B2B payments platform Balance and enterprise marketplace Software-as-a-Service (SaaS) platform Mirakl have partnered to make it easier to conduct business on online marketplaces.
With the partnership, Mirakl will use Balance solutions to enable seamless payments for B2B customers using its platform, according to a press release sent to PYMNTS.
“At Balance, our mission is to fully digitize B2B trade by bringing business payments online, and partnering with Mirakl will allow us to serve more B2B marketplaces than ever before,” Balance CEO and Co-Founder Bar Geron said in the release. “We are very excited to work with the Mirakl team and provide the best B2B payments experience possible for their customers.”
Mirakl’s customers will now have access to net terms, payment flexibility, fully reconciled instant vendor payouts and other payment solutions, as well as fully automated accounts receivable (AR), risk-free financing and application programming interface (API)-integrated solutions, per the release.
The new partnership comes about five months after Mirakl expanded its suite of solutions to include customization by acquiring eCommerce personalization vendor Target2Sell.
Read more: Customization Is the Future and the Growth Driver for Online Marketplaces
Adding customization that will present each customer with the best possible offer for them is the next stage of development for marketplaces, Mirakl Chief Financial Officer Eric Heurtaux told PYMNTS in an interview posted in May.
“Tomorrow, I think, what the consumer on the marketplace will want is, ‘Show me what matters to me. Show me what I am more likely to be interested in,’” Heurtaux said.
In July, Balance announced a $56 million Series B fundraising round and said it would use the funding to expand its offerings to new, global eCommerce platforms and enable B2B merchants to grow their digital revenue.
See more: Balance Raises $56M for Online Global Trade With B2B eCommerce Checkout
“We’ve entered the fourth ‘Industrial Revolution’ that will take global trade online, creating a truly efficient market,” Geron said at the time.
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