New capabilities improve account receivable processes and provide modernized payment experiences for B2B buyers.
B2B payments platform Balance announced today the release of its enhanced dunning management solution, as part of its Account Receivables Management Suite, a welcome answer to enterprise organizations’ often-complex challenge of managing receivables and collecting late payments. This latest release includes an automated payment collection solution, as well as a buyer portal that offers merchants a comprehensive view into payments made and outstanding invoices.
The unfortunate reality is that 47% of suppliers experience delays in receiving payment, creating a negative impact on business operations and cost while the manual and time-consuming process of collecting those delayed payments leads to increased days sales outstanding (DSO) and cash flow issues. Balance’s dunning management solution addresses these challenges with the following features:
Branded Buyer Portal
Balance’s Buyer Portal gives buyers complete visibility into all outstanding invoices and past payments via a single, merchant-branded portal, while offering the buyer the same flexible payment options associated with Balance’s other payment products like Checkout and Payment APIs. With flexible digital payment options, Balance enables buyers to pay at the click of a button, with Credit Card, Wire or ACH.
The portal serves as a holistic control panel for merchants, as it showcases all outstanding invoices, encompassing both online and offline payments, and displays every associated invoice detail.
Automated Payment Notifications
Timely, consistent reminders can significantly improve payment behavior. The dunning (reminders) solution sends buyers automated payment notifications via email that provide critical payment information, payment instructions, and quick payment options to help streamline the payment process. The emails serve to help buyers stay better informed about upcoming dues and reduce the likelihood of late payments, while elevating the user experience.
The latest release helps B2B merchants that want to:
- Better equip finance teams to handle high volumes of transactions
- Consolidate and simplify AR processes
- Drive growth and revenue by reducing cause for late payment issues
- Eliminate the need for buyers to navigate multiple channels to access their payment information
Balance developed the enhanced dunning management capabilities with the goal of creating a better experience for all stakeholders in the transactional process. “We’re continuously adding new features to our platform to streamline internal processes for merchants and remove friction for buyers,” said Bar Geron, CEO of Balance. “With the Buyer Portal, we're effectively addressing both ends of the B2B transaction, empowering merchants to drive growth by enhancing the collections and payments experience.”
Nir Gazit, VP Product at Balance added, “This solution, along with our existing reconciliation capabilities, further strengthens our ability to provide a comprehensive suite of Account Receivables Management solutions that cater to all of our merchants' needs.”
About Balance
Balance is an all-in-one B2B payment platform specifically designed for B2B organizations in their digital transformation journey. With deep expertise in catering to diverse sectors, from traditional manufacturing to industrial distribution, Balance enables businesses to enhance the buyer experience, and drive new growth opportunities. With Balance, merchants can embrace the digital era, process payments efficiently, and realize the immense potential of a modernized payment stack. Learn more at getbalance.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230530005295/en/
Contacts
Natalia Dinsmore
Head of Content and Communications
natalia@getbalance.com
