Last time we shared with you some advice on how to select a payment gateway for your business. Today we’re going to specify these tips to narrow them down for online marketplaces. Read about key features to choose a payment service for your marketplace!
Now it’s time to compare the companies—Stripe, PayPal, Adyen, and MANGOPAY—based on payment features that are most relevant for marketplaces. Marketplaces with high volumes typically need to deal with issues related to credit card disputes and tax reporting. PSPs often offer tools that help marketplace founders handle these issues.
The payment service provider needs to support the following features:
- knowing your custom process
- splitting payments
- delayed payout and escrow
- dispute handling and fraud prevention
- tax reporting
- subscription payments
- your target market support
In order for you to deduct your commission from each payment to your providers, your PSP needs to support splitting payments. All of the companies discussed in this article offer this feature, but in case you need to split your payment between more than two parties, your options are limited to Stripe, MANGOPAY, and Adyen.