How a wholesale distributor graduated its customers to digital payments

Bay Fastening Systems, a wholesale distributor of fastening solutions, found itself at the crossroads of tradition and the digital age. As the Chief Operations Officer at Bay Supply, Michael Eichinger shared the journey the company undertook to embrace a modern, streamlined approach to payments.

"As a wholesale distributor of fastening solutions, Bay Fastening found itself navigating a rapidly evolving digital landscape," explained Eichinger. Recognizing the need to adapt, the company established its online marketplace, Bay Supply, in a bid to meet the shifting demands of the industry. However, this move came with a challenge – finding a partner capable of navigating the intricacy of B2B transactions. 

The goal was not only to manage e-commerce for B2B and provide digital solutions but also to operate within a traditional framework by establishing and managing credit terms. This involved handling the complexity of the marketplace, including vendor payouts and third-party seller payouts. 

Eichinger found that the existing solutions he came across were tailored more towards retail or B2C, lacking the nuanced understanding of the B2B landscape. 

The challenge

The decision to partner with Balance was not arbitrary. "We needed to find a partner that could provide digital payment solutions," explained Eichinger. The objective was clear: relinquish the burden of financial management and focus on core business aspects. Plus, Eichinger needed a way to manage credit terms for third-party sellers as they expanded their marketplace.

Eichinger also emphasized the need for visibility: "As a wholesale distributor, when you're looking for a B2B payment solution, you want to look for a partner that's going to provide a company, your client, your customer oversight to all of the purchasing activity of their staff." So the challenge was not only in finding a partner that would streamline financial processes but also offering a window into the digital payment activities of clients' staff.

Choosing Balance: A decision grounded in understanding B2B

Balance, with its unique understanding of the gradual shift to digital, presented itself as an ideal partner. Eichinger underscores the significance of finding a partner that recognized the evolving needs of Bay Supply's customer base. "Balance was the only company that understood the challenges of taking a traditional method of doing business and graduating them towards digital payment solutions."

"Balance goes beyond being a mere payment gateway," emphasizes Eichinger. The partnership allowed Bay Supply to focus on products and customer relationships, as Balance tailored solutions to the unique needs of the evolving digital landscape. Unlike competitors with rigid structures, Balance collaborated closely, customizing solutions to suit Bay Supply's requirements.

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