Shopify Inc. is unveiling a series of payment and banking products designed to help merchants navigate the surge in e-commerce during the COVID-19 pandemic.
The company, which enables e-commerce for independent merchants, is seeing a 45% increase in customers buying from stores they haven’t bought from before, Vanessa Lee, ecosystem product director at Shopify, said during the company’s virtual Reunite presentation.
“One thing that is really amazing is we’re seeing a lot of growth in merchants who probably weren’t thinking about going online before all of this,” Lee said during the presentation yesterday.
The company is introducing a banking product for merchants called Shopify Balance, which gives merchants a dedicated business account with a view of cash flow and bill payments, physical and virtual payment cards and will soon add a rewards component.
Shopify Balance will not not charge any monthly fees or have a minimum balance requirement and will be available for early access later in 2020.
The company will also launch Shop Pay Installments, which will allow customers to pay merchants in four equal payments, without charging additional interest or fees. The service will be available to U.S. merchants that are eligible to participate in Shopify Payments.
The company has also begun rolling out a local delivery product that allows merchants to set up local delivery, with their own region and set their own fees. The company will make a new local delivery app available so merchants can set up optimized routes and notify customers.