Shopify announced a new program Wednesday aimed at strengthening its merchants’ businesses.
Shopify Capital is a cash advance product that, for now, is only available to eligible merchants in the United States. The e-commerce juggernaut said on its website there are plans to expand the program in the coming months.
“For many merchants, securing capital is a frustrating and time-consuming process,” Shopify product manager Saad Atieque said in a statement. “With Shopify Capital, we’re giving entrepreneurs a simple, fast and convenient way to secure financing to invest in their business.”
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The company said it will tailor cash advances to its merchants’ needs, based on data it obtains through the Shopify platform. After a few clicks and a few days, the money will be in the merchant’s account.
Shopify is basically offering to buy merchants’ future receivables at a discount. Merchants will pay a percentage of their daily sales until they have covered the total amount of receivables Shopify purchased.
Shopify Capital recently completed a pilot program that saw eligible merchants use the funds to invest in equipment and inventory, launch new products and hire more staff.
