Marketplaces, also known as “digital supermarkets”, have become increasingly popular, providing consumers with an experience comparable to walking into a department store and visiting dozens of shops across all sectors with the comfort of avoiding the physical travelling to the location and using a single centralised platform. This type of solution optimises the user experience, allowing the user to choose from a greater range of products across multiple Merchants and make a single payment.
Following the growing interest of consumers and the needs identified in this area, SIBS developed an innovative and complete multi-channel Marketplace solution, which brings together the features and benefits of several marketplaces on a central processing platform, providing it with the latest trends in payment technology.
SIBS Marketplace solution is a multi-channel, multi-brand processing platform (Visa, Mastercard, UPI and MB), which brings together features of SIBS Payment Gateway (SPG), as well as the physical POS, SmartPOS and mPOS solutions, and is equipped with the latest trends in payment technology.
This solution allows the Merchant to expand its business as a Marketplace Operator, enabling integration with agents, resellers and/or service providers (referred to as ‘Submerchants’), accepting payments on their behalf. It also allows to split payments, transfer funds and pay to Submerchants, providing full control over the buyer and seller experience. In addition, it enables its users to remain compliant with new regulations, such as PSD21, and in line with the latest payment trends. The figure shows a summary diagram of the solution’s operation.
Benefits
The solution ensures compliance with local and international regulatory requirements, such as sub-merchant anti-money laundering (AML) and Know Your Customer (KYC) guidelines, which is vital for transactions.
Submerchant funds are held temporarily at a third party neutral account, awaiting the day of payment. Once all conditions have been met, the Marketplace Operator requests the payment split and funds are released to submerchants.
Splits can be made transaction by transaction or in bulk, always via API. The amounts and commissions to be distributed are fully customized by the Marketplace Operator.
Payouts are processed on demand or can be scheduled daily, weekly or monthly.
Secure transfer of funds between the various parties involved. The transfer of funds will be processed via SEPA CT, respecting the processing and clearing timings of this service.
The solution provides a free daily report with the details and status of splits and payouts.