Balance has added an enhanced dunning management solution to its B2B payments platform.
The latest release of the company’s Account Receivables Management Suite includes automated payment collection and a portal that shows the status of payments and invoices, Balance said in a Tuesday (May 30) press release.
“We’re continuously adding new features to our platform to streamline internal processes for merchants and remove friction for buyers,” Balance CEO Bar Geron said in the release. “With the Buyer Portal, we’re effectively address both ends of the B2B transaction, empowering merchants to drive growth by enhancing the collections and payments experience.”
Balance’s new Buyer Portal allows buyers to see their past payments and outstanding invoices and pay by credit card, wire or ACH. It also gives merchants a view of all outstanding invoices, according to the press release.
Another new feature added to the Balance platform sends buyers automated payment reminders that inform them about upcoming dues and provide quick payment options, the release said.
“This solution, along with our existing reconciliation capabilities, further strengthens our ability to provide a comprehensive suite of Account Receivables Management solutions that cater to all of our merchants’ needs,” Balance Vice President Product Nir Gazit said in the release.
PYMNTS research has found that 70% of chief financial officers (CFOs) said that making accounts receivable (AR) processes more transparent would boost their customers’ lifetime value.
In addition, 95% of CFOs said their reason for digitizing AR processes was to benefit their customers and vendors and 64% said they were doing so to automate manual processes, according to “The Strategic Role of the CFO,” a PYMNTS and Versapay collaboration.
In the dunning process and in processing credits or customer service items, transparency and consistency makes AR processes easier for staff and customers to understand, Quadient Co-founder and CEO Anthony Venus told PYMNTS when interviewed for the report.
“The AR team needs to have a clearly defined workflow, and the customer must be kept informed,” Venus said at the time. “This prevents confusion and frustration and ultimately improves the customer experience and increases the longevity of the relationship.”
Balance’s addition of new features to its platform comes about six months after the company received a $350 million credit facility to boost its financing capabilities.
“Merchants need to know they have trade credit to growth with,” Geron said when announcing the credit facility in November 2022.
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