At the prompt, review the balance to be remitted. If you’re sure that payday loans in London you want to remit the full amount of the remaining balance, then check the authorization box and click Remit balance.
It can take up to 3 business days to process the lump sum remittance. All regular remittances are paused during the processing period.
What’s included in the remittance?
To calculate the amount that will be remitted to Shopify Capital each day, the remittance rate is applied to your store’s daily sales revenue.
For the purpose of calculating remittance, your store’s daily sales revenue includes every order that was marked as paid that day, regardless of the source of the order, how payment was processed, or whether the order was later refunded or canceled.
When calculating remittance, the only orders that are not included in your store’s daily sales revenue are test orders that were placed when Shopify Payments was in test mode. If test mode was not enabled when an order was placed, then the order is included in your store’s sales revenue when the day’s remittance is calculated.
- What is a merchant cash advance?
- How does a merchant cash advance work?
- How does remittance work?
- How is remittance calculated?
- What’s the interest rate?
- Is there a deadline to deliver the agreed amount of future sales revenue to Shopify Capital?
What is a merchant cash advance?
A merchant cash advance gives you a lump sum of capital for an agreed amount of your future sales revenue. For example, you might receive a lump sum of $10,000 in exchange for selling to Shopify Capital $11,300 worth of your future sales revenue.
If you’re eligible for funding, then Shopify Capital will offer you a choice of merchant cash advances of different amounts, and with different totals to remit and remittance rates. You request the advance amount that’s right for you, and if you’re approved, then Shopify Capital deposits the funds in your bank account.
As you make sales, you’ll automatically remit to Shopify Capital a fixed percentage (the remittance rate) of your daily sales until Shopify Capital receives the agreed amount of your future sales revenue (the total to remit).
How does remittance work?
For every day that you make sales, a fixed percentage (the remittance rate) is applied to the gross dollar amount of your sales to calculate your remittance. On days when you sell a lot, your remittance will be bigger, and on days when you sell less, your remittance will be smaller. You’ll continue to make remittances until Shopify Capital has received the full agreed amount of your future sales revenue (the total to remit). Each remittance is automatically debited from your bank account and remitted to Shopify.
When you’ve remitted over 25% of your total to remit, then you have the option to remit the remaining balance in a single lump sum.
This table shows an example of five days of remittances for a merchant who has sold $15,000 worth of their future sales revenue to Shopify Capital, with a remittance rate of 10%:
How is remittance calculated?
Each day that you make sales, a fixed percentage is applied to the day’s gross sales revenue to calculate the day’s remittance. The percentage is called the remittance rate, which you agree to when you select your funding offer.
For the purpose of calculating remittance, your gross sales revenue includes every order that’s marked as paid each day, regardless of the source of the order, how payment was processed, or whether the order was later refunded or canceled. The only orders that are excluded are test orders placed while Shopify Payments is in test mode.