At the beginning of the Covid-19, Shopify increased their trial period from 14 to 90 days, giving its merchants more time to try the platform before committing for a paid plan. Everyone thought that was the most generous offer from shopify, but these new ones are game changers!
Now more than ever, it’s very beneficial and profitable for the entrepreneurs to align on Shopify’s mission of making commerce better for everyone—no matter how quickly the world around us changes.
That’s why today, the eCommerce giant ran Reunite, its first-ever broadcast event for business owners on its platform. It was an opportunity for the Shopify merchants, partners, and entrepreneurial communities to come together with the founders of the company where new features were unveiled, major announcements shared, and more insight were provided into the future of commerce.
Here six major features were discussed. These include Money, Online store, Omnichannel and marketing, Back office, Shipping and Performance. But in this post I’m only going to provide details on the first feature-Money, and the rest will follow in the coming posts.
Something which is always on every merchant’s mind is Business cash flow, and especially now in these uncertain times of the Covid-19 pandemic. Having financial support goes a long way when starting and growing a business. “We’re releasing new products and features aimed at helping small business owners manage their finances.” Posted Shopify on their official news website.
a) Shopify balance
The larger part of ecommerce is about banking and other financial services, yet today’s banking products aren’t really satisfying the needs of independent business owners. That’s why Shopify says that they want to change that by empowering merchants with tools that help them take control of their business finances.
For this reason, Shopify has come up with a new product known as Shopify Balance; financial products built for business owners and entrepreneurs.
Shopify Balance will give merchants access to critical financial products to start, run, and grow their businesses. Shopify Balance will include:
- Shopify Balance account. A one-stop-shop within the Shopify Admin where merchants can get a clear view of their cash flow, pay bills, track expenses, and make decisions about the future of their business, with no monthly fees or minimum balance.
- Shopify Card. Physical and virtual cards that merchants can use to access their money faster, when spending in-store, through mobile, or online.
- Rewards. Shopify is working with its partners to offer cashback and discounts, designed for everyday business spending.
Shopify Balance is another piece of the entrepreneurial puzzle, and will make running a business simple and accessible to as many people as possible. It will be launched in early access later this year to merchants in the U.S. Later it will expand to other countries in the future.
Consider how you can join Shopify and help make managing money simple, smart, and hassle-free for independent business owners. Learn more about Shopify Balance.
b) Shopify Capital
Shopify Capital is a program that helps small businesses easily access financing. Merchants in eligible countries can apply for funding within their Shopify account and, when approved, will see funds in their bank account within a few days.
Shopify issues financing amounts that range from $200 to $1,000,000, and doesn’t focus on personal credit history. They don’t a condition that they should own a percentage of the merchant’s business before issuing the financing.
Shopify stated on their official news website, “To help merchants stay afloat, we recently expanded Shopify Capital outside of the U.S., to include the United Kingdom and Canada. We’ve also committed an additional $200 million to the program and have already provided $1 billion in capital to our merchants.”
Learn more about how Shopify Capital can help your clients.
c) Shop Pay Installments
This is now a gamechanger! It’s not just merchants who are struggling with cash flow right now; their buyers are feeling the pinch, too since the pandemic has negatively affected everyone. To help, Shopify announced the launch of Shop Pay Installments, coming to merchants and buyers in the U.S. later this year.
“Shop Pay Installments allow buyers to pay for purchases in four equal payments over time, with no interest or fees. Merchants will receive the full purchase amount upfront, and Shopify will collect the remaining installment payments, meaning there’s no risk to merchants. This flexible payment option will allow buyers to stretch out their payments, making purchases more convenient. This, in turn, will help merchants increase cart sizes and overall sales.”
“Installments will be fully integrated into the Shop Pay accelerated checkout, meaning merchants can continue to offer buyers a seamless checkout experience.” Announced on shopify news site.
Your clients can join the waitlist for Shop Pay Installments now.
There has never been a better time to join Shopify than now. They’ve made everything super easy both for merchants and buyers. Plus, there are more great news coming from Shopify in the upcoming posts right here.
Shopify merchants have been the biggest winners since the start of the Covid-19. If you haven’t joined Shopify yet, do so now and start enjoying all these privileges.