Shopify is now offering an online bank account called “Shopify Balance” to manage your money and business in one place.
Shopify is advertising the service to skip using a traditional bank and save money with no monthly, hidden fees, or transfer fees.
Shopify Balance offers 2% cashback when you spend money on marketing, shipping, and growing your business on Shopify.
It offers 10% cashback if you hire Shopify experts to help improve your store.
In addition, Shopify says its bank account will offer exclusive offers and discounts from Google, Facebook, and other partners.
Another benefit is that with its platform, you get paid quicker with money earned on Shopify being available the next business day, which it says is four days faster than a regular bank.
Another benefit is that you can sign up for the account online and avoid paperwork. Further, no minimum account balance is required.
Shopify Balance comes with a card to make online and in-store business purchases everywhere Visa is accepted and pay bills and withdraw cash from ATMs worldwide.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon