Vikram Anreddy is the head of product, financial services at Shopify, where he helps entrepreneurs effectively manage their money. His team builds banking solutions like Shopify Capital, Balance, Credit and BillPay for our merchants and the Billing platform that powers the monetization of all Shopify products.
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Guest Resources
Shopify Finance – Go to Shopify website to see more of their offerings.
3 Value Bombs
1) Being unafraid to fail is an underrated driver of success especially when you are building something new. Don’t be afraid to fail.
2) Money is the life blood of commerce business and managing cash flows is very important to run a business.
3) To reduce the burden in managing their money , Shopify used automation, simplified the work flow and build flexibility for their merchants.
Sponsors
HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!
ThriveTime Show: Attend the world’s highest rated and most reviewed business growth workshop taught personally by Clay Clark & football great Tim Tebow at ThriveTimeShow.com/eofire!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Making Finance Better for Entrepreneurs with Shopify Finance’s Vikram Anreddy
[1:49] – Vikram shares something that he believes about becoming successful that most people disagree with.
- Being unafraid to fail is an underrated driver of success especially when you are building something new. Don’t be afraid to fail.
[3:15] – Vikram talks about what is Shopify finance.
- What they do in Shopify finance is the relentless pursuit of breaking down the barriers to entreprenuers.
- Money is the life blood of commerce business and managing cash flows is very important to run a business but a lot of entreprenuers today are stuck with traditional banks and processes to manage all that money.
- Shopify finance brings together all a host of powerful tools from business banking to loans, credit cards, bill pay , tax management and all important tools that merchants need into one simple place within the shopify admin and shopify mobile app where the merchants already run their businesses.
- Their goal is to help merchants and entrepreneurs stretch their cashflows and have access to their cash when they need to invest in the growth of their business. Another goal is to help them save time and reduce headaches in managing their money by streamlining and automation so that entrepreneurs can focus on what they do best in building their products.
[6:11] – Vikram talks about the components that make up Shopify Finance.
- Shopify finance gives you a dashboard or a central hub where you can manage all your financial needs.
- The components are Shopify capital, a loan product where you can get funding on your business; Shopify credit, a credit card built for e-commerce merchants and give 3% rewards like marketing. Shopify balance, which is a business banking solution. Shopify cash which simplifies your compliance to sales tax.
- In summary, this will help merchants fix cash flows and make their money grow further and help them save time, effort and energy in managing their money.
[9:54] – A timeout to thank our sponsors.
- HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!
- ThriveTime Show: Attend the world’s highest rated and most reviewed business growth workshop taught personally by Clay Clark & football great Tim Tebow at ThriveTimeShow.com/eofire!
[12:33] – Vikram talks about how does Shopify Finance help merchants manage their money.
- The goal is reduce the burden in managing their money.
- They do automation and simplified some work flow and build flexibility.
[15:45] – Vikram talks about financial offerings and what makes Shopify Finance new.
- They have the dashboard or central hub which was built straight in the Shopify admin where you can manage all your financial accounts and transactions.
- They also have the evolving Shopify capital product where there is a fixed fee on the pricing of the loans.
- Monthly cost loans when you need a loan for a month which builds new flexibility and structure to help merchants.
- Credit card where you can choose to pay in months.
- Going to serve more bigger and complex merchants where they get exclusive benefits with 4.4% APY.
[18:28] – Vikram talk about thaking it to the next level.
- They have the relentless pursuit in breaking down barriers to give merchants all the powerful tools they need to run their business as well as help new merchants.
[19:47] – Call to action.
- Shopify Finance – Go to Shopify website to see more of their offerings.
[20:35] – Thank you to our Sponsors!
- HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!
- ThriveTime Show: Attend the world’s highest rated and most reviewed business growth workshop taught personally by Clay Clark & football great Tim Tebow at ThriveTimeShow.com/eofire!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!