Shopify Launches Shopify Finance to Streamline Merchant Payments, Bill Pay, Capital and Credit

Shopify has unveiled Shopify Finance, a comprehensive financial platform that is built right into the Shopify admin. Shopify has launched Shopify Finance, a hub housing all of the eCommerce platform’s finance solutions.

Shopify Finance is a streamlined approach to managing business finances that eliminates the need for multiple financial vendors. It was created to support entrepreneurs by making access to essential financial tools simpler.

This launch comes as small business owners face tougher bank lending conditions and higher borrowing rates in 2024, with many entrepreneurs citing financial risk as a major barrier to starting a business.

Just in time for Black Friday and Cyber Monday, Shopify Finance brings together several financial products, including Shopify Balance, Shopify Credit, Shopify Capital, Shopify Bill Pay, and Shopify Tax. This gives businesses a unified platform to manage their finances.

Key Features of Shopify Finance

• Financial Dashboard in One Place: The Shopify admin provides a single dashboard from which merchants can view and control all of their company’s finances.
• Gaining Funds More Quickly: Tools like Shopify Capital, Shopify Credit, and Shopify Balance make it easier for businesses to get the money they need quickly.
• Rewards: Merchants can earn cash back and APY rewards for purchases made with the Shopify Credit and Shopify Balance cards.
• Flexible Repayment Options: Merchants repay Shopify Capital and Shopify Credit amounts depending on daily sales, providing them with flexibility during slow sales periods.
• Tax Compliance Made Simpler: Shopify Tax enables businesses to centrally manage their sales tax responsibilities at the state, county, and local levels.

Enhanced Funding Flexibility with Shopify Capital and Credit

Shopify Capital now provides eligible businesses with access to funding of up to $2 million without requiring credit checks or affecting individual credit scores. In early access, the platform introduces new monthly-cost loan structures that enable businesses to reduce costs by faster loan repayment.

Shopify Credit is a pay-in-full Visa business card that offers up to 3% cash back on marketing, wholesale, and fulfillment purchases. Merchants can opt to pay in full within one month or over 10 months based on daily sales, giving them additional financial flexibility.

Maximizing Returns on Shopify Balance

Shopify Balance is a free business account for next-day payments that now earns 3.39% APY reward on every dollar in the account. Shopify Plus merchants benefit from an improved 4.43% APY reward, greater ACH limits, and automatic next-business-day payouts, allowing them to maximize their earnings.

Streamlined Financial Management with Shopify Tax and Bill Pay

Shopify Tax enables eligible businesses to automate sales tax filings and remittances, easing the burden of tax compliance. Furthermore, Shopify Bill Pay allows retailers to pay bills with a variety of payment methods, including credit card, debit card, bank transfer, and Shopify Balance, even if the vendor does not accept that type of payment. Merchants can now make batch and recurring payments, which simplifies transactions and reduces fees.