HomeeCommerce NewsShopify forays into the fintech space with its own credit card launch

Shopify forays into the fintech space with its own credit card launch

Shopify, as we all know, is a pioneer in the e-commerce world and has been going on since many years to be the leader in letting people come online and sell their products to the world. It is worth noting that there are options such as WooCommerce and others which are even open-source and available freely but people choose Shopify because of its superiority and the ease of use as well as top-notch customer support. Now, Shopify knows that they have a loyal customer base and they are trying to take advantage of the same as well.

Recently, Shopify announced that they are bringing a business credit card for its customers/merchants exclusively. Shopify’s President says that “It is powered by Stripe and it is issued by Celtic Bank, “and accepted everywhere Visa is”. He added that “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”. Shopify and Stripe are also not partnering for the first time. In fact, their partnership has been going on for as long as Shopify has been in the market.

If you want to get this Shopify business credit card, your application is “evaluated on various factors in the application process, such as their sales performance, as opposed to credit checks. Specifically, eligibility is also based on the merchant being on Shopify Payments and U.S.-based with sales on Shopify”. Shopify adds that KYC (know your customer) is also required to get the card. The company tells us that once their application is approved, “merchants can start spending immediately with a virtual card and earn 3% cash back on their “top spend category,” and 1% on remaining categories such as wholesale, marketing and shipping”. Shopify is also claiming that it won’t charge any fees for the card, including no late or foreign transaction fees. However, we will have to wait and see how long that no-fees policy stays once the card’s adoption rate increases.

Alf Alferez
Alf Alferez
Dedicated writer with a strong track record of developing customer loyalty and managing general office operations. Enjoy being a part of a company where my skills and creative ideas will benefit the overall productivity of the organization. I have a strong desire to work in helping make the world a better place. Please reach out to me on alf@ecommercenext.org

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