Product Update: October 2023

In October, we rolled out important updates to provide more robust support for payouts and to enhance the buyer experience. We also have a new product spotlight focusing on the payout transaction lifecycle. Here's what we’ll cover:

1. Non-USD Payout Support

2. Enhancing the Credit Application Process for SMB Buyers

3. Streamlining Vendor Payouts: From Initiation to Reconciliation

Let’s dive in.

Product Updates

Non-USD Payout Support

We broadened our payout options. You can now initiate payouts in a variety of non-USD currencies, even if you don't hold balances in those currencies. What's more, you have the flexibility to cover the FX fee costs, sparing your vendors from these charges.

To activate this feature, get in touch with your account manager.

Improving the Credit Application Process for SMB Buyers

Supporting small and medium-sized (SMB) buyers and ensuring they have a seamless credit application experience is a top priority for us. We continuously monitor their journey, analyze trends, and make updates to ensure the highest number of buyers successfully complete the process.

We identified a hurdle in the "Additional Information" step of the credit approval process where some buyers were dropping off.

To address this, we've introduced an "In Progress" stage. Here, we notify the buyer that our system is taking slightly longer to review their application and that the final decision will be communicated to them shortly via email.

This adjustment is a crucial step in providing comprehensive support for your SMB buyers and approving as many applications as possible.

Product Spotlight

Streamlining Vendor Payouts: From Initiation to Reconciliation

Efficient vendor reconciliation is essential for transparent and smooth financial operations between you and your vendors. At Balance, we are dedicated to simplifying this process with our comprehensive solutions, available via our dashboard or API, that cover the entire payout lifecycle.

Here's how it works, starting from when you initiate a payout:

1. Initiating Payouts: When it's time to pay your vendors, you can easily view and select all associated transactions for a specific vendor and initiate a single payout. When initiating the payout you can set a unique bank statement descriptor for that payout (otherwise, the system will generate a default one), to allow the vendor to reconcile the payout amount they receive to the relevant transactions.  

   
   

   You can also track the progress of your payout in real-time, from 'in transit' to 'paid.' Plus, you can filter by 'status' and easily identify which transactions have been paid. This real-time tracking keeps you informed every step of the way.

2. Vendor Notification: As soon as you initiate a payout, Balance sends detailed payout emails to your vendors (merchant branded), letting them know their money is on the way. Vendors can track the payout using the bank descriptor from the email to their bank statement.

   

3. Payment to Vendors: Your vendors will receive their payments to their linked bank accounts.

4. Monthly Reconciliation Report: At the start of the next month, we automatically generate and send a comprehensive reconciliation report to your vendors. This report covers all payouts and vendor debits from the previous month. It also provides a clear breakdown of vendor fees and associated transactions.