kind of pros and cons of what i see from,this relative to a credit card,of rewards credit card which is really,important for your business,earn two percent cash back when you,spend on marketing shipping and growing,your business with shopify,now it doesn't look like that's all,marketing so we'll get back to that uh,earn ten percent cash back when you hire,shopify experts to help build or level,up your store now that's kind of cool to,get a little discount but how often are,you really hiring someone,you know an expert to work on your,shopify store and that's through,shopify's export expert program,you know if you think back and if it's,something you're doing all the time,because you're really customizing your,store this might be beneficial if not,then it's kind of not really a reward,for you,unlock exclusive offers and discounts,now i'm telling you,they might have some offers and,discounts but exclusive you probably can,get this about anywhere,so don't go too high on that the rewards,are okay but i think with credit cards,you can get better rewards but maybe you,can't get a credit card right now if you,were like me when i first started my,business and my credit was in shambles,something like this is good because at,least you're getting something but we're,gonna get to rewards later in the video,get paid faster now like i said this is,key this is this is the reason you know,a lot of people need this,now with drop ship bundles and drop ship,beauty we've been working with clients,since,2016 doing drop shipping so we're in,year six of drop shipping i mean we have,thousands of dropship clients at this,point and one of the issues they always,have is they get a sale they might not,have the funds saved to pay for the hair,when you're drop shipping right or that,could be for any business if you're,watching this and you don't drop your,pair or wigs you know expensive products,but you just don't have the funds,readily available to pay for that order,to get it shipped that's where shopify,balance really shines and it can help a,lot of people that haven't really,established their business yet and,doesn't have that savings as of yet so,getting paid faster this is absolutely,key so as the sales come in you can use,your shopify balance card which it's a,pretty sick looking card i gotta give,them that okay it's very apple-esque um,so,you know having access to that now it,says four days faster i can tell you i,think uh with our private label sales,they come in next day or 48 hours but,you know with drop shipping the key is,this,you need to get that order paid for so,it can be fulfilled as fast as possible,so it can be shipped to your customer so,this is really important that you have,that access this is definitely the,number one feature for shopify balance,and if what i'm saying makes sense to,you sign up for this this is free guys,it's worth it,okay so manage your money where you make,it with shopify balance so okay we're,going to go over this this does make,some sense manage your money and,business in one place no monthly fees,account fees or transfer fees yeah,that's okay i mean you can get out of,that with most banks,sign up online in minutes to avoid the,paperwork don't be afraid of paperwork,guys like just because it's easy doesn't,always mean it's better but it is,convenient they they can do this because,they already have most your information,when you sign up with shopify you're,processing credit card payments with,shopify so they have all your,information they know who you are it's,just they don't need it again basically,uh get paid the next business day,no minimum account balance required so,that could be really helpful earn up to,2 000 cashback per year we talked about,that um,well we're gonna talk about that in the,uh upcoming rewards and earnings section,for that fdic eligible up to 250 grand,most people aren't going to have 250,grand in their bank anyway um so,that's you know it's fine so that,matches here,limited or no rewards program you know,for banks if you're if you have a bank,account you shouldn't be using your,debit card or a bank,credit card unless it's a rewards card,so this is true but this is not the best,way to go about it i'm going to be,talking a lot more about credit card,rewards and how it can change your life,as a business owner,in upcoming videos that's a good segue,to say make sure you subscribe to the,hair business blueprint uh up to five,thousand dollar minimum account balance,required you know that's def yeah up to,is fine but there's definitely banks,that'll work with you uh get paid up to,four days later if you're processing,payments you're probably not processing,payments with your traditional bank,anyway,in person application weeks for approval,uh usually it's in-person application,you will get your bank account the same,day i don't know where they're coming up,with it takes weeks to get approved for,a bank account,uh 10 monthly fees or more for sure,that's that is possible if you have a,low account a little balance in your,account manage your money in business in,multiple places,you can do that online so that's you,know,not too big right there so the merchants,you know obviously they're gonna have,fantastic uh,reviews from owners uh let's see so how,is shopify different from balance,different from a traditional bank uh,all-in-one money management you know,business in one place get paid faster,and bank void fees,no hidden fees okay cool that's amazing,uh doesn't charge atm withdrawal fees,but remember the with the atm is,probably going to charge you fees but,most people aren't taking cash like you,really probably aren't taking cash out,of an atm for your business or you,definitely shouldn't i don't think in,i've ever taken cash out of our business,banking out i mean i don't even have,debit cards for our business bank,accounts to make it harder to get money,out but that's a whole nother story,i'm just starting my store can i use,shopify balance yes so they make it you,know really easy for you to get started,so you gotta you gotta give it up to,shopify for making it easier for you to,get started,where can i use my shopify balance card,so this is basically like a visa so that,works out really well visas accepted,everywhere,easier faster more rewarding like i said,slick card you know probably be showing,off a little bit using that pretty cool,uh i think their online system makes it,really easy to be able to manage uh all,your expenditures,uh same thing so let's go over more to,this is the feature section set up your,business account online a minute so they,already basically have all your,information once again,get paid faster so you can get paid uh,the next business day or probably even,the same business day depending on your,account,that's going to help people a lot,earn cashback with rewards we're going,to go over skip the bank,let's see here so access your money when,you need it so business spending card so,it's a virtual card or physical card you,definitely want a physical card as well,you can add it to your apple pay or,google wallet so that's super easy,contactless payments super easy,it's pretty similar to like a credit,card but like i said it's just a,different option,manage everything in one place payouts,the next business day,i think they're trying to do this where,you get the same day like uh paypal um,but and i think some accounts maybe have,it,i'm not sure yet uh but definitely,that's the way they're going finances in,order so,obviously this is something we always,talk about is keeping your business,finances,separate from your personal finances,that's absolutely key,easy money transfer so it's easy to pay,for stuff that's pretty much anything,simple tax filing,so they probably have reports to make it,easier for that,rewards i'm going to skip that because,we're going to go to the rewards section,always in control so being able to lock,your car this is an important feature,just in case you lose it you need to be,able to go online and lock it i can't,stand when banks pretty much all banks,now have this but it's annoying if they,don't,so fdic insured dedicated support team,shopify does have really good support so,that's something to expect with shopify,balance uh better than some banks to be,honest,and then let's get into the rewards this,is kind of like the sweet spot for me,because i'm all about rewards everything,we spend in the private label,organization drop shipping dropship,beauty everything uh we use,real credit cards amex visa i have,different ones for different reasons and,they all,earn rewards points i use it mostly for,travel so and status so using that i'm,gonna make some videos on you know kind,of how to hack the system and such,that's gonna be really important so,two percent cash back on business,essentials so advertise on google,snapchat instagram pinterest and tick,tock,premium theme so you're probably only,gonna buy a theme you know the themes i,think right now the shopify 2.0 or about,250,two percent back on that is only going,to save you about five bucks and you're,not going to be buying themes you're,probably going to buy a theme once every,few years maybe change that team uh so,you know you can look at that at five,bucks,shopify apps you know we do spend some,money on apps so that could help,custom domains i usually like to,register my domains with godaddy so,that's not going to help me much,shopify email if you're using shopify,email which is a good starter email,system uh getting two percent back on,that it can help in shopify shipping now,the difference between this and a,traditional credit card that earns,rewards points it's not just these,categories these are usually bonuses so,what you can do is get one percent on,basically everything and up to say,two three four five percent uh bonus on,these kind of items and these are,usually things you choose through amex,or visa there's different types of,credit cards out there so this does look,good but me personally i'd rather have,points on everything because we spend,money on more than just this this is,this is good but this is a good start,and this is something new shopify offers,so i am expecting for their uh rewards,to continue to grow obviously they're,gonna put push their shopify experts,and that links over to the shopify,experts marketplace uh you know money to,back and reinvest back in your business,you know there you can you can get if,you really want that you can also get a,credit card that does cash back on all,purchases but like i said i do,understand if your credit's not there,yet you know really for these good,business rewards cards i would say,minimum,probably six uh 680 for some of the,lower tier business rewards cards,700 you're looking really good guys you,should always be working on your credit,checking it figuring out how to dispute,things to get things off there being on,time with your payments i always say if,you can't pay it off today you shouldn't,be putting on it on your credit card,unless it's an emergency so you know,remember that,no points to redeem just real money to,earn yeah that's kind of cool but,honestly redeeming the points and having,them stacked up for certain things is,kind of fun uh so this might be if you,don't if you're not really into the,rewards game like myself,this might be a great solution for you,so this is all about what works best for,you,exclusive offers which we mentioned so,save 30 on workspace professional email,video meetings and more,okay so google workspace now the price,keeps going up guys when i started,making these videos they were like five,dollars then it went to 10. i think i,just paid for the new business we,started like 18,that's a lot so 30 back on that is gonna,save you,three two,five dollars and forty cents,you know google workspace is basically,professional email video meetings and,more so that'll probably save you about,five bucks a month,uh ten percent cash back when you start,a snapchat campaign i don't know if,that's,if you start a snapchat campaign i don't,know if that's ongoing so that's,something you definitely want to look at,start spending on google ads and receive,500 credit when you spend the first 500.,now that's,that's pretty sweet like honestly,it might be worth it to get this card if,you're going to spend money on google,just to get this 500 credit uh that's,that's a pretty good deal so this is,like instant 500 free in google ads uh,get a hundred dollar in snapchat ads,credits for new advertisers when you,spend 25 now that's key is new,advertisers so if you've already been,advertising on snapchat you're probably,not going to qualify for this,but that's okay i don't really know as,many people advertising on snapchat,opposed to facebook and instagram so it,could be worth it uh spend twenty five,dollars get a hundred dollar snapchat ad,credit so this together if you're new,business especially this is six hundred,dollars in free advertising from this,card yeah this is definitely worth it uh,get up to 150 in pinterest ad credits,for new advertisers with no minimum,spend,that's pretty sweet so now we're at 500,600 750 and free advertising,all right the card's looking better to,me,even if,you get this card,which now i'm looking at this i need to,definitely get it uh,when you get this card you can use this,up and then start spending money on your,regular credit cards or if you don't,have your regular rewards credit cards,you can keep this going,three percent cash back when you make,purchase from apple.com now here at,private label we are apple everything a,three percent cash back that is actually,pretty sweet guys i mean this mac,computer i'm recording on is like two,grand,so that would give me sixty dollars cash,back that's pretty cool,save fifteen percent on printing,packaging supplies and additional,business services now this looks good,and remember this is not 15 on shipping,printing i mean how often are you going,into ups to buy printing,or to print stuff probably not very,often,packaging supplies you're probably,buying from uline who is way better than,ups for that and additional business,services it's not real clear what that,is,so,i think overall and this gives you kind,of like some of these offers really,what's going on,overall i think this is really good and,let's really talk about it,okay so as you can see shopify balance,definitely has a lot to offer i'm a huge,fan of credit card rewards points,because i can travel all,over the world for free at this point,that's something i want you to do too,but there's definitely some things that,you can get out of shopify balance like,some of the extra credits that you can,get from google the ads the ad spend i,think they're going to be adding to this,as well so make sure that you keep,updated with that,is it worth it yeah it only takes a,minute to sign up and it's just great to,have a little bit quicker access to your,cash but please make sure you still have,that business bank account once your,credit is in good shape go ahead and get,that business credit card that either,does cash back or rewards i'm telling,you guys these are the little perks that,have changed my life having a business,and beauty and i want,you to have a full understanding of how,it can change your life as well so if,you have any questions or comments about,shopify balance please let me know in,the comments below make sure you give,this video a thumbs up subscribe and,once again if you're wondering where i,am this is actually the,new vip room at the private label tucker,not everybody's going to have access to,this i'm sorry maybe i can give access,to one of my amazing subscribers that,leaves a comment right now,about how they're growing their business,that would be great anyways i'll be back,with another video probably tomorrow so,stay tuned and make sure you subscribe,to the hair business blueprint

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