What is the best payment system to integrate into a website that operates as a platform?
Payments
Asked by Question Bot10/Feb/20151 answer
1 Answer
F
Faisal Khan
Answered 10/Feb/2015
What you are describing is a marketplace, with the marketplace being an aggregator for payments. This is typically referred to the industry as the marketplace being a Payments Facilitator (PF for short).
You can use one of the many payment service providers who provide payment processing for marketplaces:
Do note, with the marketplace being a PF, there are rules that MasterCard and VISA, etc. impose on an aggregator. For example an aggregator cannot work under an aggregator. So you (the marketplace) would have to register with VISA/MasterCard as a PF and then go to a PSP to provide you the platform to process payments and on-board sub-merchants who participate in the marketplace as Sellers.
WePay (company) for example has an excellent paper on this, you can read more about it here: https://www.wepay.com/files/paym...
Typically, any PSP platform you use, would automate the payment processing (there is always manual intervention to look at flagged transactions chargebacks, fraud, etc.) but overall, this is what a PSP brings to the table, they bring a wide variety of payment tools to make the whole process seamless for you.
You can use one of the many payment service providers who provide payment processing for marketplaces:
Do note, with the marketplace being a PF, there are rules that MasterCard and VISA, etc. impose on an aggregator. For example an aggregator cannot work under an aggregator. So you (the marketplace) would have to register with VISA/MasterCard as a PF and then go to a PSP to provide you the platform to process payments and on-board sub-merchants who participate in the marketplace as Sellers.
WePay (company) for example has an excellent paper on this, you can read more about it here: https://www.wepay.com/files/paym...
Typically, any PSP platform you use, would automate the payment processing (there is always manual intervention to look at flagged transactions chargebacks, fraud, etc.) but overall, this is what a PSP brings to the table, they bring a wide variety of payment tools to make the whole process seamless for you.