B2B payments are...messy. If you have ever worked in a B2B startup you know this pain point. B2B customers all incredibly picky about how they pay you, they want unique terms, customer payment schedules and they can pay via credit card, ACH, Wire, etc. which makes things incredibly difficult and requires multiple systems that cause a data nightmare, but Balance is here to save the day.
Their B2B checkout platform is built to offer users great control over their payment terms at checkout. Customers can continue to come to your site and shop for products or services just as they did before, only now when they go to checkout, they have more flexibility than ever before. They can easily select their payment method of choice, ACH, Bank Transfer, Wire, or Credit Card. Then they can even choose their payment terms, invoice, net terms, recurring payments. That is a valuable enablement tool for your customers, B2B purchases tend to be large, hundreds if not thousands of dollars, so letting customers pick payment terms that best fit into their accounting/finance practices is immensely helpful.
You could have offered all of these solutions before, only it required several systems, all custom-tailored to offer different customers these unique payment options, but this causes all sorts of problems on the back end. Messy and disjointed data with models that don’t match make unifying this data to understand revenue, churn, and retention almost impossible. My guess is that Balance has some great models on the back-end so that no matter what terms and how a customer chooses to pay, the data is normalized so that you can easily sit analytics onto of it (would love to see that data if someone from Balance read this, shoot me an email 😏).
Because they also have such a tight grip on a normalized model, they can offer business financing on purchase so that vendors can get paid faster, even when customers have longer-term payment windows which is an incredibly powerful cash-flow tool for startups.
Balance recently announced a $5.5M seed round, backed by Lightspeed Ventures, SciFi VC, UpWest, Stripe, and Y Combinator (2020 Batch). With fresh funding we are excited to see where they take their platform next, could they help automate dunning, streamline revenue analytics, or any number of other possibilities. We are bullish on Balance as the complexity of the B2B payment combinations has long been a pain point for other startups and larger enterprise B2B companies so Balance has a tremendous opportunity to solve that pain point.