The outbreak of COVID-19 has become one of the most severe threats to the world economy. In response, Shopify is willing to provide business owners with kind support. The leading e-Commerce company has taken critical actions and given satisfying solutions to protect merchants during this tough time.
Shopify’s Actions against The Impact of COVID-19
Shopify has been nearly estimating and controlling the impact of COVID-19 outbreak. The expert team is available to instantly support merchants and protect stakeholders. In the meantime, the company prioritizes the health of employees, traders, clients, partners, as well as the whole community. These actions include:
- Tangible and digital gift cards available on every plan and for all clients.
- A $200 million commitment for Shopify Capital in small business funding in the United Kingdom and the United States. For expansion to more regions, Shopify is currently working with governments and partners.
- COVID-19 Discussions in Shopify Community forum: a space to join discussions with fellow merchants and get community support as Shopify navigates the impact of COVID-19. Moreover, virtual programming and local meetups are held every week.
- Extended 90-day free trial to all new signups. For clients who are on a 14-day free trial at present, they can further extend to 90 days.
In addition, retailers can either opt to deliver orders themselves or through Shopify. In case customers are close to the store, retailers can establish customized shipping and delivery option for this region. Retailers who use Shopify Point Of Sales can also set up in-store pickup for online customers. There is no need for changes in plans because this system is free of charge.
Visit Shopify Blog for further details.
Shopify’s General Help and Support for Small Businesses
Shopify has already prepared plans for the outbreak of COVID-19. Currently, the e-Commerce giant confirms that there is no negative impact on essential departments and procedures. Shopify takes the operation and development of businesses as a top preference, so the disease does not disrupt any effort to support their clients.
Most businesses in general and small businesses, in particular, are facing serious financial problems and so do Shopify’s clients. In the meanwhile, governments around the globe have been conducting relief measures and programs for those merchants. In order to keep partners informed, Shopify has gathered details about such programs in specific countries. Click here to see the full list.
Shopify’s support specialists work from both chat system, phone, email, website and apps. They are available round the clock to listen to and solve customers’ requests. Users can post questions in Shopify’s Help Centre. Furthermore, clients are able to contact Shopify experts, developers, designers and freelancers to ask for thorough help. Every issue, including technical problems and business guidance, is carefully examined and responded.
As mentioned above, Shopify is proving an extended 90-day free trial for all new signups. However, the termination date of this offer is unknown due to the unpredictability of COVID-19. Visit Shopify’s website at https://www.shopify.com/covid19 to keep up with the latest news.
Suggested Solutions for In-person Sales
Due to stay-at-home policies in some countries, the authorities strictly restricted their residents’ gatherings. Retail stores have very few customers consequently. As the pandemic becomes worse, brick-and-mortar merchants are even obliged to close their stores. To relieve the situation, Shopify suggests short-term revenue tactics for brick-and-mortar sales. In detail, the instruction shows the way to infuse cash flow into the business as well as strategies to promote online sales. The Canada-based company also suggests that retailers review their paid marketing mix in the context of digital marketing growing rapidly and cash flow declining.
Shopify Capital and Payments
Entitled merchants using Shopify Payments and third party payment gateways can access Shopify Capital. The e-Commerce giant recommends using Shopify Payments because it comes from the first party. Business owners can ask for funding as long as they are in the United States or the United Kingdom and satisfy the appropriate conditions. Shopify Payments is a product created to help merchants approach other Shopify financial solutions.
Shopify currently allows clients to change their payment schemes as well.
However, repayment of a loan stays the same. More specifically, at the end of the 12-month term, the total amount owed must be repaid. The loan’s term is separated into six 60-day repayment periods which are called milestones. Each milestone has a minimum payback amount that is required to be completed by the end of its 60-day cycle. Both the total owed and payback rate rely on the borrower’s risk profile.
In terms of the merchant cash advance (also called the amount received), there is no constant schedule or amount of money for remittances. The amount received is deposited into business merchant accounts. Meanwhile, a specific portion of daily revenues is remitted to Shopify Capital until the total to remit (the amount of future sales revenue that Shopify Capital buys) is entirely paid.
If business owners find it challenging to maintain their Shopify store, they can temporarily stop it. Their information will be kept for 90 days and restored whenever they bring their shops back into operation.
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