Features of choosing payment gateway for marketplace

Online sales take leading positions in all areas of trade, especially in the retail segment. It is convenient for consumers to pay for purchases while at home and receive goods by delivery. Marketplaces provide such an opportunity.

What is a marketplace?

To get the right product at a cheap price, the buyer usually visits the market. There are many suggestions for quality, price, and quantity. Everyone finds something that interests them. The marketplace is a kind of online bazaar for sellers and buyers. This is a special platform, with each marketplace having its own nuances of work, and its organization requires an individual approach.

Marketplace solves the following tasks:

• promotion of services and goods;
• providing traffic for sellers;
• facilitating navigation, finding the desired objects and buying/selling processes;
• all processes security and data integrity.

The usual payment system is not suitable for the marketplace, since a special payment gateway is required that will suit all sellers and buyers of the site. Payment services can be obtained from specialized companies such as Corefy. It is one of the most reliable international payment hubs. 

Let’s consider the criteria for choosing such a gateway, because the security of payments for any platform, especially a marketplace, is the basis of work and an important factor in forming a reputation.

Choosing a payment gateway

Basically, a gateway is a POS terminal for processing online payments. But in the case of a marketplace, it is necessary to process various payment systems with a large number of transactions at the same time. After the client has chosen the product and the preferred payment method, filled out the payment form, the gateway starts its work as follows:

1. Payment information is received, encrypted and sent to the acquiring bank.
2. The acquirer forwards the data to a specific payment system that serves the customer.
3. On the side of the payment system, there is a confirmation of the availability of funds in the client’s account and the registration of the transaction.
4. The gateway informs the buyer about the successful transaction, the funds are transferred from his account to the account of the marketplace partner.

More information about the payment gateway, its capabilities and application can be found on the website of the payment company by the link https://corefy.com/payment-gateway-for-marketplace. This is a page of an operating platform providing payment solutions for various businesses.

Criterions of choice

In view of the peculiarities of the functioning of marketplaces, when choosing a payment gateway, the following should be considered:

• Security. Compliance with digital security standards and a set of security systems must be constantly updated and kept up to date. Fraud should be handled.
• Refunds of payments. Clients should receive their funds back for canceling the transaction. This opportunity is practiced by many marketplaces.
• Monitoring. It is important to have a large set of gateway management tools for site examination, increasing competitiveness and identifying weaknesses.

The gateway that meets these parameters does not have to be changed or improved by third-party systems – it already contains the necessary tools and capabilities.