SafeCharge, online payments solution provider, has announced its new, single API-based Marketplace Manager. The solution aims to address pain points specific to online marketplaces that individual online retailers might not necessarily run into. While Marketplace Manager helps ease complexities caused by compliance, onboarding various sellers/customers, payment management, and other marketplace-specific problems; it allows each marketplace user to maintain full control of operations and user experience.
"Marketplaces use a different model to traditional retailers that creates complexity and a plethora of challenges which the payment industry has been slow to recognise and address," SafeCharge CEO, David Avgi, said in a press release. "Working closely with existing marketplace customers, we have painstakingly created a solution that addresses their major challenges head on, from operational control to regulatory compliance and bi-directional payments. A solution that allows marketplaces to meet complexity with simplicity, opacity with transparency and uncertainty with foresight."
Marketplaces must meet multidirectional payments for numerous players in a compliant manner, while the compliance regime is changing. This is a tall order, but only a fraction of a marketplace's responsibility. Marketplace Manager essentially allows the marketplace to outsource these payment functions and compliance requirements through a single, simple API.
The Marketplace Manager API acts as the sole gateway to the Marketplace Manager portfolio of services. Once integrated, users can conduct onboarding, pay-in/pay-out, reporting, and split & payouts through the single API. Additionally, the API can help connect the payment service to related services (underwriting, banking, etc.).
As the payments compliance industry continues to evolve, marketplaces can rest upon SafeCharge's Marketplace Manager serving as a fully compliant service. For instance, the new PI license required under the European Payments Service Directive is satisfied by Marketplace Manager. As the license requirements evolve, so will Marketplace Manager. Marketplaces can concentrate on other aspects of their product, and let SafeCharge worry about compliance.