How to use gift card sales to supplement your cash flow You can still manage existing gift cards, but you can't create any new gift cards. If the gift card feature is removed from your plan, then all existing gift cards for your business can still be redeemed in your checkout. What happens if I change to a subscription plan where gift cards aren't available? You will receive a notice before the gift card feature is removed from your plan. The feature is intended to be available until the impact of the virus begins to subside, and businesses start operating without interference from the virus. Extending the gift card feature to all Shopify subscription plans is designed to help merchants during the economic difficulties resulting from COVID-19. How long will gift cards be available on all Shopify plans? You can view gift card purchases in your Finances Reports in the Liabilities section.
And in your Shopify reports, gift card purchases won’t appear in your Sales report until they are redeemed. Remember that because this is an advance on future sales, you won't receive cash once customers redeem their gift cards. In the short-term, this provides customers with a safe option to make a purchase they can redeem at a later date, which can help free up cash flow for your business. Offering gift cards gives customers a way to easily support you today. Many local communities have responded in support by purchasing digital gift cards from their favorite businesses. This leaves businesses vulnerable with cash going out, but less cash coming in. Why gift cards?Ībrupt declines in sales are hard to manage because expenses still need to be paid: wages, rent, utilities, and critical supplies. Additional content, tools, and support will be provided in our COVID-19 resources center. We hope this helps alleviate some of your cash flow constraints during this time, though we know it's not the only adjustment you'll need to make in the weeks ahead. To start, we're enabling our gift cards feature on all Shopify plans indefinitely to give communities another way to support small businesses. Shopify is steadfast in our support of small businesses during these challenging times, and we're actively looking for ways we can alleviate this pressure. Declines in foot traffic and mounting expenses weigh heavily on business owners and staff. As the COVID-19 pandemic compels people to engage in social distancing to safeguard our communities, an unfortunate side effect is that many businesses are left in a difficult position. Small businesses are often hit the hardest during times of uncertainty.
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