Shopify has changed the checkout footer. Instead of a separate link for each policy, customers now see one Terms and policies link. Selecting it opens a window where they can choose any of your policies.
The change is only in how the links are shown. Your policy text does not change, and the policies themselves stay exactly as you wrote them.
What this means for your store
Customers still reach every policy from checkout, so you should not lose any information they need before paying. The footer is a little tidier, which may help on phones, where several links can crowd the bottom of the page.
The change is applied automatically to all stores, so you do not need to update anything.
What to do this week
Nothing yet. It is worth a quick look at your checkout the next time you place a test order, so you know how the new link appears to customers.
If you are on Shopify Plus
Merchants on the Shopify Plus plan can hide the default footer and add their own policy links using Checkout UI extensions. This is a developer-level setup, so talk to whoever manages your store or checkout if you want to customise the footer.
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