B2B eCommerce furniture and home décor marketplace HomeRoots has announced that its payments solution will be powered by B2B payments firm Balance and will bring a buy now, pay later (BNPL) option to its customers.
With this new option, HomeRoots customers will be able to check out with net terms at the click of a button, the companies said Wednesday (Nov. 9) in a press release.
“We established HomeRoots because we felt that there was a void in B2B competitive drop ship options that would deliver new and fashionable products to our customers quickly and easily,” HomeRoots Vice President of Merchandising Diane Narwid said in the release. “Balance is helping us continue on that journey by making the purchasing process easier and more flexible with multiple ways to finance each order.”
HomeRoots aims to offer options like these to make the B2B online shopping experience as easy as the B2C one for the interior designers, hospitality projects, eCommerce merchants and brick-and-mortar retailers that it serves, according to the press release.
The B2B BNPL option provides a quick and easy way for customers to get terms at checkout while also ensuring that merchants get paid instantly. It also eliminates the need to conduct B2B transactions by phoning in orders, requesting a quote and faxing over an invoice, the release stated.
“B2B payments are a bottleneck to eCommerce growth,” Balance Co-founder and CEO Bar Geron said in the release. “To truly grow in the digital space, merchants need to facilitate payment terms in a scalable way and in a way that is as convenient as the experience we know in the consumer world.”
The announcement comes about four months after Balance completed a $56 million Series B fundraising round and said it would use the new capital to expand its offerings to new, global eCommerce platforms and enable B2B merchants to grow their digital revenue.
The company works with hundreds of B2B merchants and marketplaces and has grown tenfold since its launch in February 2021, Balance said on July 26.
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