Balance recently unveiled an upgraded dunning management solution for its B2B payments platform, marking a significant enhancement to its Account Receivables Management Suite. According to a press release issued by the firm on Tuesday, May 30, this latest version incorporates automated payment collection and introduces a portal designed to provide real-time visibility into payment and invoice statuses.
Bar Geron, CEO of Balance, emphasized the company’s commitment to continuously improving its platform to streamline internal operations for merchants and enhance the customer experience. He stated, “We’re constantly adding new features to our platform to streamline internal processes for merchants and remove friction for customers.” Geron highlighted the importance of addressing both ends of the B2B transaction with the Buyer Portal, enabling merchants to drive growth by enhancing collections and payment experiences.
The Buyer Portal introduced by Balance allows customers to view past payments and outstanding invoices, as well as to initiate payments conveniently using ACH, credit card, or wire transfer options. Furthermore, the portal offers merchants insight into all open bills, facilitating clearer communication and transparency throughout the payment process.
Notably, the Balance platform now incorporates automatic payment reminders, notifying customers of upcoming payment due dates and presenting them with straightforward payment options. This feature aims to streamline the payment process and reduce the likelihood of missed payments, ultimately improving cash flow for merchants.
Nir Gazit, Vice President of Product at Balance, underscored the platform’s comprehensive suite of Account Receivables Management solutions, which now includes the newly introduced dunning management solution. Gazit stated, “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.”
In essence, Balance’s enhanced dunning management solution represents a significant advancement in its B2B payments platform, offering merchants automated payment collection, real-time visibility into payment statuses, and streamlined payment processes through the Buyer Portal. By prioritizing both merchant and customer needs, Balance aims to drive growth and improve overall satisfaction within the B2B payment ecosystem.
