Based on the information detailed in the press release, leveraging Shopify Bill Pay is set to enable merchants to pay and manage their vendors and contractors in the same place they run their business, via their Shopify admin.
Shopify Bill Pay lets merchants pay bills using their preferred method (credit, bank, or wire transfer) and enables them to select the way in which the vendor receives the payment separately (check, bank, or wire transfer). The announcement also states that merchants will be able to pay their invoices for everything ranging from inventory and shipping to advertising, in the US and abroad, as Melio supports payments to 100 countries.
Commenting on the launch, Matan Bar, Melio's CEO, and co-founder advised that they believe the collaboration with Shopify to help simplify merchants’ bill-paying experience, providing them with increased flexibility to assist with their cash flow and saving them time spent tracking invoices. The spokesperson believes Shopify Bill Pay will bring a new experience to merchants cumbered with managing their cash flow and inventories, preparing their stock for busy periods, and keeping track of each vendor’s payment requirements.
The press release further details that Shopify Bill Pay saves merchants an average of 16 hours monthly on paying business bills and is believed to be 2x faster when compared to other B2B expense solutions. What is more, the solution integrates into Shopify Balance, the company’s free financial business account. What is more, Shopify Bill Pay requires no subscription or sign-up fees, and there are free options for merchants to pay bills leveraging their Shopify Balance accounts or ACH bank transfers.
Adding on the collaboration, Shruti Patel, Global Head of Merchant Services Partnerships and Monetization at Shopify advised that Shopify is committed to improving commerce for everyone, this being why they selected Melio to power Shopify Bill Pay and help free up their merchants’ time and resources, so they are enabled to focus on scaling their business.
A B2B payments technology company, Melio enables SMBs to transfer and receive payments in a quick and simple manner, looking to help them improve their cash flow and workflow alike. The company serves FIs and software companies that want to offer accounts payable and receivable products for their small business customers.
A global commerce company, Shopify provides internet infrastructure for commerce, offering tools to start, scale, market, and run a retail business. The company aims to improve commerce for everyone with a platform and services that are designed for speed, customisation, reliability, and security, while also providing a better shopping experience for consumers.
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