Shopify has migrated deeper into B2B transactions highlighted by its partnership with the supply-chain e-commerce firm Balance. The collaboration will support a range of checkout and financing options for sellers on Shopify. As more companies are moving their procurement online, Shopify will expand its role as a B2B services company.
This announcement comes just months after Shopify announced its new B2B offering in June. Shopify’s aim is to enable an easy-to-use buying experience from a single platform for both consumers and wholesale customers. Balance, with its customized B2B Payment experience, will make this possible by enabling B2B merchants to offer their customers the option to defer payment by up to 60 days and pay via multiple payment methods from credit card to ACH or check.
“There is an increasing need for payment solutions with real-time net terms, and our goal is to provide Shopify with a slick and simple payment experience that is suitable for B2B trade.”
Once the Shopify store and Balance are connected, new buyers can instantly qualify in-cart, while returning buyers receive access to rolling net terms. Balance takes on 100% of the financing risk with merchants getting paid the full amount of the invoice upfront. Balance’s plugin will completely automate and streamline the B2B payment process for their online customers.
Balance also processes transactions, handles refunds, and gives merchants full control of payment capture along with a complete list of their transactions, buyers, and updated credit limits, all within the Shopify dashboard.
“We are extremely excited to bring a truly native B2B payment experience to Shopify merchants,” said Bar Geron, CEO and co-founder of Balance. “There is an increasing need for payment solutions with real-time net terms, and our goal is to provide Shopify with a slick and simple payment experience that is suitable for B2B trade.”
Only 10% of B2B orders are currently paid online. The Shopify-Balance collaboration will enable merchants to launch a complete B2B checkout system with built-in financing, thus playing an important role in Shopify’s continued expansion into B2B e-commerce.
