Shopify Takes On PayPal With Shopify Payments

eCommerce platform Shopify unveiled Shopify Payments on August 12, a new service that allows merchants to accept payments without soliciting a third-party processor, TechCrunch reported.

The Canada-based company said Shopify Payments allows merchants to eliminate multiple data sources by tying store inventory and sales directly to payments information.

To find out more about Shopify Payments, and how the services pricing model could help merchants save money, click here for the full report.

Update: A previous version of this story misidentified Shopify as competing against Stripe. Stripe has reached out to us to clarify that while Shopify users don’t need to sign up for a separate Stripe account, Stripe powers Shopfiy Payments.