Helping merchants cope with the new normal of e-commerce, Shopify has announced that it will launch Shopify Balance, buy now, pay later, and other services.
Today, most banking products are designed for large, established businesses from the perspective of a traditional financial institution. They are not designed for the needs of independent business owners and are not flexible enough. Shopify's new 'buy now, pay later' shopping installment feature allows merchants to offer more payment options and flexibility at checkout. This gives consumers the option to pay for their purchases in four equal installments over time, interest-free and at no additional cost to the consumer.
Flexible payment options can help increase the average order size for merchants by making it more accessible to consumers, especially in the current economic climate.Shopify will work with its partners to launch the "shop installment" service later this year. The feature will be available to US merchants who are eligible for Shopify payments.
In its research, Shopify found that two of five merchants are using personal bank accounts and credit cards to conduct their business, meaning they are combining their personal and business finances, making it difficult to measure the financial position of their business. Shopify Balance will help close this gap by helping merchants access the key financial products they need to start, run and grow their businesses.
【Source text：by report】
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