Develop your own marketplace: which payment solution to choose?

Marketplaces occupy an essential place in the e-commerce sector, whether in the sale of products or services. This situation does not escape the notices of more and more brands who want to create their own marketplaces. The complexity of such a project forces them to solicit talented developers and choose a reliable payment solution. The success of the platform will indeed depend on this last element.

The central role of the payment solution within a marketplace

Payment management is particularly complex within a marketplace. It is not just about receiving payments made by Internet users, different transactions will take place between the platform and the different merchants it brings together. The financial flows managed are therefore greater. In doing so, it will be necessary to identify each actor and follow a precise procedure during each exchange. The smooth running of transactions will therefore ultimately depend on the marketplace payment solution chosen.

marketplace payment security

Beyond its role in collecting payments, this solution will determine the sustainability of the services offered by the platform. You should know that many legal obligations weigh on these marketplaces. Various procedures have been put in place to verify the identity of partner merchants with a view to combating money laundering. The CNIL also ensures compliance with the GDPR. Managers must implement a data management policy that preserves the rights of third parties. They must be able to consult the sensitive data that concerns them. They can in principle request the deletion of information linked to their identity and of course their bank details.

All of these elements encourage project leaders to choose their payment solutions wisely for their future marketplaces. Fortunately, many publishers are already present on the market. But, you still need to know the features that reinforce the reliability of a payment system.

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Overview of the characteristics of a reliable payment solution

First of all, you should know that the management of financial flows must be entrusted to a structure authorized by the ACPR. If the marketplace does not have approval or if the ACPR does not exempt it, it must necessarily use an approved payment service provider. This actor will provide or suggest a payment solution that is fully compliant with regulations. Compliance with the legislation will avoid future disputes and at the same time reassure customers and partner e-retailers.

When choosing such a tool, future marketplace administrators should take a look at the payment methods supported. Above all, we will ensure that payments by bank cards go smoothly. Until today, nearly 60% of online transactions are carried out using a credit card. However, we will endeavor to offer other possibilities to Internet users and its partners. Payments by electronic wallet and virtual cards are a real asset.

The chosen solution must also allow reimbursement, installment payments or even the establishment of a subscription system. With most marketplace payment solution publishers, these features are offered as an option in the form of an API. Throughout this ecosystem, we will not lose sight of the commission model to maintain good relationships with partner merchants.