In the USA, Balance, a company that offers integrated payment solutions to consumers of financial services, announced the launch of a program for charging additional fees.
The action of this program is aimed at alleviating the burden associated with credit cards, which sellers constantly face. The company’s press release, which was published last Monday, July 10, contains information that the firm’s new solution provides suppliers with the opportunity to charge additional fees for financial operations on credit cards.
The expected result of the program is that the profit margin of suppliers will increase. Another positive aspect of the existence of the company’s new solution is expected to be the ability of customers to choose a payment method.
The press release also indicates that the launch of the Balance program is a kind of response to the need to charge an additional fee, which concerns almost 65% of sellers in the United States. The company’s vice president for products, Nir Gazit, said that merchants need a favorable payment environment in which the cost of accepting online transactions does not outweigh the value of this type of operation. He also noted that the Balance program allows B2B sellers to ensure effective satisfaction of the needs of customers who choose a credit card as a payment method, and at the same time guarantees an acceptable operating margin.
The press release contains information that the company’s new solution allows merchants to customize the fee for consumers of specific groups or the cost of the order. Also, the allowance program has been integrated into the billing and ordering process.
The press release claims that with the help of the new solution, sellers will be able to minimize the risk of losing clients, increase efficiency, develop business, and expand the list of sources of income. At the same time, customers have the opportunity to make payments using a credit card without any failures.
The CEO and co-founder of Balance, Bar Geron, says that for doing business in the sense of its development, the most significant obstacles are high payment costs, missed sales opportunities and processes that require the mandatory availability of various kinds of paper documents, certificates, confirmations and the like. He stated that his company’s goal is to eliminate these barriers by using B2B-first payment technology, which helps to scale the application of online transactions.
Industry research shows that for representatives of the business community, B2B payments using credit or debit cards are not some kind of innovative solution about which they either know nothing or know very little. At the same time, in this sector, the frequency of using paper checks and an automated clearing house is much higher.
As we have reported earlier, Pesto Raises $11 Million and Launches Asset-Backed Credit Card.