Shopify, a leading ecommerce platform, is launching a new tool, Shopify Bill Pay, offering merchants the ability to manage and pay vendors directly from the Shopify admin dashboard, with no subscription fees. This new tool will help small business owners save an average of 16 hours per month on business bill payments and will be twice as fast as other B2B expense solutions.
The launch of Shopify Bill Pay is an expansion of Shopify’s financial solutions, providing merchants with a comprehensive suite of financial tools to help manage and grow their businesses. The tool aims to help entrepreneurs streamline the tedious task of managing expenses, a crucial step for long-term business success.
“Over the last few years, we’ve built out a robust offering of embedded fintech solutions that empower our merchants to build and sell their products,” said Shruti Patel, Global Head of Merchant Services Partnerships and Monetization at Shopify. “Through our partnership with Melio, Shopify Bill Pay will give merchants more time to invest back into their business and brings us one step closer to advancing our mission of making commerce better for everyone.”
Shopify Bill Pay, powered by Melio, a leading B2B payments platform for small businesses, allows merchants to track expenses and manage vendors without ever leaving their Shopify admin dashboard. This allows for easy scheduling, paying, and management of B2B payments.
Key features of Shopify Bill Pay include the ability to select a preferred payment method, use a dedicated bill pay dashboard to filter, sort, and schedule payments, and upload expenses through email and images. Furthermore, merchants can pay with credit, even if the vendor doesn’t accept it, offering flexibility in payment options.
Matan Bar, Melio’s co-founder and CEO, expressed his excitement over the partnership with Shopify, emphasizing that Shopify Bill Pay will simplify merchants’ bill-paying experiences and help those overwhelmed by managing inventories, preparing their stock for busy seasons, and keeping track of each vendor’s payment requirements.
Shopify Bill Pay also integrates seamlessly into Shopify Balance, a feature that provides a holistic view of a store’s financial health, offering physical and virtual business spending cards, payment up to four days earlier than a traditional bank, cashback rewards, and access to tax tool connections, among other features.
With no subscription or sign-up fees, Shopify Bill Pay offers a cost-effective solution for merchants to manage their finances. The tool became available to U.S. merchants from April 24. Small businesses seeking to save time and streamline their financial processes can benefit from this new tool and its suite of features.
With Shopify Bill Pay, Shopify continues to demonstrate its commitment to small business owners, by providing them with the tools they need to succeed and grow in the ecommerce landscape.
This article, “Shopify Launches Bill Pay: A Time-Saving Tool for Merchant Expenses” was first published on Small Business Trends