Marketplace payment platform Balanced offers efficient yet fully-featured merchant system. Faster merchant payments and other simplifications help sites better support individual sellers.
Balanced provides an inclusive merchant payments support system that supports a broad choice of funds transfer options. Ideal for websites that support multiple vendors, Balanced is a platform that enables marketplaces clients to charge cards, escrow funds, pay out to sellers and collect fees, with an option to automate payments. The payout feature gives marketplaces more efficiency and is easier to manage through their dashboard, and may save sellers from needing yet another service to connect their business and their bank account. Balanced has already been implemented by a number of community startups that connect consumers, friends or other groups with everything from professional chefs, local artisans, and infographic artists.
Reducing friction at a fairly low cost…
To appeal to a wide variety of startups and marketplaces, Balanced has reduced upfront costs and created a simple business model, while building a white-labeled API and a web-based dashboard. Instead of monthly fees, Balanced charges per transfer. Card processing costs clients 2.9 percent plus 30 cents, and payout costs 25 cents per deposit. The next day payout feature is a new one, which Balanced provides to clients so they can send money to sellers’ bank accounts via ACH. With this feature, Balanced hopes to greatly reduce friction between the marketplace and its sellers.
…Is meant to improve the marketplace-seller relationship
While many other companies are offering merchant services of varying width and breadth, Balanced is positioning itself as a startup that prizes user experience and the marketplace-seller relationship. The startup prioritized building a real-time payments network. With the proliferation of marketplace websites that are now online, the potential for impact in this industry is appreciable. As is shown with the collection of sites that already use Balanced, such as Kitchit, Fancy and Crowdtilt, creating a simple and quick payment service is high value for the individuals and small businesses that sell on these marketplaces.