Balance Payments Inc. has introduced an integrated software suite designed to help B2B sellers manage their sales process from customers’ order placement to settled payment.
“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 says. “Tackling this problem required going beyond the point of purchase. This is why our solutions now optimize across the transaction lifecycle, from order placement to payment settlement.”
Bay Fastening Systems, an industrial products distributor, is using Balance technology to help grow its digital marketplace, BaySupply.com, Michael Eichinger, Bay’s chief operating officer, says in a press release announcing the new Balance suite.
“We were able to grow our digital channel in ways we didn’t know were possible,” he says. He adds that the Balance suite offers “product flexibility and ability to work with our existing business processes.”
The Balance product suite includes:
- Digital Trade Credit – Includes AI-enhanced credit reviews for payment terms, with an integrated checkout application and invoice payments.
- B2B Payments – Supports a variety of payment methods, including payment cards and bank ACH transfers, for omnichannel and global transactions. Includes products such as buyer accounts payable tools, automated reconciliation and dashboard reporting.
- Marketplace OS – Provides online marketplaces with products that provide multiple payment and financing options for buyers and payouts to third-party vendors.
Balance’s new product suite follows other payments technology applications it launched last year. These other applications include international digital financing and payment services developed with Europe-based Hokodo Services Ltd. and a buyer portal and dunning management tool for managing receivables and collecting late payments.
Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].
Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, vice president of B2B and Market Research Development, at [email protected] and follow him on Twitter @markbrohan.Favorite