The Balance team

Product Update: May 2023

AUTHOR: The Balance team

Streamlining bank transfer reconciliation and visibility

Now, you have real-time visibility into your buyers' payment history, which is extremely valuable, especially when buyers are paying using bank transfers. By viewing the buyer’s page in the dashboard, you will gain instant access to the buyer’s transaction data and detailed payment history, including the information about each payment your buyer made, when it was made, and how it matches up with the corresponding invoices. You'll also be able to see the remaining amount that hasn't been reconciled for each payment.

We also improved our reconciliation logic to take into consideration any note the buyer made when initiating an ACH credit payment, in addition to any indication the buyer made of future payments for specific invoices through our Buyer Portal.

Providing this enhanced visibility allows you to streamline your reconciliation process, monitor, and analyze incoming payments and outstanding invoice data.

Greater AR support with new Buyer Portal

A new Buyer Portal is now available, providing you with one place to collect and accept payment from your buyers. The portal operates on a merchant-by-merchant basis, providing a specific view of invoices owed exclusively to that merchant, financed by Balance or not. It showcases all outstanding invoices, encompassing both online and offline payments, and displays every associated invoice detail.

For buyers, they can easily select which invoices to pay and when ("Today" or on the invoice's due date). The Buyer Portal eliminates the need for buyers to navigate multiple channels to find their payment information. It provides a clear overview of their account, displaying all outstanding merchant invoices, regardless of whether they have payment terms or not.

In addition, the Buyer Portal simplifies the reconciliation process for merchants and brings together all payment information, making it easier for businesses to keep track of their finances. This portal, combined with our existing accounts receivable and collection capabilities, strengthens our ability to provide a comprehensive suite of B2B payment solutions.

Improvements in the buyer qualification flow

  1. Upload financial documents as an alternative to connecting a bank account

    This new capability enhances the terms limit qualification process for your buyers. In addition to the existing option of connecting their bank account, we have enabled an option for buyers to upload their financial documents directly within the app. This flexibility empowers your buyers to choose the method that best suits their preferences.

  2. Buyer terms verification 

    To reduce buyer fraud, we will verify the buyer’s email address and phone number as part of the terms qualification process.

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