Digital payment platform Balance has unveiled a suite of products that span the B2B transaction lifecycle, from order placement to payment settlement.
These artificial intelligence (AI)-powered tools encompass net terms assessment and financing, payment cost optimization and accounts receivable (AR) automation, the company said in a Tuesday (Jan. 16) press release emailed to PYMNTS.
“While 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,” Balance CEO Bar Geron said in the release. “Tackling this problem required going beyond the point of purchase.”
Balance’s new product offerings are both modular and customizable, allowing merchants to select the solutions that fit their specific needs, according to the release.
These offerings include digital trade credit, AR management, marketplace OS and B2B payments, the release said.
Among the solutions offered by these products are ACH and wire processing that lets merchants reduce their credit card fees, a surcharge feature that helps them optimize their credit card strategy, and a trade credit feature that helps them approved buyers that their competitors have declined, per the release.
One wholesale distributor that uses Balance to power its digital marketplace is Bay Fastening Systems, according to the press release.
“We were able to grow our digital channel in ways we didn’t know were possible,” Michael Eichinger, chief operating officer at Bay Fastening Systems, said in the release. “Balance’s true uniqueness is in its product flexibility and ability to work with our existing business processes.”
The unveiling of Balance’s new platform comes on the heels of several moves the company has made to support the establishment of the platform.
For example, the company secured a $350 million credit facility in November 2022, launched the Dunning Suite and Buyer Portal in May 2023, and formed a European Union (EU) financing partnership with Hokodo in October 2023.
Balance also established partnerships and integrations with the B2B eCommerce platforms BigCommerce, Mirakl and Shopify.
For example, the partnership with BigCommerce allows any BigCommerce merchant that sells online to access Balance’s digital and automated credit options, payment methods, invoicing and reconciliation capabilities.
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