Shopify Balance Brings Banking and Cash Flow to Merchants

share save 171 16 - Shopify Balance Brings Banking and Cash Flow to Merchants

Digital | May 20, 2020

shopify balance - Shopify Balance Brings Banking and Cash Flow to Merchants

The huge e-commerce company also unveiled buy now, pay later and local delivery tools at its annual conference.

Need to Know

  • At Shopify’s annual conference, Unite, the e-commerce platform announced a number of new features.
  • Shopify Balance Account is a “one-stop-shop” account for small business owners and a feature several employees are referring to as Shopify’s bank.
  • The online platform also announced Shop Pay Installments, Fulfillment Network expansion, and Local Delivery products.
  • The conference emphasized the importance of strong digital tools and local commerce in COVID-19 retail climate.

See:  Shopify displaces RBC to become Canada’s most valuable company

Analysis

E-commerce giant Shopify announced a number of new tools and programs at its online Reunite event on Wednesday, the biggest of which is Balance, a banking account tailored to the particular needs of small business owners and entrepreneurs.

Balance, which will be made available to Shopify merchants in the US later this year, is a one-stop-shop within Shopify’s platform admin allowing sellers to track cash flow, pay bills, and monitor expenses. According to a press release from Shopify, 40% of merchants are currently using personal accounts for some business needs; Balance aims to provide tools that are designed for the needs of small business owners, where personal accounts might fall short.

Shopify Balance will also provide merchants with a physical or digital banking card, the Shopify Balance Card, which will allow merchants to make purchases or withdraw cash from an ATM, and a Rewards program offering benefits such as cash back and discounts. Shopify Balance will have no monthly fees and no minimum balance.

See:  Shopify Launches Rebuilt POS to Offer Flexibility Post-COVID

Also announced at Reunite was Shopify’s buy now, pay later, option, Shop Pay Installments, which exists within the company’s Shop Pay tool and lets merchants offer customers flexible financing options. Shopify joins a number of merchants and businesses offering buy now, pay later financing, including Visa, which announced a partnership with Splitit earlier this year. The tool, which will also be available later this year, will be launched with a partner — though Shopify did not specify whom.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Shopify Balance Brings Banking and Cash Flow to Merchants The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Shopify Balance Brings Banking and Cash Flow to MerchantsFF Logo 400 v3 - Shopify Balance Brings Banking and Cash Flow to Merchantscommunity social impact - Shopify Balance Brings Banking and Cash Flow to Merchants

JOIN US THUR, AUGUST 20 ARTIFICIAL INTELLIGENCE IN FINTECH!


GET TICKETS NOW

More Info



Week 7 Artificial Intelligene in Fintech resize - Shopify Balance Brings Banking and Cash Flow to Merchants



NCFA COVID 19 letter to government to support Fintechs and SMEs - Shopify Balance Brings Banking and Cash Flow to Merchants

NCFA Newsletter subscribe600 - Shopify Balance Brings Banking and Cash Flow to Merchants

 

share save 171 16 - Shopify Balance Brings Banking and Cash Flow to Merchants