When you want to set up an e-commerce site or a marketplace, the issue of online payment tools is self-evident. So what is the best online payment tool? Or rather, which one is best suited for your project? In terms of online payment, Paypal often comes to mind first. But, although it does the job very well, Paypal is not always a good platform. For example, in a marketplace where many vendors offer their products, imagine a customer wanting to place an order with two different vendors at the same time. In this case, the customer should be able to pay in one go, and not repeat his purchase as many times as there will be sellers concerned by his order. So let’s discover some online payment tools more adapted and simpler than Paypal for your marketplace.
WePay is another online payment platform founded in 2008. Sellers can provide their services and products. Buyers can pay through their own WePay account. With WePay, you will have an ideal payout API for marketplaces and crowdfunding platforms. This tool offers payments integrated directly into the application in a secure way. Simple and fast, WePay charges 2.9% and 30 cents per transaction. On the other hand, unlike Braintree, this tool accepts only one currency and is thus only usable for Americans. To be taken into account only if you are in this geographical area, therefore. Apart from this major inconvenience for non-Americans, WePay offers similar features to Braintree (regular payment, detection of fraud by the highest level of PCI DSS, etc.).
Stripe was created in 2011 for individuals and professionals. This tool provides banking technology and infrastructure, as well as fraud prevention. Perhaps more complex than other online payment tools, Stripe is ideal for web developers through its clear and robust APIs. Here, customers can pay without registering and without leaving the relevant trade site. Of course, Stripe also offers an integrated payment card industry security standard (PCI DSS) and fraud detection system. Stripe accepts currencies from more than 139 countries and automatically converts them for international transactions. Each transaction with a European blue card is charged 1.4% and 0.25€.
Lemonway created in 2010 online payment tool. You can use it for a marketplace for crowdfunding, or for an e-commerce site. Approved in France by the supervisory and Resolution Authority, LemonWay allows payments and supplies to secure accounts. For each transaction, LemonWay charges a commission ranging from 0.25% and 0.11€ to 1.7% and 0.20€. Transactions can be carried out in about ten currencies.
Mangopay created by Leetchi and launched on the market in 2013. Flexible and easy to integrate, this tool allows you to accept online payments, cash on behalf of third parties and manage the platform’s cash flows. Designed especially for marketplaces and crowdfunding, Mangopay allows multi-currency processing. One of its major advantages is its transparency and pricing: 1.8% and€ 0.18 commission per transaction and no hidden fees. No installation fees, no subscription fees, nor during a transfer to a bank account.
- Choose your online payment tool carefully
Here we have only listed 5 online payment tools that seek to simplify the creation and management of a marketplace. There are of course many others; making an exhaustive list would not necessarily be possible. The most important thing to remember is the user experience. What tool, what API, will allow your users to have a nice time, that will make them want to come back? Between ease of use, speed of transaction, security, aesthetics of the interface, and many others, the criteria to take into account are numerous. And the response will vary from one marketplace to another, depending on the terms of the relevant market and its targets. It is up to everyone to question their sector in order to guide their choice in the most profitable direction. Hopefully, these short descriptions of APIs will give you a clearer picture of the issue.