Online marketplaces have become a game-changer platform in the eCommerce world. The popularity of these platforms has continued to grow since the digital revolution has changed doing business online.
There's no doubt that these centralized platforms have now become a significant part of the economy. The rapid growth of online marketplaces has led to the necessity to process large quantities of the Online marketplace payment gateway.
As online shopping is growing tremendously, it is vital to ensure that you offer secure payment solutions to manage the marketplace and make the checkout procedure easy.
Whether you are an existing eCommerce business platform or if you're thinking of starting an eCommerce site from scratch, your payment gateway needs to be a priority.
Are you looking for the best payment solutions to manage the marketplace? We've narrowed down the best marketplace payment solutions that you should consider for a fast and secure checkout process in 2021.
STRIPE
Stripe is a technology company Launched in 2011. It is a stripe marketplace solution and crowdfunding platform that provides the technical infrastructure for operating an online payment system.
FEES (per transaction and additional) 2.9% + 20p
Charges may vary from country to country, as different countries have different payment method preferences.
Benefits of STRIPE :
- Multiple payment acceptance.
- Support for 135+ currencies.
- Developer-friendly documentation and clean APIs.
- It Offers PCI compliance and seamless security with two-factor authentication.
DWOLLA
Dwolla is an e-commerce marketplace company founded in 2008. It is an American payment system that presents a payment gateway for mobile applications and e-commerce sites in the United States.
FEES (per transaction and additional) 0.5%
Charges may vary from country to country, as different countries have different payment method preferences.
Benefits of DWOLLA :
- Automated mass payments.
- Allows you to accept and send ACH payments easily.
- High-level security is compliant with PCI DSS.
- Payments are faster.
PAYPAL
PayPal marketplace solution is the oldest and most well-known payment company launched in 1998. It is supported in almost every country and is the commonly used digital wallet in the world. You can easily create an account in PayPal.
FEES (per transaction and additional) 2.9% + a fixed fee based on the currency
Charges may vary from country to country, as different countries have different payment method preferences.
Benefits of PAYPAL :
- Transfer money without an account.
- Support for up to 25 currencies.
- PayPal provides a full guarantee against fraud.
- You don't need a merchant account.
Braintree is a scalable payment solution for eCommerce platforms and mobile apps. It was founded in 2007 and was later acquired by PayPal in 2013.
FEES (per transaction and additional) 2.9% + $0.30
Charges may vary from country to country, as different countries have different payment method preferences.
Benefits of BRAINTREE :
- Supports over 130 + currencies
- Multiple payment acceptance.
- High-level security compliant with PCI DSS
- Lowest currency conversion fees.
MANGOPAY
MANGOPAY is an online payment technology founded in 2013. This payment solution is for marketplaces, crowdfunding platforms, and sharing economy businesses in the international market.
FEES (per transaction and additional) 1.9% + 0.20£
Charges may vary from country to country, as different countries have different payment method preferences.
Benefits of MANGOPAY :
- Real-time monitoring
- Customizable payment flow
- Seamless End-To-End Payment Flow
- Accept Payments and Payouts Worldwide
How Does An E-commerce Payment Gateway work?
Factors To Consider Before Selecting The Best Payment Gateway For Marketplace.
i) Target Audience
When you have an online business, getting traffic to your website is not enough. It would help if you targeted a specific audience as per your niche.
Defining your target audience for an eCommerce store can back your business strategies in many ways. Identifying a target market will help your company to develop effective marketing communication strategies.
It will also generate the same revenue with lesser resources if you know your target audience.
ii) Mode of Payment
As your business grows, the eCommerce payment gateway should be able to scale along with your business effortlessly. Selecting the right type of payment method is essential and a critical task for eCommerce businesses.
You have to figure out which payment method will suit your business's nature and at the same time appeal to your customers.
iii) Select The Appropriate Payment Flow
There are three players involved while processing online payment transactions.
On one end is you (the merchant ), the business owner and on the other end is your customer.
The Merchant: It is any person or company that offers products or services to customers. The merchant account is associated with a specific bank which allows it to accept the payments.
The Merchant: It is any person or company that offers products or services to customers. The merchant account is associated with a specific bank which allows it to accept the payments.
The Customer: Access the products and services that the merchant offers. The customer enters the payment details or method on a secure web after which the information is encrypted and sent to the merchant's server.
The Technology: It is a mediator between the merchant and customer that enables both parties to transact. It involves the payment gateway and the payment processor (merchant service).
The selection of the most appropriate payment flow is essential for your business when adding the payment gateway to the website.
iv) Easy Payment Gateway Integration
Online payment gateway integration is not a difficult task. Most of the payment providers will guide you through the detailed instructions on integrating the payment gateway.
While selecting a payment gateway, make sure that it is easy and beneficial for your customers to make payments on your website, where they can choose a payment method of their choice.
v) 24 x 7 Customer Support
Providing quality service to customers without any delay is the key to success for any business. The only way to maintain high customer service standards in today's market is to provide 24 x 7 customer support.
Ensuring 24/7 availability via live chat support will indicate to your customers that your business is responsive to their needs and is always available to help them out.
SEE ALSO : Online Marketplace Ideas
Conclusion
There are many payment gateways for marketplace solutions available in the market, but choosing the right one is the most crucial factor for an online business.
Depending on the country you want to operate your business, you can go with a best Online marketplace payment solution that best suits your needs. We hope you will find it useful and that it will help you grow your business.
Have any questions ? about developing a marketplace or integrating a payment solution? Let's connect for a FREE Consultation.
