Designing a payment solution for marketplaces is where an innovative payment service provider such as easypay really excels.
It requires juggling several considerations. On the one hand, it is important to have good products / services and traffic. On the other, it is also critical to have the most efficient and complete payment system that satisfies all parties involved – Marketplaces manager, merchants and the end consumer – and leads to the successful payment of products.
The challenges of Marketplaces
Marketplaces face several payment challenges. For a payment service provider, tackling them requires the expertise of a seasoned team.
Multiple purchases, one payment
The consumer wants to buy several products with a single payment for the total amount. This poses a challenge. When receiving a single payment, is it possible to distribute the funds among the various merchants?
The answer is yes. There are efficient payment solutions that allow the consumer to pay the full amount, which is then divided by the various parties involved (suppliers and managers of the Marketplaces).
Funds and Returns
When are these funds made available to the merchant? If a customer decides to return any of the products, how does a payment service provider guarantee a refund?
A marketplace’s key priority is to protect the end customer. With that in mind, easypay has developed solutions that allow marketplaces to retain funds when they are credited to the merchants’ accounts.
Funds are unlocked once there is proof that the consumer received the product. Then, this period of time adds to the reflection period, the number of days customers have to change theirs minds. As such, a transaction that is credited to a merchant’s account could only be 17 days later, a scenario with 3-day shipping plus a14-day reflection period.
What is the big attraction of Marketplaces?
For brands, the added value of being present in a Marketplace is the fact that they can take advantage of the extra online presence. Marketplaces are responsible for attracting and retaining consumers.
Soon, we will probably witness the rise of new Marketplaces, either more universal or more vertical.
Finally, payment regulators jumped at the opportunity to updated its terms, demanding marketplaces to follow certain rules, to protect consumers. It is important that marketplaces know this information and follow it.
There are only 2 exemptions:
- Private labels – businesses that may have a variety of products but that possess their own payment instrument and that have a turnover of less than 1 million euros.
- Business with a reduced range of products.
Explore the potential of Marketplaces with easypay
easypay has designed a very sophisticated solution for Marketplaces that ensures compliance with payments and regulations, favouring flexibility and adapting to the needs of all parties involved.
Working with an expert payment partner is the guarantee of success for Marketplaces.
Fonte: Jornal Económico