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Shopify has announced Shopify Finance, a comprehensive financial platform integrated directly into the Shopify admin.
Designed to support entrepreneurs by simplifying access to essential financial tools, Shopify Finance offers a streamlined approach to managing business finances, eliminating the need for multiple financial vendors.
This launch comes as small business owners face tighter bank lending conditions and increased borrowing costs in 2024, with many entrepreneurs reporting financial risk as a significant barrier to starting a business.
Shopify Finance consolidates several financial products, including Shopify Balance, Shopify Credit, Shopify Capital, Shopify Bill Pay, and Shopify Tax, providing merchants with a unified platform to manage their finances just in time for Black Friday and Cyber Monday.
Key Features of Shopify Finance
- Unified Financial Dashboard: Merchants can view and manage all business finances from a single dashboard in the Shopify admin.
- Faster Access to Funds: With tools like Shopify Capital, Shopify Credit, and Shopify Balance, merchants gain quick access to the funding they need.
- Rewards: Merchants earn APY rewards on money in Balance accounts and cash back on purchases made with Shopify Credit and Shopify Balance cards.
- Flexible Repayment Options: Merchants repay Shopify Capital and Shopify Credit balances based on a percentage of daily sales, allowing flexibility during slow sales periods.
- Simplified Tax Compliance: Shopify Tax enables merchants to manage sales tax obligations across state, county, and local levels in one place.
Enhanced Funding Flexibility with Shopify Capital and Credit
Shopify Capital now offers eligible merchants access to up to $2 million in funding without credit checks or impacts on personal credit scores. The platform introduces new monthly-cost loan structures in early access, enabling merchants to lower costs by repaying loans faster.
Shopify Credit, a pay-in-full Visa business card, provides up to 3% cash back on marketing, wholesale, and fulfillment purchases. Merchants can choose to pay in full within one month or gradually over 10 months from daily sales, allowing for more financial flexibility.
Maximizing Returns with Shopify Balance
Shopify Balance offers a free business account for next-day payments and now includes a 3.39% APY reward on every dollar in the account. Shopify Plus merchants benefit from an increased 4.43% APY reward, higher ACH limits, and automatic next-business-day payouts, maximizing their earning potential.
Streamlined Financial Management with Shopify Tax and Bill Pay
With Shopify Tax, eligible merchants can automate sales tax filings and remittances, reducing the workload associated with tax compliance. Additionally, Shopify Bill Pay enables merchants to pay bills using various payment methods—credit card, debit card, bank transfer, or Shopify Balance—even if the vendor does not accept that form of payment. Merchants can now make batch and recurring payments, simplifying transactions and saving on fees.
