Shopify Inc. will be upping the price of its Shopify Plus plan, The Business Insider reported on Thursday citing screenshots it obtained.

In 2023, the price of Shopify's base subscription plan was hiked. According to the media outlet, the monthly Plus plan price, which currently stands at $2,000, will be raised by 25% to $2,500 for merchants on a one-year term. Should they decide to subscribe for a three-year term, the price will be $2,300.

In addition, it was also said that transactions from third parties, alongside fees on multiple platforms, will be going up. A Shopify spokesperson told BI that "today's pricing update allows us to continue to solve the most difficult problems in the industry and empower more businesses to scale to their full potential, and to do it at a pace that's necessary to make commerce better for everyone."