Adyen targets faster payments, onboarding with MarketPay
Adyen says it has developed a platform that will simplify and speed up payments, seller onboarding and other tasks for the e-commerce global marketplaces using its payment processing services.
MarketPay will perform automatic screening of sub-merchant onboarding to marketplaces in just seconds; provide flexible payouts to global sub-merchants' bank accounts; accept funds and split payments between one or more sellers; and provide fund management and balances across all accounts.
"All of these aspects are meant to simplify onboarding and payment features," said Kamran Zaki, president of North America at Adyen. "Without MarketPay, a business would often need a large number of partners and internal resources to manage these various activities."
Screening sellers to include in an e-commerce marketplace is traditionally a time-consuming task for operators.
"Typically, marketplace owners must screen individual sellers and sub-merchants before onboarding them to their platforms, which involves partnering with multiple external providers, and extra time and effort," Zaki said.
MarketPay’s Automated Onboarding application programming interface automated screening to verify individual sellers, allowing them to immediately start selling products on specific marketplaces, Zaki added.
Adyen also announced a partnership with Alipay this week that will enable retailers worldwide to accept non-cash payments from Chinese customers at the physical point of sale and through mobile devices using the Alipay app.
The Alipay option is added to Adyen POS software as a new option on the existing payment terminal. The two companies have worked together in the past in delivering Alipay's mobile checkout for Evernote users in China.
Amsterdam-based Adyen says 40% of online shoppers start their shopping experience in marketplaces, and that 97% of U.S. shoppers use marketplaces.
Such consistent popularity creates payment challenges for marketplaces, which need the ability to quickly sign up and settle funds with sellers.
"We have a single global platform that helps customers accept many different payment methods and currencies across all channels, whether mobile, web or point of sale," Zaki said. "Our platform encompasses gateway, risk and processing/acquiring capabilities."
GoFundMe is partnering with Adyen to use MarketPay to facilitate and process the payments of more than 40 million donors and campaign organizers across Europe and the U.S.
The crowdfunding and fundraising platform says it has raised more than $4 billion in donations and the use of MarketPay will allow its users to make secure donations to both local and global merchants with a variety of currencies, while increasing the speed in which fundraisers collect donations. The partnership will also provide additional support for GoFundMe’s future global expansion.