Balance, a B2B e-commerce payment experience company, entered into an integration with Shopify. Balance’s Shopify integration came soon after the Canada-based company announced its latest B2B offering in June this year. The provider of essential internet infrastructure for business aims to provide an easy-to-use buying experience for consumers and wholesale customers alike and that too from a single platform.
By using Balance, Shopify merchants can now streamline and fully automate the B2B payment procedure for their e-buyers.
“We are extremely excited to bring a truly native B2B payment experience to Shopify merchants. There is an increasing need for payment solutions with real-time net terms, and our goal is to provide Shopify with a slick and simple payment experience that is suitable for B2B trade,” said Bar Geron, CEO and co-founder of Balance.
“B2B payments are awesome” -said nobody, ever. We’re here to change that. Meet Balance. 🙌 https://t.co/EHm8B1O0t5
— Balance (@GetBalanceHQ) February 3, 2021
#b2bpayments #b2b #b2bcheckout #payments #fintech pic.twitter.com/oIviOXeiAT
What Merchants Can Expect?
As soon as merchants will connect Balance to their Shopify store, new customers will instantly qualify in-cart whereas returning customers will get access to rolling net terms. Merchants do not have to wait for days or weeks to get their payment. They get full amount of the invoice upfront.
Balance will offer a payment experience made specially for B2B, giving the same convenience as B2C. The Balance app will allow e-commerce merchants to give their customers an option to defer payment by up to 2 months. Customers will also be able to pay via multiple payment options like ACH, credit card or cheque.
Why Choose Balance’s Shopify Integration?
The integration will boost Shopify’s expansion into B2B e-commerce. It will also provide store owners access to the only B2B checkout with different payment methods in the United States. For the unversed, just 10 percent of B2B orders are paid online, rest 90 percent is handled manually. With Balance and Shopify partnership, merchants will only need a few lines of code to provide complete B2B checkout and that too with built-in financing.
Besides extending financing, Balance takes the responsibility of processing the transaction and managing any refunds. It also enables merchants to have full control of payment capture. They do not need to worry about complex reconciliation and tracking payments. Store owners will be able to check the full list of their buyers, transactions, updated credit limits and everything within their dashboard.
100% Upfront Payment
Manufacturers and wholesalers using Balance’s plugin have this to say about the integration:
Pittsburgh Spray, an industrial equipment supplier on Shopify Plus said, “We evaluated a few providers to offer quick, seamless, simple online and offline net 30 account approvals and ordering for customers. For a small fee, Balance provided us with 100 per cent upfront payment, whereas others didn’t provide anything close to this. The integration to our online Shopify Plus store was a breeze and within 2-3 hours we had the integration up and running. We now have a quick and effective way to qualify new customers for net 30 purchases, directly on our site. Plus, we no longer have to put our own efforts towards collections.”
According to Bttn, a wholesaler for medical supplies, “We chose Balance as a great way to offer flexible and secure payment terms for Shopify customers. Their integration into the purchasing flow is a big unlock to accelerate revenue for commerce B2B companies.”
About Balance
Founded in 2020, Balance claims to be the first self-serve digital checkout experience company for B2B businesses. Established by Bar Geron and Yoni Shuster, investors supporting Balancer are Lightspeed, Stripe and Ribbit Capital. By using payments and risk-assessment technology, B2B companies selling products online can provide their buyers flexible payment terms, multiple payment methods including ACH, wire among others and get paid instantly.
What is Business-to-Business (B2B)?
Business-to-business (B2B) means transaction between a manufacturer and a wholesaler or a wholesaler and a retailer. It is a business involving two companies with negotiating powers, professional staff as well as legal counsel. It is different from B2C (business-to-consumer) and B2G (business-to-government). The primary difference between B2B and B2C is that while the former is a transaction between manufacturer and retailer, the latter involves transaction between the retailer and the consumer.
