Payment management for marketplaces
To understand how the Marketplace Manager works, let’s take a look at the entire payments journey on marketplaces.
Buyers make payments for their purchase on the marketplace. The Marketplace Manager can provide the marketplace with customisable payment pages that offer benefits such as all the relevant payment options, local language and currency based on the buyers’ location and one-click payment for returning shoppers.
Once the transaction is complete, the money is kept in a segregated escrow account until the service is fulfilled or the seller ships the product. Upon service completion or product delivery, the marketplace instructs through an API call to transfer payment from the escrow account to the seller and the commission is automatically paid to the marketplace.
The Marketplace Manager offers multiple options for paying out to the seller with the most popular being a direct bank transfer and payment via prepaid debit cards or PayPal. Another very interesting payment option possible is a pay-out on a credit card via CFT.
In case the seller has not properly granted the service or product, the marketplace can instruct the Marketplace Manager to facilitate a full refund of the funds to the buyer.
In every aspect of the payments journey, the Marketplace Manager plays an active role to make the process frictionless and to provide a unified solution for all the payments needs of marketplaces.