Shopify (NYSE: SHOP) has launched a new money management solution with a deliberate seller-centric approach. Known as Balance, the money management solution includes a raft to tools to help merchants run their business more effectively. The tools include a business account, business card, rewards, and no monthly fees.
Shopify Balance Money Management System
Shopify’s new money management solution is designed to help small businesses manage their business finance and cash flow in one convenient place.
The current climate of consumer uncertainty places great challenges on merchants and small businesses. Balance maintains Shopify’s aim to help solve the biggest problems entrepreneurs face. With tools to help merchants grow and manage finances more efficiently, Balance aims to nurture entrepreneurial growth during these challenging times.
A One-Stop-Shop for Banking
In a press statement, Shopify points to how many small businesses use personal bank accounts for business purposes. Such practices are not an ideal way to manage business finances.
“We found that two in five merchants are currently using their personal bank accounts and cards for business, meaning they’re combining their personal and business finances, making it difficult to measure the financial health of the business,” writes Shopify.
Balance aims to close the gap between businesses using personal bank accounts by giving merchants access to critical financial products to start and grow their businesses.
A Clear View of Business Finances
The one-stop-shop within Shopify admin enables merchants to have a clear view of their finances. This includes a clear view of their cash flow, bills, expenses, and decision about the future of their business.
Merchants will be able to access their money through physical and virtual cards. The cards will allow sellers to access their money faster whether it’s in-store, online or using ATM machines.
Merchants will not have to pay any monthly fees for Shopify Balance and there are no minimum balances.
Buy Now, Pay Later
In today’s uncertain retail climate, consumers are demanding greater payment flexibility. Offering customers that chance to pay in instalments over time, can be an effective way to attract customers and increase order size.
In addition to Balance, Shopify is offering a Buy Now, Pay Later option. Shopify’s Buy Now, Pay Later option is designed to help merchants meet such current consumer demands and subsequently achieve business growth. The feature enables sellers to provide greater flexibility and choice at checkout. Such flexibility includes giving customers the option to split payment over four interest-free instalments.
Local Delivery Options
The value of shopping locally has been acutely highlighted by the coronavirus pandemic. It is now more important then ever for small businesses to provide efficient ways to connect with customers at a local level.
Shopify has begun to roll out a new Local Delivery product. The product is aimed at enabling merchants to offer an improved and simplified local delivery experience. It achieves this by setting local delivery fees and minimum order price. Local orders can be fulfilled through Shopify, Shopify POS, and Shopify Mobile. Local delivery areas are also defined using distance radius or zip codes.
With the retail landscape undergoing immense changes in the recent climate, many of the old ways of conducting business no longer work. Lockdown and social distancing have reinforced the importance for retailers to have an omnichannel presence. Shopify’s new products aim to help sellers navigate new demands with greater ease and efficiency.