Balance offers on your behalf buying power to your customers for BNPL (Buy Now, Pay Later). You will receive funds upon completion of delivery/services while your customer will have a delayed due date for their invoice.
What is required from the buyer to get assessed?
We run a standard KYC check on your buyer to evaluate risk. There are 3 ways buyers can be assessed: (1) the buyer connects their bank account, (2) the buyer enters their business name, address, and EIN, or (3) you qualify the buyer by entering their business name, address, and EIN on their behalf.
What happens if the buyer doesn’t pay?
You have 0 liability if the buyer doesn’t pay. Balance takes on 100% of the risk.
Are there credit limits? Is there any way to go above?
Every buyer can be assessed automatically for limits up to $50,000. Requests exceeding $50,000 are reviewed on a case by case basis with results usually within 2 business days.
Who is collecting payments? Will Balance be contacting my buyers?
Balance is built to be a white-label solution that allows you to maintain the relationship with your customers. Therefore, Balance will always contact you first regarding any collection issues, and will attempt to reach the buyer directly only in extreme circumstances.
Whose name is on the invoice?
Merchants can choose whether they want Balance’s name or their name on the invoice.