Shopify announced a number of new products and features in Reunite, a virtual conference for the one million merchants using the company’s e-commerce platform.
Among the major announcements made at Reunite, there was Shopify Balance, a financial product aimed at entrepreneurs. It is a merchant account that requires zero fees and zero minimum balance. Also, it comes with a debit card.
“The traditional products offered by banks were created in a world that is very different,” Craig Miller, Chief Product Officer, Shopify, said. “We went back to first principles on how they should be designed,” he added.
Miller said, “initially,” the funds will come only from Shopify payments, i.e., merchants won’t be able to deposit extra money. They can only log in, manage cash flow, and pay bills. Shopify claims to offer cashback rewards and discounts on expenses, including shipping and marketing.
Another product release by Shopify
The company is also planning to release a Buy Now, Pay Later Feature. It allows merchants to split and complete the payment in four installments, without paying any interest and additional fees. The purpose is to help the merchants selling big ticket items during this unemployment time and economic uncertainty.
Shopify plans to release both the products later in 2020.
Everything that Shopify has done in the past few months is a “crazy acceleration on the importance of digital” as merchants adapt to the COVID-19 pandemic.
Another feature launched at Reunite includes local delivery and Shopify Email, a tool to connect with the customers.
The virtual event comes up after the launch of Facebook Inc.’s FB Shops. This initiative will allow the creation of digital stores on Facebook and Instagram, wherein merchants will be able to manage their Instagram and Facebook from the Shopify Platform.