Canada-based commerce platform Shopify has announced the launch of Shopify Credit, a business credit card made for the platform’s merchants. The new card, Shopify Credit, was designed to reward the platform’s merchants by offering cash back on their Shopify billing as well as marketing expenses.

As per the press release, the development of this card comes to address a challenge in the market. According to a study commissioned by the company, small businesses frequently use credit cards as their primary payment method for expenses. However, these cards often have confusing benefits, hidden fees, or credit checks that can have adverse effects on credit scores.

Shopify Credit is intended to be used as a day-to-day card for business costs and it will reportedly be accepted everywhere Visa is. To apply for it, merchants have to follow a specific process during which factors such as their sales performance will be taken into account. What does Shopify Credit offer? The new card provides merchants with a series of benefits tailored to their specific needs.

For instance, merchants receive 3% cash back on their top spend category, as well as 1% for the other categories, wholesale, marketing, and shipping included. Another key feature is that the card purportedly comes with no associated fees for Shopify Credit users. This includes no set-up, late, foreign transaction, replacement, or lost card fees.

Moreover, merchants who want to apply for it will not have to go through a credit score check. As stated in the official press release, merchants can complete the application process within minutes and immediately begin spending using a virtual card. The new Shopify Credit is the newest addition to the array of financial offerings provided by the company in a bid to assist merchants in optimising their business operations as they expand and grow.

The other solutions the commerce platform extends are Shopify Capital, which helps merchants access capital, thus enabling them to fund their business activities and Shopify Balance, which aids merchants manage their money. Another such product is Shopify Bill Pay, which assists merchants to manage and pay vendors directly in their admin dashboard. This is not the only strategic decision made by Shopify in an effort to strengthen its position in the market.

Earlier in 2023, the company garnered additional attention after it was announced that it tapped into the field of artificial intelligence (AI) by launching a new product-description tool to leverage the excitement surrounding this expanding technology. .