The Balance team
Monthly recap

Product Update: August 2023

AUTHOR: The Balance team

From new ways to monetize your business to simplified payment settings for buyers, this month, we're excited to share a range of new product updates geared towards improving both your payment experience and that of your customers.

Let's dive in.

Faster ACH Debit process:

Balance now offers a faster ACH debit option for payments. This means that you can get your money more quickly and speed up the entire payment process.

When you offer this option to customers, the bank on the receiving end still has two business days to confirm the transaction or send the money back if needed. But, from start to finish, the whole process only takes around 3 to 4 business days, which is faster than the regular ACH process that usually takes 4 to 5 business days.

To enable Faster ACH, please contact your account manager. 

Backup payment method to maximize payment efficiency:

With this update, SMB buyers (based on certain logic) will now need to connect a payment method as part of the activation step (post-approval).

This update is aimed at making the repayment process simpler for buyers and plays a vital role in improving approval rates and offering higher credit limits to buyers.

While buyers always have the freedom to select their preferred payment method, the backup payment method will be utilized in cases of late payments or failed charge.

Greater monetization with vendor fee management:

If you’re a marketplace operator, Balance now lets you pass processing fees to vendors.

Here’s how it works:

  • Customizable Fees: Set fees by payment method, aligning with your preferences.

  • Transparent Reporting: Monthly reports detail vendor fee breakdown for clarity.

  • You can easily configure fees via API or dashboard.

This feature streamlines processes, improves cost savings, and seamlessly fits into the operational dynamics of different marketplace setups and fee arrangements.

To enable vendor fees, please contact your account manager. 

Greater flexibility for buyers with payment settings: 

We have introduced new payment settings in the Buyer Portal. This enables buyers to manage their payment methods with greater flexibility, including the option to add and remove payment methods.

This improvement is aimed at assisting buyers in streamlining their payment processes and minimizing any hurdles related to invoice payments. Moreover, it is designed to save them time by eliminating the necessity of repeatedly entering payment details.

Self-serve dashboard reporting:

You can now review and download financial reports directly from our dashboard. Previously, you were required to request this data from the Balance payment operations team. However, our new self-serve reporting tools make accessing your critical financial data easier and faster. 

Inside the new tab, you will find a central hub for effortlessly retrieving and downloading essential financial insights. Here's a breakdown of the reports available:

  • Monthly Activity Statement

  • Monthly Fee Statement

  • Excess Funds Report

  • Withdrawal Report

These reports equip you with the tools to pinpoint areas for enhancement, cost adjustments, and other valuable insights that can contribute to cost reduction and operational improvements.

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