To help B2B sellers enhance the checkout and payment experience on their websites, BigCommerce Pty. Ltd. has named B2B payments platform to provide Balance a certified technology partner. BigCommerce’s more than 60,000 customers can now integrate Balance through the BigCommerce App Marketplace.
Balance’s platform provides access to payment processing, invoicing, financing, and a seamless checkout experience. As a result, B2B sellers can provide alternative payment options and net terms at checkout, which streamlines the checkout process by eliminating the need for buyers to leave the checkout page to qualify for financing.
Payment options supported by Balance include net terms with instant payouts, credit cards, ACH payments, wire transfers, and checks. On the financing side, Balance lets B2B sellers extend up to $50,000 in net terms to new buyers, while they get paid upfront. Balance also offers financing of up to $1 million for eligible buyers.
The Balance platform also helps B2B sellers streamline their back office by automating receivables and improving cash flow with instant vendor payouts. “We’ve designed a B2C-like checkout experience where all payment methods can be easily selected in one click—from ACH, to check, or net terms,” says Balance chief executive and founder Bar Geron. “Any BigCommerce B2B company can now offer their buyers a wide range of payment methods and flexible payment terms, and get paid easily and instantly, all in one place.”
One of the drivers behind BigCommerce’s decision to partner with Balance is that progress in enhancing the checkout and payment experiences for B2B buyers and sellers online has been slow, compared to the world of B2C ecommerce, says Mark Rosales, vice president, business development, payments, fraud/security, banking, financing and fintech for BigCommerce.
“Most of that advancement has been put toward facilitating consumer transactions such as BNPL, One-Click checkout, subscriptions, digital wallets and in-cart promos, for example,” Rosales says. “BigCommerce is hyper-focused on expanding its B2B ecommerce experience to enhance the checkout and payments experience for B2B merchants. Balance changes that by bringing flexibility and trust to the B2B buyer experience, all while enabling manufacturers and B2B sellers to better manage cash flow.”
For BigCommerce customers, having the ability to integrate Balance to their ecommerce site will help accelerate critical financing and alternative payment option needs that can help merchants navigate B2B digital commerce. For example, B2B organizations have typically managed trade applications, reviewed company risk profiles and accepted only those customers they determine as credit worthy. B2B merchants then utilize their own balance sheet to offer terms to their customers (30 days, 45 days, 90 days), risking business security should a large customer default. “Our mission from day one was to be as closely connected to the B2B ecosystem and BigCommerce plays an essential role in that, especially since they are doubling down now on B2B more than ever,” Geron says.
In addition, having Balance as a technology partner moves the B2B checkout processes online, automating complex and cumbersome approval processes, reducing merchant risk and streamlining the buyer experience, according to Rosales. Other payments providers in the B2B space with which BigCommerce has partnered include Adyen, Stripe, Inc., PayPal Holdings Inc., and Cybersource/Authorize.net.