The full article is below and was originally published in Business Wire on December 8, 2022.
NEW YORK--(BUSINESS WIRE)--MarketTime, the provider of best-in-class order-writing, business intelligence and B2B eCommerce platforms in the industry, has announced its payments solution will be powered by Balance, the top B2B payments experience company offering the first online checkout built for businesses. Balance is flipping the old, complacent ways of B2B transacting on its head. This partnership will support MarketTime in offering mtPay, its new integrated payment processing and credit terms solution.
Powered by Balance, mtPay will offer fast and simple payment solutions within the wholesale B2B industries MarketTime serves - easing processing pain points and saving customers time and money.
“mtPay is a game changer for every stakeholder in the wholesale ecosystem MarketTime serves – suppliers, sales agencies, sales representatives and retailers. This new platform will offer tremendous benefits to all parties and eliminate so much of the paper and manual process involved with executing sales and customer payments,” said Chris Happ, CEO of MarketTime. “We could not be more pleased to partner with industry-leader Balance to help our customers improve cash flows, while simultaneously providing buyers with a seamless checkout experience.”
Jacob Teplin, COO of MarketTime, added, “More than 2/3 of payment transactions in our ecosystem are still manually executed. Credit applications are still individually considered and processed. Our vision is to enable our customers to remove manual, costly, and non-core functions, allowing them to focus on what they do best.”
mtPay users are already looking forward to the benefits of a sophisticated B2B payments solution. “We are very excited about mtPay. This is going to be the single biggest advancement in independent store selling since the fax machine!” said MarketTime customer Wes Hardin, CEO of DiverseBrands.
MarketTime customers who use mtPay will benefit from a payments platform, built from the ground-up to serve the unique needs of all participants in the wholesale ecosystem. With mtPay, suppliers can capture more sales and spend less time chasing payments, getting paid as soon as the next day after shipping. Retail buyers enhance their cash flow with payment method flexibility and instant access to net terms with one simple application. And sales agencies can grow their customer base by offering both suppliers and retailers an enhanced experience.
“There is an increasing need for payment solutions with real-time net terms so that customers can enjoy instant payouts and zero risk,” said Bar Geron, co-founder and CEO of Balance. “Balance is committed to owning the entire B2B checkout experience, offering customers a seamless payment experience.”
To date, Balance has supported hundreds of B2B merchants and marketplaces to bring commerce online. The company recently announced a $56M Series B led by Forerunner Ventures in July 2022, bringing total funding to $86M. Balance currently has 60 employees with offices in Tel Aviv and New York City.
About Balance
Founded in 2020 by PayPal alums Bar Geron and Yoni Shuster, Balance is the top B2B eCommerce payments company offering the first online checkout with omni-channel support built for businesses. With Balance, companies can process any payment method, offer flexible terms, and get paid instantly — all in one place. With offices in Tel Aviv and New York City, Balance has partnered with dozens of B2B marketplaces to shift traditionally offline industries like food, steel, chemicals and apparel to an eCommerce model that resembles B2C. Balance has over 300 merchants, marketplaces and customers combined, including notch, Everywhere Apparel, Bryzos, Felux, Vallourec and more, as well as partnerships with Shopify Plus, Fabric and Magento.
About MarketTime
MarketTime is the technology platform of choice for some of the most innovative B2B sales organizations in the world. MarketTime’s solutions are the only fully integrated hybrid SaaS and cloud-based applications available to stakeholders anywhere and anytime that fulfill three key needs: making product discovery and ordering easier for buyers; making organizing and sharing information intuitive and secure for sellers; and saving time and money for all ecosystem participants. The company facilitates more than 3 million orders annually for more than 300,000 retailers, with over 350 sales agencies, 7,000 sales representatives, and 6,500 brands utilizing the platform.
To learn more about how MarketTime can help grow your business, visit www.markettime.com or schedule a demo.