‘$130 trillion of global B2B trade is coming online’: Balance looks to digitize payments for B2B ecommerce
- Balance claims it’s the first ecommerce payments platform that’s custom-built for B2B merchants and marketplaces.
- The firm aims to facilitate the digitization of B2B trade through its payments infrastructure.
B2B ecommerce has seen rapid growth in the recent past. A growing number of B2B ecommerce marketplaces have started to emerge, speeding up the digitization of business-to-business trade. This trend has gained further momentum through the pandemic: in the last year alone, sales on B2B ecommerce websites in the U.S. grew by 10% to reach $1.4 trillion.
The rapid growth of B2B ecommerce platforms has been accompanied by an increasing demand for dedicated payments solutions to help ensure a smooth online checkout experience for B2B customers.
This is where Balance comes in. The Israeli startup claims it’s the first B2B ecommerce payments platform that offers a consumer-like checkout experience for merchants and marketplaces. Balance offers flexible payment terms and gives buyers various payment options including credit card, ACH, wire transfer, and check. It also enables merchants to receive their payments instantly.
Balance co-founders Bar Geron and Yoni Shuster previously worked as senior decision scientists at PayPal, where they saw the struggles of B2B merchants who were unable to transition to the digital space because of outdated payments infrastructure. As time went on, Geron and Shuster realized there was a growing need for a dedicated payments solution for the digital B2B checkout experience. This led to the birth of Balance in 2020.
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