Shopify is a company well known for its e-commerce suite of products which will help you set up your online store as well as start selling the items for the world and you don’t have to do a lot of work as the team at Shopify is very efficient and while it does cost you to run the store, it is quite a seamless process instead of going through the hassle of hosting your own store as well as running the payments system and a lot more stuff. Now that Shopify also knows that their product is just better, they are trying to take advantage of their customer base as any company would.
We know that payments and funds are one of the most challenging aspects for any merchant running an online store because the rotation of money takes a lot of time which means that a credit card makes a lot of sense. Shopify realized this opportunity and have now announced a new business credit card exclusively for its merchants so that they can spend a lot more and pay later on. Shopify’s President claims that it is Shopify’s first pay-in-full business credit card and also added that their card “is powered by Stripe and it is issued by Celtic bank, and accepted everywhere Visa is”.
Shopify’s President Finkelstein added, “We designed Credit with the reality of an entrepreneur in mind. We recognized that having smooth cash flow is important for business owners, and as a business matures, entrepreneurs may find themselves looking for a credit line to maximize their working capital for expected (and unexpected) expenses”. The Credit Card launch from Shopify is the latest of many such features launched by the company including Shopify Balance and Shopify Capital. It is worth noting that Shopify Balance already allows merchants to take loans. Talking about the approval process, the card is allocated to the merchants based on their sales performance instead of credit checks and KYC is also needed before the card is given to the merchants. Shopify says it plans to allot these cards to “millions of merchants” in the US alone.
