Shopify has launched a new tool to streamlines expense management. The company says the Shopify Bill Pay will enable merchants to put time back into their business.
Shopify Bill Pay is a tool for merchants to manage and pay vendors directly in the Shopify admin dashboard. The company says there are no subscription fees. It can save merchants 16 hours a month on paying business bills. The company suggests it is two times faster than other B2B expense solutions.
Shopify Bill Pay is the newest addition to Shopify’s suite of financial solutions for merchants. Shopify Bill Pay is powered by Melio, a leading B2B payments platform for small businesses. It removes friction for merchants by letting them track expenses and manage vendors without ever leaving their Shopify admin dashboard.
“Over the last few years, we have built out a robust offering of embedded fintech solutions. These solutions empower merchants to build and sell products,” said Shruti Patel, Global Head of Merchant Services Partnerships and Monetisation at Shopify. “Through our partnership with Melio, Shopify Bill Pay will give merchants more time to invest back into their business. It brings us one step closer to advancing our mission of making commerce better for everyone.”
Key features
Merchants using Shopify Bill Pay will benefit from these features.
- Easily schedule, pay, and manage B2B payments within their Shopify admin dashboard.
- Preferred payment method selection (pay with credit, even if the vendor do not accept it).
- A dedicated bill pay dashboard to filter, sort, and schedule payments — for now or the future.
- Email and image-based expense uploading.
“We are excited to announce this partnership with Shopify to simplify merchants’ bill-paying experience,” said Matan Bar, Melio’s CEO. “Shopify Bill Pay will bring a whole new experience to merchants who are overwhelmed by managing their inventories. In addition to preparing their stock for busy seasons and keeping track of each vendor’s payment requirements.”
Shopify Bill Pay also integrates into Shopify Balance. With Shopify Bill Pay, there are no subscription or sign-up fees. Merchants can pay bills with their Shopify Balance accounts or ACH bank transfers for free. Shopify Balance complements Shopify Bill Pay by giving merchants a holistic view of their store’s financial health. Additionally, visibility on physical and virtual business spending cards, payment up to four days earlier than traditional banks, cashback rewards and access to tax tool connections merchants need are other features. Shopify Bill Pay is available to U.S. merchants starting today.
Enterprise Times: What this means for business.
Dealing with invoice-related tasks is tedious for any merchant. As a business grows, so do the number of methods used to pay expenses. Time is money, and reducing time spent on administrative processes such as expense management is critical to businesses building for the long-term. Hence Shopify’s decision to launch a solution that streamlines the expense management process. Through Shopify Bill Pay, Shopify continues to build a suite of embedded financial solutions that provides merchants with the robust set of financial tools they need to run and grow their business, making the most of their money. Clearly, the company is looking to grow its ecosystem beyond its small business roots, to larger, more complex enterprise-level entities.
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