Balance Aims to Simplify B2B Payments
As e-commerce continues to rise and be a significant portion of how the apparel industry does business, many companies are looking for new and innovative ways to transition their accounting processes to be more digital. Balance, a B2B e-commerce company, wants to help the next generation of companies by moving traditional trade online.
Balance is intent on transforming the B2B e-commerce checkout experience, simplifying transactions to a consumer level. Bar Geron, co-founder and CEO of Balance, said in an offline world B2B transactions are still being done through invoices, wires and checks, with some finance experts estimating 40 percent of all B2B payments in the U.S. are still made using checks.
“When you take traditional trade, there are innovators and enterprises that want to take those inefficient trade activities and put them in an e-commerce context to make transactions as simple as swiping a card is for a consumer. That’s what businesses are looking for, and Balance is optimizing that—to have a seamless checkout experience that is consumer grade and that makes something like purchasing steel as simple as purchasing a pair of Nikes.”
Geron mentioned the change in the B2B e-commerce space is necessary as industry and the world are continually expanding in the digital capacity. He even noted that wholesalers who don’t look at the online side of things may be disappointed they didn’t hop on the digital trend sooner.
“Buyers for businesses are all Millennials now who are looking for the next phase, and Balance is looking to create a new experience for how business transactions are being done,” Geron said. “No more offline paperwork—everything is streamlined through new checkout experiences solely dedicated for business transactions. Those are the types of problems Balance is trying to solve.”
Geron mentioned the company is working with a lot of B2B e-commerce agencies working toward streamlining their payments. Balance is an effective tool across a number of industries and has worked with companies like notch, a B2B marketplace for wholesale ordering for restaurants and distributors, and materials-science company Everywhere Apparel to create and launch their B2B e-commerce payment solutions.