The Balance team
Monthly recap

Product Update: September 2023

AUTHOR: The Balance team

Proactively identify buyers eligible for payment terms, initiate vendor debits seamlessly, and more!

This month we have a number of product updates tailored to enhance your payment operations and bring more value to your business:

Here’s what we’ll cover:

  • Personalized Notifications

  • Improved Buyer Portal

  • Maximizing Approvals Without Buyer Involvement

  • Efficient Vendor Debits

Let’s dive in.

Personalized Notifications

We're committed to enhancing your experience by tailoring notifications to your preferences. While we're starting with 'Payout Notifications,' this is just the beginning of our long-term initiative to provide personalized notifications for various payment activities.

By joining the beta, you'll gain access to timely email notifications for payout events, qualification events (approved, declined) and transaction events (failed, charged, financed)—all without the need for constant monitoring or support inquiries. You can easily customize your email alert preferences within your dashboard.

The emails are sent on the merchant level—ensuring that the intended recipient within your organization is promptly alerted.

Reach out to your account manager to join the beta.

Giving Buyers More Control in The Buyer Portal

As part of our commitment to making the buyer payment experience as seamless and self-serve as possible, our Buyer Portal has a new section which makes it that much easier for your buyers to stay on top of their invoices and manage everything related to their payments from one centralized place. 

This marks yet another significant upgrade to our Portal, further modernizing the invoice payment process for your customers by streamlining the online payment workflow, enabling them to easily view and pay invoices, track refunds, and monitor payment statuses. 

The Portal not only reduces operational burdens for your buyers but also enhances their user experience, driving loyalty and repeat business.

This enhancement follows our previous updates, including the addition of stored payment methods and secure login.

In the new "Paid Invoices" section, invoices are categorized into three tabs, so that your buyers can:

  • Easily identify the status of each invoice – be it "Paid", "Disputed", "Refunded", so they can always be in the know.

  • Get a clear view of the invoice line items details, easing reconciliation for them.

  • With a click, download their invoice documents and receipts, providing transparency and ease of access.

This feature is already available, so there's no need for you to take any additional action for your customers to be able to start using it. 

Maximizing Approvals Without Buyer Involvement

With our "pre-assessment" feature, you can now proactively identify buyers eligible for payment terms.

This tool makes onboarding quicker and opens up new opportunities to promote your payment terms offering.

Here's why it's valuable:

1. Buyer Eligibility: You can easily identify buyers, at scale, who qualify for payment terms.

2. Speedy Onboarding: This means they can start buying from you more rapidly, as you're already initiating the onboarding process.

3. Promote Payment Terms: This feature allows you to showcase your payment terms offering by helping encourage more buyers to take advantage of it.

In summary, the "pre-assessment" process makes it more convenient for approved buyers to start using payment terms, while also ensuring that you're taking full advantage of every one of your customers that can benefit from terms.

To enable this feature, please contact your account manager.

Efficient Vendor Debits

We improved our vendor debit capability to provide marketplaces with greater visibility and control.

Vendor debits are especially important for when a marketplace initiates a refund. Now, there will be an option to deduct the full refund amount from the vendor's account.

Within the new vendor debit tab, it will display that the debit is in a pending status until it is successfully processed and the full refund is initiated for the buyer.

Our full list of improvements include:

  • A new mechanism to facilitate direct debits from vendors, using ACH or direct bank connections as part of vendor onboarding.

  • Enhancing our existing direct debit (top-up) mechanism to enable direct debits from both vendors and merchants when needed.

  • Displaying failed vendor debit transactions in the dashboard and APIs.

  • Adding vendor onboarding processes that include agreeing to terms and conditions, including the authorization for direct debits from their accounts.

To enable this feature, please contact your account manager.

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