Balance product team
Monthly recap

Product Update: June 2023

AUTHOR: Balance product team

Introducing Surcharge: Unlocking Payment Flexibility

Balance now supports surcharge, a powerful feature that allows you to pass on credit card processing fees to your buyers.

This feature empowers both buyers and merchants. Buyers can select their preferred payment method based on their preferences, financial circumstances, and the benefits they may receive from using a credit card.

For merchants, surcharge offers valuable control. You can set the surcharge amount lower than the actual processing fees, giving you complete autonomy over the costs you wish to cover. This ensures that your business remains financially strong while still offering a wide range of payment options to your customers.

Why is surcharge important?

As a merchant, you strive to offer diverse payment options to your customers. However, you may have concerns about the costs and fees associated with certain methods. With a credit card surcharge, you don't have to shoulder the additional costs yourself, ensuring your bottom line remains strong.

Please take note that unlike other product enhancements that are automatically enabled by default, activating the surcharge feature will require you to make a specific request to Balance.

SOC2 Type 2: Elevating Data Security

We are proud to announce that we have achieved SOC 2 Type 2 certification, underlining our commitment to enterprise-grade data security for every merchant on our platform. SOC 2 Type 2 compliance is a rigorous security framework that evaluates the effectiveness of controls implemented by service organizations to protect customer data. It provides an independent validation of our dedication to security, availability, processing integrity, confidentiality, and privacy.

What Does SOC 2 Type 2 Certification Mean for You?

By obtaining SOC 2 Type 2 certification, we have undergone a comprehensive assessment conducted by an accredited third-party auditor. This certification verifies that our systems and processes meet or exceed industry-leading security standards. Your payment data remains safeguarded at the highest level of data security, allowing you to focus on your business with peace of mind.

Enhancements in Payouts and Terms

We've also made significant improvements to our net terms and payout products, giving you more control and visibility. Here are the latest updates:

Terms Limit: You can now effortlessly request an increase in your buyers' terms limit directly through your dashboard. You can easily track the status of your request on the buyer page and will receive an email notification once it is approved. This feature is part of our continuous efforts to empower and enhance your financing capabilities.

Request Amount: We have made an important update regarding the requested amount in the terms qualification process. While providing the requested amount previously helped us tailor the best possible terms offering to your buyers, it is no longer mandatory to provide this information. We have made this field optional to ensure more accurate data and to prevent arbitrary inputs. This change will improve the user experience and streamline the qualification process.

Auto Payouts: We now provide greater visibility into auto payout transactions via the dashboard and API. You'll be able to identify if an auto-payout failed, including the reason for the failure, and disable auto payouts when necessary. This enhancement ensures that you have more control over your payouts and allows for better tracking and management.

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