Benzinga | Jun 15, 2021 01:06PM EDT

Shopify Deepens Ecommerce Collaboration With Google, Facebook: Bloomberg

* Shopify Inc (NYSE:SHOP) will make its e-commerce checkout system available to every retailer selling via Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, and Facebook Inc (NASDAQ:FB), expanding an existing collaboration, Bloomberg reports.

* Shoppers who connect with retailers through Instagram, YouTube, or Google Maps will pay for their purchase using Shop Pay from July for Facebook, and later in 2021, for Google.

* Shop Pay is a checkout product that stores users' information, speeding up online transactions.

* Right now, retailers have access to Shop Pay through those social media platforms. However, the retailers need to become Shopify merchants to avail themselves of it.

* Shopify started off helping retailers set up websites to shift their stores online. It has expanded to offer a suite of products, including shipping, data analytics, and small business loans, and now describes itself as a "retail operating system."

* Small companies pay a monthly fee for Shopify's core e-commerce software. Larger enterprises may spend thousands of dollars a month based on sales volume.

* Over 1 million merchants sell on Facebook and Google platforms. Each day over 1.8 billion people log on to Facebook, and a billion shopping sessions occur across Google.

* Shopify merchants account for 10% of the U.S.'s e-commerce transactions.

* Price action: SHOP shares traded higher by 0.95% at $1,319.06 on the last check Tuesday.