In today’s digital world, almost all businesses, especially online marketplaces, depending on their payment solutions for smooth operation. If your online store or marketplace can’t process payments safely, securely and reliably, you won’t be successful in building a sustainable e-commerce business. When it comes to online payment solutions, things are more complex in the case of e-commerce websites, where payments have to be made to many vendors, unlike an online store. In addition, if your e-commerce website operates in different countries, the payment getaway you use should support multiple currencies. Some of the challenges faced by payment solutions include fraud protection, handling complex marketplace payments and dividing the fund between vendors. Choosing a payment solution with features vital to your e-commerce platform or online marketplace is essential. Some features online marketplaces look for in a payment getaway are split payment processing, support of multiple currencies, custom chained, and parallel payment flows, subscription payments, technical support, third-party integration, fraud protection tools and the facility to document. Here are some of the best foreign exchange solutions for your online marketplace:
This Chicago-based company is a payment provider for e-commerce platforms and mobile apps. Its subsidiaries include popular apps such as Venmo and Modest. Braintree is the payment platform for some leading brands like GitHub, Dropbox, Uber, StubHub and Yelp. Braintree supports split payments, which is useful if you want to build a two-sided marketplace. Braintree supports more than 130 currencies and operates in over 46 countries. Another significant advantage of using Braintree as your payment provider is that it has advanced SDK features and is PCI DSS compliant. However, Braintree doesn’t support international platforms, and the marketplace owner should be registered in the U.S.
With customers from over 35 countries favouring the service, Stripe Connect is one of the most popular payment getaways in the world. Stripe Connect allows for split marketplace payments, supports over 135 currencies and offers an easy payment solution. Stripe has the cleanest API and simplest merchant onboarding compared to other payment solutions available. Some of the most popular businesses using Stripe Connect are Google, Instacart, Amazon, Notion, Shopify, Lyft, Kickstarter etc. Stripe Connect is also PCI DSS compliant, thus ensuring a high level of security for your payments. Stripe Connect might be the best option if you want to scale and expand your business.
Founded in 1998, PayPal is the oldest and most popular payment provider in the world. It supports bank transfers in over 100 countries and facilitates two-sided marketplace payments. It also supports split and mass payments and is PCI DSS compliant, and allows your merchants to be MoRs, provided they have PayPal Business Accounts. Some businesses that use PayPal as their trusted payment solution include Dailymotion, NetSuite, iFundWomen, Replin, Grailed etc.