Balance (credit image/Pixabay/Ahmad Ardity)Balance, the digital payment platform, has launched its new suite of products spanning the B2B transaction lifecycle. Thanks to benefits brought by AI-powered net terms assessment and financing, payment cost optimisation, and AR automation, these products bring immediate opportunities for distributors, platforms, and B2B brands selling online to improve margins and drive growth.

Balance’s new product offerings, including Digital Trade Credit, AR Management, Marketplace OS, and B2B Payments, are both modular and customisable. This flexibility allows merchants to find tailored solutions that fit their specific requirements.

For example, both online ACH and Wire processing from the B2B payments product reduce merchants’ reliance on credit card fees. Features like Balance’s Surcharge supports businesses to optimise their credit card strategy. For merchants with a significant SMB buyer base, the trade credit product incorporates an SMB data algorithm that helps approve buyers that competitors decline.

Optimising payments

(credit image/LinkedIn/Bar Geron)
Bar Geron, CEO of Balance

Bar Geron, CEO of Balance, explains, “We have been working with brands and marketplaces over the past year. It became clear that the inefficiencies and costs of business payments were impacting their profit margins. Tackling this problem required going beyond the point of purchase. This is why our solutions now optimise across the transaction lifecycle, from order placement to payment settlement.”

Bay Fastening Systems, a leading wholesale distributor is using Balance to power their digital marketplace. Michael Eichinger, COO at Bay Fastening Systems said, “We were able to grow our digital channel in ways we didn’t know were possible. Balance’s true uniqueness is in its product flexibility and ability to work with our existing business processes.”

Over the past year, Balance has onboarded new customers from both the Fortune 1000 and Forbes’ America’s Largest Private Companies lists and also saw its transaction volume surge tenfold year-over-year. In alignment with this growth, Balance’s transaction network has expanded significantly, supporting over 100,000 unique business buyers and over 13,000 vendors.”

Highlighting its industry impact, Balance was recently recognised as one of CB Insights’ top 100 fintech companies globally. Building on this momentum, Balance has made several strategic moves within the market. These include an EU financing partnership with Hokodo, the launch of the Dunning Suite and Buyer Portal, and securing a $350 million credit facility. Prior to that, Balance established key partnerships and integrations with leading B2B eCommerce platforms, such as BigCommerce, Mirakl, and Shopify. All have played a role in establishing the most comprehensive platform that supports the growth of B2B businesses.

Enterprise Times: What this means for businesses.

As enterprises invest in digital, there is increasingly less fear around the tools and technology that can help them do business better. As a result of Generative AI becoming mainstream, especially ChatGPT hitting the headlines, interest is booming. Not just in AI but in technology in general. ChatGPT showed the world how useful and easy it is to adopt technology when it’s built to be that way. But it wasn’t AI alone that got the interest of growth-oriented companies and business leaders this year. Software companies are increasingly looking at ways to improve their payment solutions, a crucial component in the eCommerce user experience.

Balance says it has had countless discussions with the biggest brands in the US about how they can do more than offer a credit card online. It is focused on how they can finally make eCommerce a winning channel. Around how they can see an ROI with digital.

With a transaction network made up of over 100,000 unique business buyers and over 13,000 vendors, the company has seen it all. Balance’s checkout volume went up 10x in 2023 as more business buyers turned to digital for their critical purchasing needs. But even a dedicated checkout cannot overcome the complex hurdles hindering digital commerce adoption. Increasingly, transactions involve pre- and post-purchase steps, demanding a comprehensive solution.

Each payment stage, from initiation to reconciliation, significantly impacts margins and adds overhead for B2B merchants. Brands, retailers and online merchants need flexibility. Solutions that align with their business and processes, not ones they have to retrofit into their operations.

Hence the company’s launch of its transaction lifecycle product suite. It is important to have an end-to-end payment platform, where every aspect of the transaction is solved cohesively. Furthermore, all features collectively optimise the entire experience. Balance says its solution achieves these ambitions. Clearly Balance will be a company to watch in 2024.

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