Shopify has announced a new collaboration with Melio, a B2B embedded finance offering, to create an integrated accounts payable (AP) solution called Shopify Bill Pay. This new offering will enable merchants to pay and manage bills from vendors and contractors through the same Shopify admin they use to run their business, according to a press release from the companies on Monday (April 24).

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“Shopify is committed to making commerce better for everyone, which is why we teamed up with Melio to power Shopify Bill Pay and free up our merchants’ time and resources, so they can focus on growing their business,” said Shruti Patel, global head of merchant services partnerships and monetization at Shopify.

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The move is driven in part by the growing number of millennials and members of Generation Z who are involved in their companies’ buying decisions and have brought their payment preferences into the B2B payments ecosystem, according to the “Embedded Finance Tracker®,” a PYMNTS and Galileo Financial Technologies collaboration.

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With the new Shopify Bill Pay, merchants can specify both the method they use to pay bills and the way the vendor receives the payment. They can pay via credit, bank or wire transfer, and have the vendor receive the payment via check, bank or wire transfer. As Melio supports payments to 100 countries, Shopify merchants can use the new embedded finance offering to pay invoices both in the United States and abroad.

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“Shopify Bill Pay will bring a whole new experience to merchants who are overwhelmed by managing their cash flow and inventories, preparing their stock for busy seasons and keeping track of each vendor’s payment requirements,” said Melio CEO and Co-founder Matan Bar.

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Digitization is becoming more firmly entrenched among small and medium-sized businesses (SMBs), and companies are finding positive ripple effects in the form of time saved and cash flow flexibility. “Being digital means you have more payments choice, and having more choice means you are able to manage your cash flow in ways that can smooth financial volatility,” Bar said in an interview with PYMNTS’

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Sources: https://www.pymnts.com/news/b2b-payments/2023/shopify-adds-melios-b2b-embedded-finance-offering-to-commerce-platform/