“I was in the middle of a medical treatment when i saw the press release about Balance, and immediately thought - this is different, it actually meets our needs. My first call with Bar was from my hospital bed”, Michael Eichinger, Bay Supply founder and CEO, recalls.
Shifting from a merchant to a marketplace.
“We have been serving our customers via a traditional wholesale distribution model for several years, providing 30 and sometimes 60 day terms. We felt that based on our role in our industry it was time to establish a marketplace, and serve our customers better by making more products accessible to them.
“That’s when our needs drastically changed - we wanted to extend credit terms for our customers for other 3rd parties products, but we were only receiving a commission on the transaction, it was us playing a bankroll to an extreme that didn’t make sense. So our goal was to find a service provider that will provide credit terms but also allow us to transition our customers to that service for terms so that we weren’t required to keep providing that ourselves״.
Providing different net terms in the same cart.
״Technologically, this was a fairly complex mission - our customers are putting our products in their cart together with other 3rd party sellers. Our challenge was to be able to provide different terms for our products vs 3rd parties’ products’ - within the same cart, the same customer, the same checkout. Balance was a perfect way to solve this”.
“There are a number of great solutions for providing terms, that’s not the issue. The tricky part was the fact that as a marketplace and with customers who are used to getting terms, all we wanted was to somehow emulate the offline experience they’re used to, only have it online. With other solutions, every transaction had a separate contract, in a sense”.
Meeting offline expectations with online features.
“Why do people look at a digital payment experience through a different lens, because it’s digital? There’s no reason. The Balance team was very dedicated to creating a checkout experience that people actually want, and expect, and not compromise on that. To the buyer, it all appears so simple. Because it’s intuitive. Yet, obviously in the back there’s a very complex process. And that’s the beauty of it”.
DR lowered their accounts receivable burden by hundreds of thousands of dollars, removed transactional risk, and spared their company the overhead of collection, reconciliation, and settlement.
Banner saved themselves the cost and hassle of milestone payments, giving construction managers flexible payment methods beyond credit cards, and automating vendor payments to contractor service providers.