PayPal has announced the rollout of a new product designed for customers operating larger online marketplaces, like ride-sharing platforms, crowdfunding portals, peer-to-peer e-commerce sites, room rentals platforms, and others, starting in the USA.
They say that PayPal for Marketplaces is a comprehensive payments solution for marketplaces, crowdfunding platforms, and other environments where people buy and sell goods and services or raise money. The solution is ideal if you run a multi-party commerce platform and want a flexible, end-to-end solution for processing payments.
PayPal for Marketplaces supports a variety of common business types, including:
The platform can be tailored to the business’s needs, based on how much risk they want to manage with regard to their transactions. So for example, a business can decide if they want to handle payment disputes and chargebacks themselves, or if they want to turn over that responsibility to PayPal to manage instead.
Over the past few years, we’ve seen impressive growth in marketplaces and other platforms with unique payment needs. Marketplaces have become the center of ecommerce activity. Today, more than half of consumers who shop online are making purchases on marketplaces, and global marketplaces are expected to own nearly 40 percent of the global online retail market by 2020.
PayPal has long served marketplaces — from its origins with eBay to Uber and Airbnb — but until now, we’ve supported these customers with a variety of different solutions. Today, we’re excited to share that we’ve launched PayPal for Marketplaces, an end-to-end global payment solution that can help businesses harness the capabilities of the world’s best known marketplaces. We’re beginning to roll this out globally and expect to be available to all markets in the coming months. Marketplaces like Grailed and Rocketr are already using PayPal for Marketplaces today.
PayPal for Marketplaces is a comprehensive and flexible payment solution for businesses accepting and disbursing funds — whether consumers pay using their PayPal wallet, credit cards or debit cards. Marketplace businesses—from ride sharing and room-rental platforms, to online crowdfunding portals and peer-to-peer e-commerce sites—have unique needs, like collecting commissions and fees, setting payouts and multi-party disbursements. And because of PayPal’s global reach, we can support buyers in more than 200 markets and sellers in more than 120 markets. We can also tailor our solution based on the marketplace’s need. For example, for marketplaces that don’t want to take on all of the risk, we offer solutions that allow PayPal to help manage the risk. But we also offer a solution for other marketplaces that want more control and risk ownership.
As always, PayPal offers value-added benefits like buyer and seller protection, risk- and fraud-detection capabilities and seamless checkout solutions that drive conversion for merchants. This includes One Touch, which enables more than 70 million of consumers around the world to skip logging in to PayPal at eligible merchant sites.
