Instacart Business Adds Pay-by-Invoice Solution Powered by Balance
Instacart Business customers can now apply for invoicing, receive instant credit decisions and manage payments within the app, with no redirects or third-party logins.
This pay-by-invoice offering is enabled by a new integration of Balance’s financial infrastructure for B2B businesses with the Instacart platform, the companies said in a Tuesday (April 15) press release.
“We heard from our Instacart Business customers that they need greater flexibility to manage their payments and operations more efficiently,” Andrew Nodes, vice president and general manager of Instacart Business and Supply Chain, said in the release. “That’s why we’re introducing pay-by-invoice to deliver solutions tailored to their unique needs.”
Instacart launched Instacart Business in February 2023, saying this B2B delivery service offered a choice of 30-minute delivery, same-day delivery or discounted longer delivery of items ranging from office supplies to snacks.
With Balance’s white-labeled solution, Instacart has full control of the user journey, according to the Tuesday press release.
Balance works behind the scenes to manage the invoice-to-cash process, including onboarding, risk assessment, billing, collections and cash application, the release said.
When a transaction is approved, Balance assumes the credit risk and guarantees payment, per the release.
Balance CEO and co-founder Bar Geron said in the release that the partnership delivers “a flexible B2B solution that empowers Instacart Business customers with more purchasing power and a streamlined payment process.”
FashionGo said in March 2024 that it partnered with Balance to launch a net terms solution for buyers on its online B2B wholesale marketplace for the fashion industry, with Balance addressing the financial requirements of B2B businesses.
The marketplace’s Dynamic Net Terms solution uses each buyer’s business profile and financial history to qualify them for funds; enables them to access net 60, 45 or 30 days, with no penalties or late fees; and increases buyers’ credit as they build their order history and maintain on-time payments on the FashionGo platform.
Geron said at the time in a press release: “Our focus is on enabling FashionGo to build a platform that facilitates the growth of all retailers in online wholesale purchasing, overcoming the limitations of the existing payment solutions today.”
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