Introducing API Version 2.0

We have big news: We’ve released the API Version 2.0. This is a significant upgrade — one that you can already start using today to increase approval rates for SMB buyers and drive adoption of net terms. 

In the upcoming months, we will continue to add more capabilities, such as better support for backorders, advanced invoice customization, and more. 

For now, there are already a number of powerful new capabilities that you can take advantage of by switching over to the new API version.

Let’s dive in:

Split Payments:

We've introduced the Split Payment feature to allow buyers to purchase even with lower credit limits. If an order exceeds the credit limit, buyers can use part of their available credit and pay the rest with a credit card.

For buyers with medium to high risk, we initially offer low credit limits, gradually increasing them as they use the split payment option. This encourages purchasing, helping them build their order history and providing us with more transaction data to make informed decisions about extending credit.

Introduction of New Risk Tiers:

We've rolled out a new risk model that boosts approval rates and increases term limits over time. The way this works is that buyers that would’ve been declined will now be approved with an initial credit limit.

This initial amount is only a starting point and over time Balance will be able to increase their limits based on their purchasing and payment behavior. This helps us increase approval rates for small and medium-sized businesses (SMBs), approve larger limits, and drive credit utilization rates.

Enhanced Dashboard Features:

Our transaction pages now provide comprehensive information, including transaction and invoice statuses, as well as related items. The transaction page offers detailed information such as terms, total amount, currency, payment method, and more.

Additionally, we've introduced a new invoice page that displays all invoice details, items, and related buyer payments, enhancing transparency throughout the process.

On the left-hand side you can see the old transaction view, and on the right, the new one:

Pre-fill Capability for Application Process:

Merchants can now pre-fill business details for buyers, streamlining the application process. Business detail fields will be automatically filled with provided information, allowing buyers to edit them as needed. This capability reduces friction in the application process, making it smoother for buyers. Learn more here. 

Invoice Metadata

We've made it easier to include extra invoice details when capturing transactions. Invoice metadata lets you define any key/value pairs you want to attach to the invoice. Various objects like Account, Charge, Customer, Refund, Subscription, and Transfer now have a metadata parameter. You can use metadata to store additional, structured information on an object.

Upgrade Process:

To start using API Version 2.0, you’ll need to update your applications to integrate with the new endpoints and follow the updated documentation.

Resources:

Visit our docs to access the updated documentation and resources for API Version 2.0.

For any questions or help during the migration process, please reach out to us at support@getbalance.com

We’re committed to continuously improving our platform to meet your evolving needs, and API Version 2.0 is a big step forward in that journey. We're excited to see how you leverage these new capabilities to innovate and create even more impactful solutions.