Shopify, one of the best ecommerce platforms, is combining all of the financial data its users need to manage their businesses in the new Shopify Finance platform.
Built within the Shopify admin dashboard to consolidate financial management for merchants, Shopify Finance is designed to help entrepreneurs access funds, manage payments, and maintain tax compliance—all within Shopify’s ecosystem.
Shopify Finance is part of Shopify’s efforts to appeal to business owners who feel hemmed in by restrictive lending options from traditional banks. Instead of a hodge-podge of places to look for relevant details, Shopify Finance centralizes the dashboard where all its tools can be found. This way, businesses can view and manage their finances simultaneously instead of hopping from window to window.
One example is Shopify Balance, which serves as a business account providing next-day access to sales revenue to businesses. It also rewards merchants on Shopify’s standard plans with a 3.39% APY on funds held in the account, rising to 4.43% APY for Shopify Plus users who also get perks like increased automated clearing house (ACH) limits and default next-business-day payouts.
Shopify Finance’s suite of tools includes a way for business owners to get the cash they need to operate as soon as they need it. That includes Shopify Capital, which provides qualified merchants with up to $2 million without credit checks. Payment plans are designed to match the revenue flow of an individual business, and merchants can repay the money based on a percentage of daily sales instead of a fixed amount. They can even repay it sooner to reduce total costs with the Shopify Credit Business Visa…
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