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PaynoPain launches a payment platform designed for Marketplaces and Sharing Economy businesses

At PaynoPain we are experts in online payments thanks to continuing to innovate day by day and working with the aim of simplifying payments for all business models. And two types of businesses that can be challenging when designing payment flows are Marketplaces and Sharing Economy platforms, since they move away from traditional models and involve transactions between many sellers and many buyers, having to add to the equation the commissions of the platform for the service.


Of course, these businesses cannot work with any payment service provider, since their needs are very specific and only specialized payment platforms will allow them to carry out their operational needs in an agile and comfortable way for all parties. For this reason, at PaynoPain we have combined our two solutions, Paylands and ChangeIt, to bring to the market a payment platform designed for Marketplaces and Sharing Economy businesses. Both technologies combined facilitate flexibility and customization of commissions and transaction flows.


Let’s take a closer look at some of the main advantages of our payment platform for Marketplaces and Sharing Economy businesses:


Flexible and customizable operations (split payments, payin, payout…)

Once the user makes a purchase, the process of dividing payments (split payments) between businesses begins, collecting commissions and sending transfers. Our payment platform offers total flexibility and customization so that Marketplaces can carry out these processes in real time or in an automated way (payin and payout), thus being able to complete the payment division in a few seconds. In this way, both sellers and the Marketplace itself will receive their benefits quickly and easily.


The most popular payment methods

Paylands allows you to offer a wide variety of payment methods to cover all target audiences. In a Marketplace it is even more important to offer this variety, since the customers are very different types of people, with very different needs and preferences. Debit and credit card, Bizum, Google Pay, Sofort, cryptocurrencies… The wider variety offered, the more likely it would be to hit the favorite choice of all users, and Paylands can integrate any of these payment methods.


Simple and fast KYC

In these business models it is not always necessary to carry out the process known as “Know Your Customer”, it will depend on the type of relationship established between businesses and/or customers with the Marketplace. However, in cases where it is necessary, at PaynoPain we have automated an agile KYC system so that the process is as quick and easy as possible for our clients.


PSD2 compliance

The new European PSD2 directive, among other things, requires businesses to carry out SCA or double authentication and Marketplaces that operate with Payment Institutions. In our case, we have a license from the Bank of Spain to operate as such, so we can serve Marketplaces and facilitate compliance with the directive. Additionally, our Paylands payment gateway simplifies strong authentication, performing it quickly and reliably for the customer.


Fair and clear commissions

The operation of a Marketplace or a Sharing Economy platform is already complicated enough for the payment service provider to complicate it even more with very high or unclear commissions. At PaynoPain we make personalized estimates that are adapted to the needs of each company, which are very fair and are charged automatically, so you don’t have to worry about anything other than running your business.


If your business is a Marketplace or a Sharing Economy platform (or works as such), you can undoubtedly benefit from our new payments platform. Take advantage of the experience and technology of our two main solutions and put them at the service of your business to achieve the best results and a convenient, simple and transparent payment service.





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    Marketplaces: What payment methods do sellers and customers prefer?

    Marketplaces could be defined as a virtual shopping center. The difference is that, in this case, the mall instead of charging the seller a rent and expenses, it charges a monthly fee plus a commission on its sales. And these commissions can be really high, as is the case with Amazon, which charges its sellers up to 15% on sales as a commission.


    Knowing this, it is easy to understand why the payment methods offered by the giant marketplace are limited: the cheapest in terms of commissions and the most popular among consumers, since the commission of the payment platform must be added to the commission on the sales, as we’ve seen.

    However, each marketplace has totally different prices, for example Ebay commissions on the seller do not exceed 7%. And these are just two of the most popular examples, but in recent years the number of online marketplaces has multiplied rapidly. And not in vain, because during the pandemic the best established platforms have grown to 100%, 200% or more. Without a doubt, it is a business model that really works today.


    So how do you choose payment methods when launching a marketplace? It will be necessary to take into account the preferences of the sellers and, above all, those of the buyers, since are them who are going to make use of the payment gateway.


    What payment methods do sellers in a marketplace prefer?


    The short answer is: those that cost them a lower commission and improve their conversion rate. Without a doubt, payment by credit card is mandatory, since it is the one preferred by customers and (depending on the provider) one of those with the lowest commissions.

    And the improvement of the conversion ratio can occur in different ways, the main one is to give the customer a payment method that they trust. Undoubtedly, it is also important to choose a payment gateway that is integrated within the same web to give greater confidence to the buyer, and also using alternative payment methods such as MoTo, which allow to recover abandoned carts and potentially save sales that were considered lost.


    What payment methods do marketplace customers prefer?


    The short answer is: the more options to choose from, the better. Because while it is true that the percentage of cyber shoppers who are reluctant to enter their card payment details is decreasing, it is also true that this type of user continues to exist and that due to the pandemic, new inexperienced buyers have appeared and they also fit that profile.


    But not only that, new payment methods appear every day that have the option of becoming the favorites of some sectors of the population and that should not be left aside, as is the case with Bizum or even cryptocurrency.



    At PaynoPain we are experts in online payment methods and we have all the tools to provide our customers’ marketplaces with the favorite payment methods of the Spanish and European, in addition to offering the best anti-fraud security measures and a control panel that facilitates the control of all transactions and business expansion.



    Find out without obligation about our payment methods for marketplaces:


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