Product Update: October 2024

This month, we're thrilled to release a range of new features and enhancements designed to improve flexibility, efficiency, and buyer experience. With enhanced support for Canadian businesses, expanded credit application options to boost approval rates, customizable invoices, and a faster, more intuitive dashboard, these updates empower merchants to streamline operations, elevate buyer satisfaction, and manage payments seamlessly. 

Let's dive in.

Support for Alternative Buyer Qualification Data.

Increase approval rates by accepting additional types of buyer information.

To help more of your customers pay on terms, we’ve introduced a new option in the qualification process. If the initial financial details provided are insufficient for Balance to assess the buyer’s creditworthiness, the buyer is now invited to share additional business information instead of being declined outright. In our Beta program, over 80% of buyers from participating merchants chose to share additional information, with 40% subsequently approved for net terms.

How it works:

If Balance doesn't have sufficient information to positively assess buyers based on their initial bank connection, they will be prompted to:

• Link another business bank account

• Provide business owner information

• Connect their e-commerce platform

• Upload financial documents

Depending on their choice, they either move forward instantly or receive an email with clear instructions on how to proceed.

This feature is now live for all merchants, with no action needed.

Accounts Payable Email Address Setup.

Ensure payment communications reach the right people with ease.

Timely payment reminders, invoices, and collection emails are key to keeping your buyers on track. But to be effective, these emails need to reach the right individuals within their organization.

Buyers can now easily add their AP email address to ensure billing communications are sent directly to the correct team, in addition to the primary contact. This update helps improve the overall payment experience by reducing missed or delayed communications.

This feature is now live. For more details, check out our documentation.

Improved Merchant Dashboard Performance and Usability.

Navigate faster and manage transactions more easily.

Our newly optimized merchant dashboard offers a faster, more efficient experience. With 80% faster load times, simplified navigation, and an upgraded export function, accessing key information is now quicker and easier. Effortlessly manage transactions, buyers, and vendors at scale, all from one streamlined interface.

Enhanced dashboard features now available for API version 1.0 customers.

API version 1.0 users can now benefit from expanded transaction and invoice visibility. Our updated transaction pages display comprehensive information, including transaction and invoice statuses, related items, terms, total amount, currency, payment method, and more.

We've also introduced a new invoice page that provides full details of each invoice, item breakdowns, and associated buyer payments, ensuring greater transparency and clarity throughout the billing process.

On the left, you can see the previous transaction view, while the right side showcases the enhanced, more detailed version.

These dashboard improvements are being rolled out gradually.

Offer Net Terms to Canadian Buyers with Ease.

Support Canadian buyers with a streamlined credit application and net terms transactions.

We’ve introduced major enhancements to streamline credit application for Canadian businesses, improving the experience for both merchants and buyers:

Enhanced credit application for Canadian businesses: Our net terms application now fully supports Canadian addresses and banks. Buyers can effortlessly enter their information, which is then automatically assessed, including verification of Canadian bank accounts, ensuring a seamless application process.

Configurable credit limit currency to support CAD credit limits and transactions: Merchants can now set credit limits in Canadian dollars (CAD) through their dashboard or API. The application automatically adjusts to display relevant fields in CAD, and credit limits are assigned accordingly. Buyers can then use their net terms for transactions in CAD.

These updates make it easier for Canadian buyers to apply for net terms, manage their limits in CAD, and complete transactions in their local currency—providing a more seamless and convenient experience.

For more details, check out our documentation.

New Merchant Top-Up Flow for Greater Flexibility.

Easily keep your Balance account funded for refunds, chargebacks, and more.

Merchants can now directly connect a separate bank account for payments, giving them the option to top up their Balance account with funds. This is especially useful for managing refunds, chargebacks, or maintaining a reserve for upcoming transactions. The new flow provides more control and ensures smoother, more efficient payment management.

For more details, check out our documentation.

Customizable Invoices for Precise and Efficient Billing.

Effortlessly tailor invoices to match business needs and ensure accuracy.

Merchants often need flexible invoicing options to accommodate unique data, varied taxes, and adjustments. Our latest updates provide greater customization, allowing merchants to create clear, accurate invoices that align seamlessly with their business requirements.

1. Add Custom Fields: Merchants can now personalize invoices and transactions by adding custom data fields through API, allowing unique business information to be included as needed.

Learn more about Custom Fields: Doc 1 and Doc 2

2. Include Taxes and Adjustments: Easily manage and display various taxes (like HST, PST, GST, and sales tax) and adjustments (such as service fees, tips, discounts, and credits) on invoices. Merchants can add any type of fee or adjustment, allowing for both positive and negative amounts, across invoices and all payment interfaces.

Learn more about Taxes and Adjustments: Doc 1 and Doc 2 

3. Handle Tax Exemptions: Merchants now have the option to apply tax exemptions directly to invoices, streamlining compliance and clarity in invoicing.

These features are now live.