Melio, a B2B payments firm, has teamed with Shopify to provide a new bill payment solution.
This service will allow merchants in the United States to manage their vendors and costs on Shopify’s platform. According to Shruti Patel, Shopify’s global manager of merchant services partnerships and monetization, the key objective for this functionality is to offer merchants more time to focus on developing their companies rather than on time-consuming processes like paying bills and consolidating invoices.
The bill pay feature is completely integrated into Shopify’s current product and functions as an accounts payable solution within the shop administration, where merchants can manage their enterprises. Shopify purposefully integrated the feature to make it simple to use. Merchants may choose from a variety of funding options, including a bank account, credit or debit card, ACH bank transfer, and Shopify Balance. Even if the seller does not take credit cards, they can pay with them.
Shopify merchants will benefit from more payment alternatives and speedier payment schedules. They may organize payments in advance and make payments up to four days ahead of typical banks. While the bill pay option is free for retailers, certain payment methods, such as credit card purchases, incur costs.
The sources for this piece include an article in TechCrunch.