Do you spend hours every month tracking down invoices, entering data, and making payments? If so, you're not alone. Managing expenses is a time-consuming task that can take away from running your business.
It was announced last week that Shopify Bill Pay will save merchants up to 16 hours per month on paying business expenses, and is 2x faster than other businesses expenses management solutions.
Through Shopify Bill Pay, Shopify continues to build a suite of embedded financial solutions that provides merchants with the robust set of financial tools they need to run and grow their business, making the most of their money.
“Over the last few years, we've built out a robust offering of embedded fintech solutions that empower our merchants to build and sell their products,” said Shruti Patel, Global Head of Merchant Services Partnerships and Monetization at Shopify. “Through our partnership with Melio, Shopify Bill Pay will give merchants more time to invest back into their business and brings us one step closer to advancing our mission of making commerce better for everyone.”
That's where Shopify Bill Pay comes in. Shopify Bill Pay is a new tool that lets you manage and pay vendors directly in the Shopify admin dashboard. With Shopify Bill Pay, you can:
- Track expenses - Shopify Bill Pay automatically imports invoices from your email and stores them in one place. This makes it easy to see where your money is going and identify areas where you can save.
- Pay vendors - Shopify Bill Pay lets you pay vendors with a credit card, bank transfer, or Shopify Balance account. You can also schedule payments to go out automatically.
- Stay organized - Shopify Bill Pay provides a central place to manage all of your expenses. This helps you stay organized and on top of your finances.
“We are excited to announce this unique partnership with Shopify that will simplify merchants’ bill-paying experience,” said Matan Bar, Melio's co-founder and CEO. “Shopify Bill Pay will bring a whole new experience to merchants who are overwhelmed by managing their inventories, preparing their stock for busy seasons, and keeping track of each vendor’s payment requirements.”
Shopify Bill Pay is a free tool that's available to all US Shopify merchants. To get started, simply sign in to your Shopify admin dashboard and click on the "Bill Pay" tab.
Here are a few of the benefits of using Shopify Bill Pay:
- Save time - Shopify Bill Pay can save you hours of time each month by automating the expense management process.
- Improve accuracy - Shopify Bill Pay reduces the risk of errors by automatically importing invoices and storing them in one place.
- Get more insights - Shopify Bill Pay provides insights into your spending habits so you can make informed financial decisions.
- Improve cash flow - Shopify Bill Pay lets you pay vendors early, which can help improve your cash flow.
If you're looking for a way to save time and improve your expense management, Shopify Bill Pay may be a great option.
How Shopify Bill Pay works
Shopify Bill Pay is a simple and easy-to-use tool that lets you manage and pay vendors directly in the Shopify admin dashboard. Here's how it works:
- Add vendors - To get started, add your vendors to Shopify Bill Pay. You can do this by entering their name, email address, and payment terms.
- Import invoices - Shopify Bill Pay automatically imports invoices from your email. You can also manually upload invoices.
- Pay vendors - Once an invoice is imported, you can pay it with a credit card, bank transfer, or Shopify Balance account. You can also schedule payments to go out automatically.
- Track expenses - Shopify Bill Pay provides a central place to track all of your expenses. You can view your expenses by vendor, date, or category.
- Get insights - Shopify Bill Pay provides insights into your spending habits so you can make informed financial decisions. For example, you can see which vendors you spend the most money with and identify areas where you can save.
Benefits of using Shopify Bill Pay
There are many benefits to using Shopify Bill Pay, including:
- Save time - Shopify Bill Pay can save you hours of time each month by automating the expense management process.
- Improve accuracy- Shopify Bill Pay reduces the risk of errors by automatically importing invoices and storing them in one place.
- Get more insights - Shopify Bill Pay provides insights into your spending habits so you can make informed financial decisions.
- Improve cash flow - Shopify Bill Pay lets you pay vendors early, which can help improve your cash flow.
How to get started with Shopify Bill Pay
To get started with Shopify Bill Pay, simply sign in to your Shopify admin dashboard and click on the "Bill Pay" tab. From there, you can add vendors, import invoices, and pay vendors.
Shopify Bill Pay is a free tool that's available to all US Shopify merchants. To learn more, visit Shopify.
