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May 21, 2020Blog Posts

Shopify announces a new merchant debit card and support for payment installment plans

TechCrunch

Shopify is announcing several new products and features at Reunite, a virtual conference for the one million merchants using the company’s e-commerce platform. The additions include Shopify Balance, which Chief Product Officer Craig Miller described as an attempt to rethink the bank account in a way that’s better suited to a business’ needs.

“The traditional products offered by banks were created in a world that’s very different,” Miller said. “We went back to first principles of how they should be designed.”

So Shopify Balance is a merchant account with no fees and no minimum balances.

Miller said that “initially,” the only funds in the account will come from Shopify payments — merchants won’t be able to deposit additional money, but they will be able to log in, track cash flow and pay bills. The account comes with a debit card (virtual or physical), and Shopify said it will also offer cashback rewards and discounts on expenses like shipping and marketing.

The company is also announcing a Buy Now, Pay Later feature, allowing merchants to give their customers the option to split their payments into four equal installments, with no interest or additional fees.

Source

File:Shopify logo 2018.svg - Wikimedia Commons

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