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.
Interesting in learning about developing an eCommerce strategy?
TSG’s Directory of eCommerce Providers & Marketplaces takes a deep dive into the developing digital world of commerce, highlighting industry statistics, figures, and trends. The report provides information on 355 leading eCommerce technologies and platforms.