An online marketplace is a platform on a website or mobile app where multiple businesses or sellers can sell their products or services. Some examples of popular marketplaces that you may have shopped from are Amazon, Etsy, eBay, Ubuy, etc.
Since a marketplace has multiple vendors with multiple bank accounts, traditional payment systems will not work effectively for marketplaces. They have particular needs and requirements when it comes to accepting online payments making it highly important that they select the right marketplace payment system.
Marketplaces need a payment service provider that can:
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Easily onboard businesses within the marketplace and verify their identity
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Accept payments in all the popular and trusted payment methods
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Split funds between the marketplace and the businesses as needed and process payouts to both parties
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Comply with marketplace payment requirements such as Know Your Customer (KYC), Anti-Money Laundering (AML), and Payment Card Industry Data Security Standards (PCI-DSS)
Tap Payments does all this and a lot more! If you’re interested in learning more about our marketplace payment solutions, you can get in touch with our customer experience team through the live chat available on our website.
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