MarketTime, the provider of order-writing, business intelligence and B2B eCommerce platforms in the industry, has announced its payments solution will be powered by Balance, the B2B payments experience company “offering the first online checkout built for businesses.”
Balance claims it 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.”
Chris Happ, CEO of MarketTime, said:
“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. 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.”
MarketTime customer Wes Hardin, CEO of DiverseBrands, said:
“We are very excited about mtPay. This is going to be the single biggest advancement in independent store selling since the fax machine.”
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.”
Bar Geron, co-founder and CEO of Balance, remarked:
“There is an increasing need for payment solutions with real-time net terms so that customers can enjoy instant payouts and zero risk. 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.”