The Paypers

Shopify Balance, which will be launched in 2020 in the US, aims to support merchants by giving them access to financial products to start, run, and grow their businesses. With no monthly fees or minimum balances, Shopify Balance will include:

Shopify Balance Account, with which merchants can get a clear view of cash flow, pay bills, track expenses;
Shopify Balance Card, representing physical and virtual cards that merchants can use to access their money faster when spending in-store, with mobile or online, as well as withdrawing from ATMs;
Rewards – merchants will receive cashback and discounts on everyday business spending like shipping and marketing.

Shop Pay Instalments, which was announced as well during the virtual event and will be launched in 2020, lets merchants offer more payment choice and flexibility at the checkout, enabling consumers to split purchases into four equal payments over time, with no additional fees. The option will be available to US merchants eligible for Shopify Payments.

Additionally, Shopify has begun rolling out a new local delivery product for merchants globally to offer a streamlined local delivery experience. Thus, merchants can define a local delivery area using distance radius or zip/postal codes, set local delivery fees and minimum order price, fulfil local orders through Shopify, Shopify POS, and Shopify Mobile, and also use the new Shopify Local Delivery app to create optimised delivery routes.

Shopify to roll out Shopify Balance and Shop Pay Instalments