Hidden fees, convoluted benefits, and credit checks that tarnish credit scores can create frustration for business owners.
Nevertheless, business credit cards remain an integral tool for managing expenses, with 53% of non-payroll expenditure typically processed through credit or debit cards, according to Ottawa’s Shopify.
Designed for Shopify merchants, Shopify Credit is a new solution to this problem.
Developed in collaboration with Stripe and Visa, Shopify Credit aims to address pain points of business credit cards.
A cash-back scheme coupled with a no-fees policy will appeal to many.
“Shopify Credit users are rewarded with up to 3% cashback on eligible purchases,” the company says. “Our card comes with a hassle-free application process, and zero fees.”
According to the company, the card scales alongside a merchant’s business, with credit limits based on their sales, not credit history.
Shopify Credit is an essential cog in Shopify’s arsenal of financial solutions aimed at empowering merchants, the company says.
This suite of financial tools includes Shopify Capital, which provides merchants with working capital; Shopify Balance, a robust solution for money management; and Shopify Bill Pay, a service to streamline payments to vendors.
Presently, Shopify Credit is available to eligible US-based merchants.
Shopify laid off staff earlier this year as it honed itself toward a singular focus.