Melio, a B2B payments platform for small businesses, announced a partnership with Shopify to power Shopify Bill Pay, an accounts payable solution that will transform how Shopify merchants pay and manage their business bills.
Through Shopify Bill Pay, merchants will now “have the ability to pay and manage their vendors and contractors in the same place they run their business: through their Shopify admin.”
Matan Bar, Melio’s CEO and co-founder, said:
“We are excited to announce this unique partnership with Shopify that will simplify merchants’ bill-paying experience – providing them with more flexibility to help with their cash flow and saving them countless hours spent tracking invoices. 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.”
Shopify Bill Pay enables merchants “to pay bills with their preferred method (credit, bank, or wire transfer), and allows them to choose the way in which the vendor receives the payment separately (check, bank, or wire transfer).”
Merchants will be able “to pay their invoices for everything ranging from inventory and shipping to advertising, both in the U.S. and abroad as Melio supports payments to 100 countries.”
Shopify Bill Pay saves merchants “an average of 16 hours a month on paying business bills and is 2x faster than other B2B expense solutions.”
It also “integrates into Shopify Balance, Shopify’s free financial business account.”
With Shopify Bill Pay, there “are no subscription or sign-up fees, and there are free options for merchants to pay bills with their Shopify Balance accounts or ACH bank transfers.”
Shruti Patel, Global Head of Merchant Services Partnerships and Monetization at Shopify, said:
“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.”
This partnership reportedly marks Melio’s first embedded finance offering “with a commerce platform.”
Melio’s innovative payments technology is “designed to be embedded into partners’ platforms – creating a seamless, customized payments experience that does not require customers to leave their preferred platform.”
As covered, Melio claims it is “a leading B2B payments technology company that enables small and medium-sized businesses to quickly and seamlessly transfer and receive payments, helping them improve cash flow and workflow.”
As one of the fastest-growing B2B payment solutions in the United States, Melio is transforming “how money is moved between businesses.”
It serves financial institutions and software companies “that want to provide Accounts Payable and Receivable products for their small business customers.”
Melio was “founded in 2018, with headquarters in New York, an R&D center in Tel Aviv, and western U.S. headquarters in Colorado.”