Shopify has revealed its new Payments Platform. It is a way to integrate third-party payment gateways into Shopify Checkout. Thus, merchants can add them as payment options for their customers. The payment gateways can be created as Shopify apps.
The new Payments Platform was announced by the company during its annual Shopify Unite event. The new platform will replace Shopify’s legacy integration points. Moreover, it will allow third-party payment providers to create payment gateways as apps. Ultimately, this opens them to a broader ecosystem of gateways that offer niche functionality. In addition, it brings new business value to merchants by helping them sell more, in more places.
The company has also made its checkout faster. Any online retailer can now handle the capacity of tens of thousands of purchases per minute. It may seem like a lot, but the company says their objective is to give each shop owner the ability to handle as much sales volume as they served at the peak of Black Friday and Cyber Monday.
Furthermore, with the introduction of Checkout Extensions, developers can build apps into Shopify Checkout. These checkout customizations will also work in Shop Pay. The conference had more great news for developers. Following similar moves by Apple, Google, and Amazon, the company reveals it will lower its cut of developer revenue across the Shopify App Store and the new Shopify Theme Store.
Lastly, developers will now pay 0% (instead of 20%) revenue share for the first one million dollars they earn annually on the platform. This one million mark resets annually.