The Balance team
Monthly recap

Product Update: July 2023

AUTHOR: The Balance team

This month, we're excited to share new capabilities that will improve the buyer experience, make dispute management easier, and provide more robust support for marketplace transactions.

Here’s what we’ll cover:

  • Payment disputes

  • Bank account verification

  • Stored payment methods

  • Multi-vendor transactions

Let’s dive in.

Greater control and efficiency in handling payment disputes

You can now manage disputes conveniently through your dashboard and receive important updates via email notifications.

We will inform you about any new dispute creations and provide any updates to the dispute status, be it a win or loss. 

But that's not all - you'll have access to a comprehensive record in the dashboard that tracks the entire journey of each dispute, from its initiation to its final resolution status. 

We hope this will simplify dispute management, ultimately saving you time and reducing potential revenue loss. 

New bank account verification through micro-deposits

To minimize friction for buyers who want to pay with ACH Debit and need to link their bank accounts, we now support micro-deposits.

With the introduction of micro-deposits, buyers now have a reliable and efficient option to authenticate their bank accounts, without the need for direct bank connections or the requirement to enter sensitive bank credentials.

The process is both simple and secure:

  1. Buyers can initiate the micro-deposits flow by entering their bank account details.

  2. We will then initiate the micro-deposits to the buyer's bank account.

  3. Once the deposits are sent, we will trigger an email to the buyer containing a link to a verification page, where they can conveniently verify the deposits.

  4. On this page, the buyer can insert the deposit amounts to complete the verification process.

Micro-deposits will be supported in the checkout, Buyer Portal, and pay page.

Secure and easily accessible stored payment methods on the Buyer Portal

The ability to pay with a saved method is vital for improving user experience and convenience.

In B2B, returning buyers account for 80% of orders, making it crucial to store payment methods to cater to this segment. 

With this new feature, buyers on the Buyer Portal who have already paid using a credit card or ACH debit, will have this payment method information saved and immediately available for their next payment.

To ensure the secure handling of stored payment methods, we’ve implemented a robust authentication process that instills confidence and comfort for buyers when accessing their portal. Additionally, we have taken necessary measures to safeguard their data in case of a security breach.

Here's how our secure authentication process works:

  1. Buyers will enter their email address to log in to the portal.

  2. We will send an authentication code to their email to provide an additional layer of security. 

  3. Our validation logic ensures that the email address belongs to the corresponding organization, so only employees from the buyers organization will get full access to the portal.

  4. The buyer will enter the authentication code in the portal to complete the login process.

  5. Once logged in, buyers will have immediate access to their saved payment preferences, offering a seamless and convenient experience.

Streamlined multi-vendor transactions for marketplaces

In our new checkout (V 2.1), buyers can now make a single transaction to pay for purchases from multiple vendors all at once.

The process is designed to ensure that the payment experience remains smooth and effortless, regardless of how many vendors are involved in the purchase.

It's important to note that behind the scenes, we are authorizing each vendor individually. So you will receive individual invoices for each vendor.

This feature also provides you with the option to renew authorization after a partial capture, ensuring that the remaining amount can be captured as needed. This capability is particularly crucial in B2B transactions, where goods often ship at different times.

By enabling buyers to pay for all their items together, while still managing payments on a vendor-by-vendor basis, we ensure a more organized and efficient flow of funds.

Overall, this is a major step forward in creating a powerful marketplace payment experience, benefiting both buyers and merchants alike.

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