Shopify will now be integrating Solana Pay as its newest Web3-native payment solution that will allow merchants to have real-time access to their money while enhancing their digital storefront’s capital, liquidity, and liability protection – with no middleman or intermediary involved.
Solana Pay is the brainchild of the San Francisco-based tech company Solana Labs that is built on its decentralized Solana network.
Known for its high transaction speeds (no waiting for clearinghouses), near-zero fees, and sustainability, Solana Pay has become an industry-preferred tool for helping companies like Shopify scale their businesses to integrate Web3-native payment solutions to provide a better user experience for those who actively use digital currencies.
It currently services MonkeDAO, MadLads, Helius, and Solana’s merch store.
What This Means for Shopify
For Shopify users and merchants, Solana Pay not only eliminates bank fees, chargebacks, and holding times – but also enables immediate, direct payment settlement of USD stablecoins (pegged to our U.S. dollar and not impacted by market fluctuations).
Powering millions of businesses in more than 75 countries, Shopify’s platform maintains the trust of numerous industry leading brands, including, but not limited to Mattel, Gymshark, Heinz, Netflix, Supreme, and many more. It provides essential internet infrastructures for commerce with integrated tools that allow its users to quickly and reliably have a better shopping experience, while providing its merchants the ability to start, scale, market, and run a retail business of any size.
Through Solana’s decentralized platform, Shopify will open up a new avenue of commerce that allows users and merchants the ability to seamlessly utilize a Web3-native payment solution to continue driving revenue streams and long-term innovative growth that isn’t “left behind.”
Merchants who want to begin implementing Solana Pay in their digital Shopify storefront can visit the Solana Pay website.
Earlier this month, PayPal launched its new U.S. dollar-backed stablecoin – PayPal USD – marking the first time a major U.S. financial company has created a stablecoin. The Ethereum-based stablecoin, which is issued by Paxos Trust Co., has already begun rolling out to PayPal customers.
Shopify Plus Merchants Are About to Lose Access to Success Managers
In other news, INSIDER reported on Tuesday that Shopify is expecting to revoke the access to its merchant success managers (employees), which will impact approximately 16,000 Shopify Plus merchants.
Shopify Plus, which is the company’s larger platform for its more established brands, offers merchants added features including tax services and B2B and wholesale tools. Its success managers consult with Plus merchants in launching and running their respective digital storefronts.
According to an internal company email that INSIDER viewed, Plus merchants will now be required to use Shopify’s “Help Center” to get in touch with Support staff. Shopify said this isn’t designed to take away from Plus merchants’ experience, but instead, to “transform [it] to make it more efficient, effective, and provide a better merchant experience.”