The new PayU Marketplace solution is addressed to e-commerce platforms (marketplaces) that offer various products directly from on-line retailers. Buyers can add items from multiple vendors to one basket and pay for all purchases at once, within one transaction. Additionally, PayU assumes responsibility for the verification of individual sellers. The new service is adapted to all the requirements imposed on on-line stores in June by the PSD2 directive.
Online marketplace is one of the most popular e-commerce business models in the world. It is estimated that by 2020 marketplaces will have as much as 39% share in global on-line sales.
The so-called marketplace phenomenon has been observed in Polish e-commerce practically from the very beginning of on-line shopping in our country. The model is used by Allegro, probably known to everyone, as well as the growing Chinese e-commerce giant, namely AliExpress. Both platforms are among the most recognizable brands in Polish e-commerce. However, there is still a lot of room on this market for new, ambitious players, such as Arena.pl — says Joanna Pieńkowska-Olczak, Country Manager at PayU Poland.
The inclusion of the PayU’s solution for Marketplaces guarantees marketplaces operators a significant reduction of formalities. It is PayU that verifies every retailer that wants to start selling on the platform. In order to do this, sellers only fill in a short on-line form made available by PayU, and the platform operator has easy access to information on the status of each of them through the API.
At the same time, the marketplace operator has complete independence in determining the fees that individual sellers (retailers) will incur for the possibility of selling via this platform. Our main task here is to simplify the formalities in the verification process of sellers and to streamline a shopping experience for buyers who can take advantage of the so-called multi-basket and thus pay for all products, regardless of how many sellers they come from, carrying out one simple transaction by means of a card payment or electronic bank transfer. They can also use on-line instalments or defer payment for up to 30 days — adds Joanna Pieńkowska-Olczak.
PayU’s Marketplace payments are also a guarantee of compliance with the latest regulations imposed on e-commerce platforms operators, applicable as of 19 June 2018, namely the amended Payment Services Act implementing the PSD2 directive. The directive introduces the obligation to change payment processing through marketplace platforms. As a rule, the flow of money between the buyer and the seller can no longer take place via accounts of an e-commerce platform operator, but only payment service providers who is a third party in this process. The improvements introduced by PayU ensure that this requirement is met.
We always focus on what is most important for merchants and their clients, that is convenient, safe and quick payments. Our constant care for compliance with current legal regulations is an inseparable element of our activities that lead to this. Each of our partners that will roll out the Marketplace payment may be sure that they are well prepared for PSD2 — concludes Joanna Pieńkowska-Olczak.