Shopify is officially launching Shop Cash as part of their Shop Day event today - but curiously they have dropped the reward from its original 3% to only 1%.
Shopify has been working on an interesting buyer rewards program available across all stores in the Shop app and it looks like Shop Cash has finally been spotted in the wild.
What Is Shop Cash & How Does It Work?
Shop Cash is currently in early access phase, available only to select users with billing addresses in the United State and only redeemable through the Shop app.
Shop Cash is a reward available to some Shop app customers. These customers can earn 3% in Shop Cash on eligible orders paid for using Shop Pay. While customers can earn Shop Cash both in the Shop app and on your online store, Shop Cash can only be redeemed towards purchases made in the Shop app. You can't opt out of accepting Shop Cash as a payment method.
The 3% Shop Cash is funded by Shopify and there is no additional cost to sellers - when a customer redeems Shop Cash, the seller is paid the full purchase amount.
You get paid for orders made using Shop Cash as a payment method the same way that you're paid for Shop Pay orders. When you view a payout that includes Shop Cash, the payment type appears on the statement as Shop Cash Credit.
While Shop Cash follows the Shopify Payments payout schedule, you might be paid out for the Shop Cash portion of an order the day following your Shopify Payments payout. You can view your payouts for more details on your payment schedule.
Shop Cash can only be earned on eligible orders paid via Shop Pay. As always, check the terms and conditions carefully.
Shop Rewards cannot be earned on purchases made using Shop Pay on third party websites, such as Facebook or Instagram, or via SMS “text-to-buy”, and cannot be earned on the following ineligible items: gift cards, digital downloads, subscriptions, or items using Shop Pay Installments. If a Shop User’s purchase includes one of the foregoing ineligible items, no Shop Rewards will be earned, even on those items that would otherwise be eligible to earn Shop Rewards.
Shop Cash Offers
On top of the 3% Shop Cash reward funded by Shopify, Shop Cash Offers is also in early access, allowing merchants to reach more potential buyers with visibility in the Shop Cash Offers section of the app by providing seller-funded additional rewards.
Shop Cash offers allow you to increase the value of Shop Cash on your store to help convert first time sales on the Shop app. When you opt in to Shop Pay offers, your offer is shown to potential new customers in Shop Cash offers section of the app, and you only pay for successful sales.
Customers who have purchased from your store before won't be able to view your Shop Cash offer.
Participating Shop stores will provide exclusive Shop Cash offers where the value of your Shop Cash is increased at checkout. You can maximize your Shop Cash by taking advantage of these Shop Cash offers while quantities last. A Shop Cash offer is not confirmed until the offer is applied to your cart at checkout.
Shop stores can set limits on their Shop Cash offers, which might mean that only a set amount of your Shop Cash can be multiplied for an offer. For example, if a Shop store is offering 10x the Shop Cash up to a maximum of $20, then your $5 Shop Cash reward becomes $20. You can apply your $20 Shop Cash reward towards your purchase at the store while quantities last.
One interesting tidbit from the Shop Cash Offers application - merchants must be willing/able to agree to a $5,000-$10,000 one month financial commitment to even be considered.
What do you think of Shopify's Shop Cash rewards program? Let us know in the comments below!