The emergence of Alibaba in the year 2000 nudged forward the B2B eCommerce flywheel and set it in motion. Five years later, Forrester came forward with its billion-dollar predictions of B2B eCommerce growth.
Following those events, new technologies began to surface almost immediately that allowed B2B manufacturers, wholesalers, and distributors to create consumer-like, self-service buying experiences for its business buyers.
While those eCommerce technologies streamlined most buying processes that complicated the B2B industry, the buying experience still left much to be desired, especially in the purview of B2B payments.
B2B Payments vs B2C
When a consumer visits a B2C online store, his or her journey on the site is mostly predictable.
Given a range of product choices, the consumer picks what she wants to buy, adds to the cart, and checks out using a number of given options like credit card payments, cash on delivery, or even click and collect.
While payment methods in B2C do vary in every geographical region, they don’t vary as haphazardly as in the B2B industry where every buyer wants to buy on his own terms. One B2B company is often managing several buyer accounts where every buyer has payment terms of its own.
B2B Payments – A Major Source of Friction in B2B eCommerce
For years, B2B payments remained a major point of friction for both buyers and sellers. For sellers, offering credit terms and managing their buyers’ credit accounts is an expensive process that eats into their profit margins.
As for buyers, the process is dotted with multitudes of friction points, constantly making them crave the consumer-like experiences they enjoy beyond their workplace.
That’s the gap Balance filled with its revolutionary B2B eCommerce payment technology.
Get Balance Introduces the Much-Needed Solution for B2B Payments
Get Balance has created an intuitive and flexible B2B checkout experience that has a similar taste of consumer-grade experiences buyers appreciate on sites like Amazon.
When B2B sellers create an account with them, Balance acts as a third-party lender that lends money to its buyers. With a seamless integration on your online store, the Balance gateway takes a B2B buyer through a simple process that verifies and checks the buyer for creditworthiness.
Balance runs KYC checks on buyers to approve them. When approved, buyers can choose their own terms – net 30, 60, 90, or 120 and proceed to check out like they would on any other B2C site. As a seller with a Balance account, you get paid almost instantly while Balance takes 100% risk of offering credit to your buyers.
B2BWoo Integration with Balance Removes Friction from B2B Payments
Built on WooCommerce – the robust eCommerce technology that offers unparalleled flexibility, B2BWoo is packed with features that deliver a seamless B2B buying experience.
The B2B eCommerce solution was built after a meticulous research process that identified all friction points in a B2B buyer’s journey – turning those friction points into a smooth digital experience.
B2BWoo is available both as a complete bundle of plugins or as standalone plugins that allow B2B merchants to install only the features they need.
While B2BWoo addressed almost all friction points in a B2B buyer’s journey, buyers still faced a couple of challenges in the scope of how payments were handled. Before the integration with Balance, B2BWoo allowed sellers to add a few custom payment options to the checkout process.
As a seller using B2BWoo, you could create as many payment methods as you liked and call them anything– net 30, net 60, net 90, wire transfer, or any other region-specific payment method. With the custom role feature, you could choose what payment method to display for which customer.
So, if you pre-approved 30 days of credit for Buyer A, you could go in settings and choose Net 30 to show up on the checkout page for Buyer A.
But that only addressed a small chunk of the payment process. B2B payments, on the other hand, involve a lot more complexity, which an eCommerce platform couldn’t solve alone. What was needed was a third-party payment solution that offered a consumer-grade experience to B2B buyers and removed friction from various processes like credit approval, payment collection, and invoicing.
Not only complex, but these processes are also utterly time-consuming and lengthy and eat up resources of both buyers and sellers. These resource-intensive processes often shrink profits and even lead to a total loss for the seller if a buyer feels exasperated with long waiting times and chooses to take his business elsewhere.
Native integration of B2BWoo with Balance solves that problem and streamlines this vital part of the B2B eCommerce journey.