The commerce giant announced that it is offering Shopify Credit, a business credit card designed exclusively for its merchants.
In brief:
-The new product marks Shopify’s first pay-in-full business credit card. It is powered by Stripe and it is issued by Celtic bank.
-It’s not the first time Shopify has teamed up with Stripe. The two companies have been partnered for nearly a decade and Shopify also works with the company to power Shopify Payments and Shopify Balance, a money management account.
- Merchants are evaluated on a variety of factors in the application process, such as their sales performance, as opposed to credit checks. Specifically, eligibility is also based on the merchant being on Shopify Payments and U.S.-based with sales on Shopify. There is also KYC required.
What does this mean?
“We’re in the business of making commerce better for everyone. And we really try to arm our merchants with solutions that reduce the complexity of running a commerce business, so that they can really focus on building the best products for their customers and growing the business,” Vikram Anreddy, Director of Product Management at Shopify, said.
