Balance Payments

With our Balance Payments integration, you can let customers pay net payment terms (e.g., Net-30, Net-45, Net-60) while you get paid instantly. Specifically, by connecting B2B Wave with Balance, you can pre-qualify customers using their business name, business address, and EIN and offer them net payment terms. This article will walk you through setting up the Balance integration on your B2B Wave account. 

NOTE: Contact our support team to enable Balance Payments for your account.

Connecting B2B Wave with Balance

Step 1. Login to B2B Wave. Go to Settings >Payment options and click “Balance Payments.”

Step 2. Login to Balance Payments.

Step 3. Click Settings >Security >Create Secret Key. Next, click “Copy API Key” on the window that appears.

Step 4. Return to B2B Wave and paste the API key into the “API Key*” box. Then, check the “Active” box to enable Balance on your account.

Step 5. Select “sandbox” from the drop-down menu under the “Environment*” field if you want to test the integration; otherwise, select “production” and click “Save.”

NOTE: Balance Payments also offer a Sandbox (test) environment that you can use to test the integration. If you are testing the integration, select any bank and use “user_good” and “pass_good” as your username and password, respectively, to connect a “test” bank account.

Qualifying Customers for Terms on B2B Wave

After you’ve set up the Balance Payments integration on B2B Wave, you’ll need to qualify customers for whom you want to enable net payment terms. Now, let’s see how you can do this.

Step 1. Go to the Customers menu and click on a customer you want to qualify. 

Step 2. On the “Customer details” tab, look for the “EIN” field, enter the customer’s EIN number, and click “Save and stay on page.”

Step 3. Go to the “Payment options” tab. Next, click “Qualify for terms.”

Step 4. Check “Terms financing (with Balance Payments)” and “Save” to enable the customer for this payment method. By doing so, you’ll also create a buyer on Balance Payments.

Step 5. Click “View buyer in Balance Payments dashboard” to see their maximum terms. Remember that you can manage the credit limit through Balance Payments.

Understanding how the Balance Payments Integration works

When you enable Balance Payments, customers can click “Send Order & Set Up Payment” to choose how to pay for their order (credit card or bank/wire transfer) on the order confirmation page. 

In addition, if they pay through bank/wire transfer, they can choose which bank account they’ll use or opt to pay for their order immediately.

After customers submit an order, you can see the transaction on your Balance Payments by clicking the Transactions menu.

NOTE: Please get in touch with our support for any questions or assistance with the setup process.