Today, we’re proud to officially unveil Merchant Candy: an invoicing and payments solution for rapidly growing Shopify brands. We’re here to make wholesale simple, starting by eliminating paper checks.
Check processing technology is antiquated and archaic.
However, over 50% of wholesale B2B payments are still carried out by check. That’s $16 trillion in transaction volume every year.
While eCommerce growth has risen dramatically over the past two decades, wholesale remains the critical unlock to scale digital brands to a point of financial and operational maturity.
The first wave of digitally native brands sought to upend traditional distribution channels, initially ignoring wholesale to focus on the online consumer. Yet this wave of brands is hitting a tipping point.
To fully reach their potential, brands have had to shift their focus back towards traditional wholesale avenues.
The second and third wave of digital brands know this, integrating wholesale into their growth strategy from day one. They launch online, iterate product offerings based on direct lines of communication with their customers, and then move quickly to expand into retail.
As one of the first engineers at Chime, I experienced this growth in digital payments firsthand.
After digging into the payments space over the past year with our team, we spotted a surprising trend. Despite the rapid unbundling of the eCommerce stack, with new payment functionality solutions cropping up every month, no one was paying attention to checks.
In spite of the level of transaction volume still carried out by check, none of the modern payment players in the eCommerce infrastructure stack supports paper checks.
Why? Checks are expensive to process, hard to keep track of, and yield operational nightmares when it comes to reconciling. To make matters worse, most large banks have completely moved away from physical check processing for small businesses.
We built Merchant Candy to solve this problem head on.
By seamlessly integrating with your Shopify, we help you get paid faster and waste less time on backoffice. Critically, your data is always in sync and your invoices are always up to date.
Using Merchant Candy, you can quickly customize invoices and set payment preferences so that every customer gets payment options that they want. In doing so, we make your brand’s invoicing simpler, faster, and easier to manage.
If you’re looking to grow your Shopify store without the headaches, we’re excited to meet you.
Boris de Souza, Founder and CEO