Who Should Consider Shopify Balance
The answer to this question, we start with the basic requirements: we recommend Shopify Balance for businesses in the United States, where the owners are willing to provide their SSN and mobile phone number. In addition, you must use the Shopify Payments processing solution in order to make a Balance account.
So, if you check those boxes, and already use or will sign up for Shopify Payments, we don’t see any reason not to take advantage of Balance to improve your small business or large business finances. We like it most for merchants disgruntled with traditional business banking practices and want faster payouts, no minimums, no fees, and a rewards program for spending your money on business items/services.
Everyone who meets the requirements can sign up , so we encourage you to check it out! Let us know in the comments below if you’re still asking what is Shopify Balance? Also, share any thoughts you may have if you’ve already taken your money management account for a test drive.
How Do You Use A Gift Card With No Name
Yes, gift cards are taxable. According to the IRS, gift cards for employees are considered cash equivalent items. Like cash, you must include gift cards in an employees taxable incomeregardless of how little the gift card value is. For all other gift cards, record the value and pay the appropriate amount of taxes.
Changing Existing Products To Gift Card Products
The process itself to change an existing Product to a Gift Card Product is quite simple.But since Shopify does not allow updating that for existing Products then we will need to replace the product .
First, in the Matrixify app, create a new export select Products and all their sub-checkboxes.Make sure that all columns show as selected to be sure that no information is lost when the product is being replaced.
You can also click on the Filter button to apply filters and export only specific Products that you wish to change to Gift Card Products in Shopify.
Press the Export button to start your export.
Once the file is exported we can start editing it.
In the file we only need to change the following columns:
- Command set to the value REPLACE in all rows for the product
- Gift Card set to the value TRUE in all rows for the product
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When A Customer Comes In For Their Treatment
Ii Why Should Businesses Use Shopify Gift Cards
Expenses such as wages, rent, utilities and critical supplies are becoming more and more unaffordable, leaving businesses vulnerable with cash going out and less cash coming. Online stores bear no less burden since customers nowadays tend to make more budget-conscious buying decisions than ever before.
Creating Shopify gift cards is free. This practice allows supportive customers to make a purchase and redeem at a later date, which can help free up cash flow for your business. You can also issue a gift card to a customer for free as a reward or incentive.
Note: Due to Covid-19 situation, gift cards are temporarily available to sell on all Shopify subscription plans.
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How To Edit And Disable Your Egift Card Order Site
Go to Gift Cards in your Square Dashboard.
Select eGift Cards> Configure.
Click the blue site URL Manage Designs to upload your own designs and select which gift card designs are available for your customers to choose.
To disable your eGift Card Order Site, toggle Sell eGift Cards Online above your sites URL to Off.
Faster Payments Than Regular Business Banking
Receiving payouts from an online store to a business account often takes up to four business days, so Shopify Balance cuts that time by quite a bit. In fact, most payouts hit your Shopify Balance account in one business day, allowing you to spend the money to reinvest in your business, take out cash at ATMs, or pay employees.
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Receiving Payouts With A Shopify Balance Account
When you sign up for a Shopify Balance account, it is automatically set as your Shopify Payments payout account. Using your Balance account, you can receive your Shopify Payments earnings in as little as one business day. Business days do not include weekends or US holidays.
If you have Shop Pay Installments active and your customer uses it during their checkout, then the payout takes up to three business days.
I What Is A Shopify Gift Card
A gift card is a prepaid stored-value money card, usually issued by a retailer or bank, to be used as an alternative to cash for purchases within a particular store or related business.
According to Statista, the global gift cards market was valued at approximately 320 billion U.S. dollars in 2017 and was forecast to reach a value of 510 billion U.S. dollars by 2025. First data statistics showed that among millennials, 55% agree they’re more likely to visit a store they would have normally skipped, and nearly two-thirds are likely to visit a store more often.
Remember how happy you are going to a computer store with a discount voucher? Thats loyal customer treatment, bundle sales and all the things macro knowledge. In essence, thats how a gift card works.
As a digital kind of gift card itself, a Shopify gift card is made online and distributed by Shopify store owners to their customers via email as an incentive. A gift card is also a special type of product that customers can buy and use as payment toward future orders.
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Combining Access To Your Online Store And Business Finances
What is Shopify Balance in relation to your online business? Well, typically, business owners must constantly switch between a business bank account and their online store. That financial institution puts a bit of a roadblock between your daily workflow, so Shopify Balance reunites your finances with the store, allowing you to access all payouts, spend that money, and also manage your online store from the Shopify Admin.
Whether you’re a startup or a thriving business, this consolidation of dashboards ensures you’re working efficiently, managing all aspects of your business from one screen, and don’t have to wait around for payout transfers.
This also means that Shopify merchants have access to all Shopify tools in one area, including your standard Shopify plans for ecommerce, the Shopify Fulfillment Network, storefront themes, and a POS if you have one.
Construct The File Manually
Now we can get to our spreadsheet!
Lets create two different Gift Card Products from scratch.
Create a blank spreadsheet, name sheet/tab in the file to Products as we will be importing Products.
To create Gift Card Products from scratch we will only need 5 columns:
- Variant Price
Gift Card Products without variants
First, we will create a Gift Card Product that does not have variants with different selectable values.
- Title column set name of your Gift Card Product, for example, My Single Gift Card.
- Gift Card set the value TRUE in this column as we wish for the app to know to create this Product as a Gift Card Product.
- Option1 Name and Option1 Value for a product without variants, these columns can stay empty. If all your gift card products will be without variants then you do not need to have these two columns at all.
- Variant Price the price of your Gift Card.
Gift Card Products with variants
Now lets create a Gift Card Product with multiple variants that are handled as denominations for Gift Card Products.
You can also add other details to the product, such as images, description, etc. Check Matrixify Products documentation to see all listed fields.
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Shopkeeper Gift Card Scheduler
One of the major pain points for digital gift cards is ensuring that the recipient gets them at the right time. Sometimes people forget to print and forward on the details on time because theyve bought it well in advance or they send it so far in advance that the gift card is forgotten about. This is where this app comes in. It allows for the buyer to schedule when the recipient will get the gift from them.
It works simply by forwarding a message to the purchaser. In that message is a link where they can enter the email address of the recipient and then select the date and time which they should receive the gift card. This can be any time within the next 365 days. Then everything is done for the purchaser. The gift card will be sent at this time.
The gift card can be sent at any quarter hour, in any time zone. Plus, if the recipient doesnt want to use the gift card , the purchaser can still redeem the money through the original email. And if the gift card is a last minute purchase, then the card can be sent immediately.
What Happens When A Customer Buys A Gift Card On Shopify
Many gift cards are activated when theyre purchased, so they dont need to be activated by the recipient. However, some do need to be activated by the recipient before they can be used. You can activate a gift card by calling the merchant or accessing the provided URL and inputting the correct activation numbers.
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Iv Issue Gift Cards And Track With Your Shopify Gift Card Codes
When you issue a gift card, you generate a Shopify gift card code and email it to a customer without receiving any payment in return. You decide how much the gift card is worth, and the customer who receives it can use its value toward other products in your store.
From your Shopify admin, go to Products > Gift Cards.
Select Issue gift card.
In the Issue gift card dialog, you can adjust these following sections:
- Initial value: The value amount of the card that you can redeem later
- Customer: The customer you send the Shopify gift card to. Either name or email is required.
- Expiration date: If you want to set an expiry date for the gift card, then click Never, and uncheck Never expires to select a date
- Notes: Optional. The note is visible when viewing the gift card in your Shopify admin, but is not visible to the customer.
Click Save to generate the Shopify gift card code. This is the only time you will be able to view the entire Shopify gift card code.
Your customers will receive an email as follows. This email contains a unique Shopify gift card code that they can use at checkout to redeem its value.
After sending out the Shopify gift cards, you can view the issued gift card information in your Shopify admin dashboard.
From your Shopify admin, go to Products > Gift Cards.
On the issued gift card’s page, you can view its details and Edit.
Enter the correct customer information and select whether to send the gift card.
From The Give And Get Local Directory:
Customers can also order eGift Cards online through the Give and Get Local Directory. The Give and Get Local Directory is a listing of businesses who offer Square eGift Cards. It allows buyers to browse and purchase eGift Cards from local businesses in their area, including your own. If a customer decides to buy an eGift Card to your business through the Give and Get Local Directory, they will be directed to your custom eGift Card order site to complete their purchase. The Give and Get Local Directory is also featured and promoted by select partners to encourage more customers to support local businesses.
To search for your business or others that offer eGift Cards in the Give and Get Local Directory:
On the Give and Get Local Directory, enter in an address or press Use current location.
Apply additional filters, such as business category, if needed.
Select the business you wish to order an eGift Card from and continue through the checkout process on that business eGift Card order site.
Note: Only businesses offering Square eGift Cards will appear in the search. Businesses that only offer physical gift cards in store will not be reflected.
The image, business name and location that represent your business in the Give and Get Local directory are the eGift Card design and business name and location that you have associated with your Square account.
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How To Receive Online Store Payouts To The Shopify Balance Account
The main reason many merchants opt for Shopify Balance is to take advantage of quick online store payouts .
Luckily, there’s no process to configure Shopify to automatically transfer payouts to the new Shopify Balance account. You already need Shopify Payments to run Shopify Balance, so Shopify instantly sets Shopify Balance as your default payout account. These payouts land in the account as quickly as one business day, after which you can access the money, move it to another account, or spend it using the Shopify Balance card.
Warning: There’s one exception to the 1-day payout: Shop Pay installment transactions take up to three business days. This only goes into effect if you activate Shop Pay on your store and the customer actually uses it.
Link Via Phone Number
A customer is able to link their eGift Card to their phone number after they have received their card in their email:
Select View Your eGift Card from the eGift Card email.
Enter a 10 digit phone number and > Next.
A cashier is then able to charge the eGift Card by searching their phone number when selecting the tender type during checkout.
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Gift Card Service Terms
We are pleased to offer you the opportunity to participate in and use our Gift CardServices, made available to you based on these terms and Agreement .You includes you and the entity on whose behalf you are purporting to act on thebehalf of.
Shopify reserves the right to to update and change the Gift Card Service Terms byposting updates and changes to the Shopify website. You are advised to check theGift Card Service Terms from time to time for any updates or changes that may impactyou. If you do not accept such changes/amendments, you must cease using the GiftCard Services.
How To Use Shopify Gift Cards: A Step
Customer experience has been highly altered in a time of essential spending like this. Clothing stores that were bustling until just days ago, pleasing shopaholics with unconventional concepts, now sit unsure of when customers will next pass through their doors.
Applicable to both online and offline businesses, Shopify gift cards can help boost the overall performance in the long run. For brick and mortar stores, Shopify gift cards help tackle temporary shutdown and warm customers up to reopening. For online enterprises, this practice comes off as a reward and incentive for the next shopping experience of their customers.
How can this method be simple and powerful at the same time? Lets dig deeper!
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Manage Your Gift Cards & Store Credit
Rise offers a complete Gift Card Management tool that empowers your CS teams and gives them all the necessary tools to decrease support ticket time and customer friction.In this article we’ll go over these tools as well as analytics tools, to give you a bird’s eye view of how Gift Cards are used in your store.
In this article you will learn:
How to manage your issued Gift Cards & store credit, and export data files.
How to see Gift Cards details and customer info.
How to change the balance of a Gift Card, re-send it or disable it.
How to manage all orders that used Gift Cards or store credit.
Managing your Store Credit:
Store credit tab: For every Gift Card and Loyalty Card- you can see exactly what it was used for.You can easily export all the data in your activity page, using the Export button, as well as import your old Shopify cards into our system .
To learn more about the export feature, check out this article.
Search Bar: In the search bar, you can input the buyer/recipient name, buyer/recipient email, or order number. This will present the full Gift Card code, allowing you to re-send it to the customer who lost it.
Gift Card details:
As you can see, the Gift Card code is available to the CS team. You can also see the order number , the state and date the card was last used, and the Gift Card law associated with this state. This feature helps your accounting team organize their records and makes sure your company complies with regulations.
Changing Gift Card balance: