NEW YORK--(BUSINESS WIRE)--Balance, the leader in B2B eCommerce payments, today announced a partnership integration with Shopify Inc. (NYSE, TSX: SHOP), a provider of essential internet infrastructure for commerce. This integration comes just months after Shopify announced its new B2B offering in June. Shopify’s goal is to enable an easy-to-use buying experience from a single platform for both consumers and wholesale customers alike. Balance will make this possible via a payment experience customized specifically to B2B, providing the same ease and convenience as B2C. The Balance app will enable B2B merchants to offer their customers the option to defer payment by up to 60 days, and pay via multiple payment methods from ACH to credit card or check.
Once merchants connect their Shopify store to Balance, new buyers can instantly qualify in-cart, while returning buyers receive access to rolling net terms. Balance takes on 100% of the financing risk and instead of waiting days or weeks for payment, merchants get paid the full amount of the invoice upfront.
Wholesalers and manufacturers have already started using Balance’s plugin to completely automate and streamline the B2B payment process for their online customers.
According to Pittsburgh Spray, an industrial equipment supplier on Shopify Plus, “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% 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.” Bttn, a wholesaler for medical supplies said, “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."
In addition to extending financing, Balance processes the transaction, handles any refunds, and gives merchants full control of payment capture. Plus, merchants don’t have to worry about tracking down payments or complex reconciliation. They can see a complete list of their transactions, buyers, and updated credit limits, all within their Shopify dashboard.
“We are extremely excited to bring a truly native B2B payment experience to Shopify merchants," said Bar Geron, CEO and co-founder of Balance. “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.”
This integration will play an important role in Shopify’s continued expansion into B2B eCommerce, providing merchants with access to the only B2B checkout with built-in net terms and multiple payment methods available in the US.
Only 10% of B2B orders are currently paid online, leaving the remaining 90% to be handled manually, as shown by Shopify platform usage. With Balance’s Shopify plugin, merchants will be able to launch a complete B2B checkout with built-in financing, using just a few lines of code. Balance is a great example of the important role Shopify’s app and partner ecosystem can have on the future of B2B commerce solutions.
Balance is the first self-serve digital checkout experience company for B2B businesses. By leveraging payments and risk-assessment technology, any B2B company that sells goods online can now offer their buyers a wide range of payment methods (ACH, Card, Wire, and Checks) and flexible payment terms, and get paid easily and instantly — all in one place. For more information, please visit https://www.getbalance.com/ or follow @GetBalanceHQ on Twitter.