Product Update: June 2024

We’re always striving to give our customers more control over the buyer experience, and these new features are designed to do just that! This month's updates allow you to provide your buyers with instant refunds, automatic credit increases, and greater transparency about seller details.

Let's dive in.

Refund Your Buyers Immediately.

Gain more control over when buyers receive refunds with our new refund policy. 

Now, when marketplaces initiate refunds to buyers, there are two ways the refunds can be processed: 

• Zero Risk (Default): Refund is initiated to buyers with a delay of 1-2 business days; funds are collected from vendors and then transferred to buyers.

• Faster Refund: Refund is initiated to buyers immediately; marketplaces refund the buyers directly, and vendors transfer funds to marketplaces within 1-2 business days.

Marketplaces looking to enhance their customer experience can choose to take on the risk of lack of funds to ensure buyers are paid immediately. In this case, your balance is debited, the buyer is refunded immediately, and once the funds are collected from the vendor, you are credited.

Get Started.

This feature is currently live. The default setting remains Zero Risk, so you won’t take on any risk automatically. To begin initiating refunds immediately, please reach out to your account manager. Learn more: API Docs.

Increase Buyers’ Terms Limit Based on Performance.

Proactively increase buyers' Terms limit based on their repayment performance with Build Your Credit (BYC).

Introducing: Build Your Credit

Streamline credit management and increase buyer loyalty with Balance’s new feature. Previously, increasing credit limits for buyers was a manual, multi-step process, initiated by the buyer and carried out by the merchant. Now, with the new Build Your Credit (BYC) feature, Balance offers a hands-off approach, creating efficiencies for all parties. 

The BYC feature continuously assesses buyer behavior to determine if they qualify for increases. When a buyer exhibits high utilization and good repayment behavior, their credit limit is automatically increased. 

When a buyer is eligible, we update their limit and send an email notification (see image above) to the buyer. Merchants are updated through a new Weekly Report, discussed in the next section.

Merchants using API V2 can also subscribe to a dedicated webhook. For more information, visit the API docs.

The Weekly Report

Gain better visibility into buyers’ Terms activity with our weekly Net Terms Program report. This report consists of a weekly email digest that highlights key metrics of the terms program, so you can stay up-to-date. See the image below for a sample email. 

Get Started 

We’re thrilled to announce that BYC will be widely available to our customers starting July 9. You can subscribe to the Weekly Net Terms Report through the Notification Center in your Dashboard. For more information about the Notification Center, view last month's Product Update.  

Personalize Your Invoices.

Give your buyers visibility into seller information for a smoother, more transparent experience.

Now, marketplaces can add seller information directly on their invoices (see example below). This allows buyers to directly contact sellers with product queries, disputes, or other concerns without any friction or confusion.

Get Started

This feature is currently available to all merchants. Talk to your account executive if you’d like to enable it.