Wix launched Wix Checking and Wix Capital, two new financial services aimed to help merchants manage cash flow and fund growth.
Wix Checking is a fully integrated business checking account that is:
- powered by fintech Unit’s embedded finance solution
- free to use for all merchants.
- designed to offer a real-time view of cash flow and business performance
- give merchants instant access to their earnings the moment a sale is completed
- remove the need for external banking tools and manual reconciliations
To use their funds, merchants can either make purchases with the Wix Visa business debit card or transfer money to an external bank account. However at that point, they might as well continue to deposit funds directly into their external bank account.
Wix Capital is a revenue based financing solution that:
- is designed to help businesses address cash flow gaps and unlock growth
- offers a fast, flexible approach to secure funding over traditional banks
- allows merchants to request a cash advance in exchange for a fixed fee and a percentage of future sales
Are either of these features revolutionary? Hardly!
Shopify has offered similar features with Shopify Capital and Shopify Balance since 2016 and 2021 respectively. I’m honestly surprised it took Wix so long to jump on the bandwagon, given the integration spree they’ve been on during the past few years. However better late than never.
