Skrill launches digital payments for marketplaces
New payment offering helps tackle compliance challenges and extends global reach.
Leading digital payments company Skrill, today announced the launch of its payments solution for digital marketplaces. Chantal Willis, Vice President of eCommerce at Skrill said: “At Skrill, we pride ourselves on investing and developing innovative and specialist solutions that help to address our customers’ complex payment challenges. Our proposition for digital marketplaces offers a scalable, global solution, delivered through a single integration. This means marketplaces can concentrate on running their business, knowing that their payments are in safe hands.”
Skrill’s digital marketplace proposition offers merchants a tailored solution that addresses the unique requirements of the marketplace business model. Specifically, it enables marketplaces to move money quickly from one customer to another, while also dealing with complex challenges in relation to regulatory and payment network compliance.
The solution will help online marketplaces manage online payments between their buyers and sellers, without being involved in the flow of funds themselves and therefore helping to address compliance challenges. By using a third party service provider such as Skrill, a digital marketplace can reduce regulatory risks, establish local bank relationships to deliver lower processing fees and take advantage of free fraud scanning so that payments are as simple and secure as possible.
Payments can also be split, allowing commission to be deducted before funds are settled to sellers, which makes processing more efficient and cost effective. Sellers can be paid out in one batch using an automated process and can access funds via payment to their bank accounts or instantly through the Skrill Prepaid MasterCard®, which is an integrated part of the offering.
For sellers joining the marketplace ecosystem, a rules-based engine enables a streamlined and paperless onboarding process, providing rapid integration to the existing infrastructure. Marketplaces can track the onboarding status of each seller in real time and get comprehensive analytics and reporting to provide insight into transactions and payouts.
Skrill’s marketplace payments offer a single integration access to 40 currencies and more than 100 local payment options. Sellers can hold balances in several currencies and buyers have the ability to pay in ways that are most familiar to them, wherever they are. For sellers, this will mean they can reach customers in countries and regions that would not previously have been possible, driving business expansion into new geographies.
The straightforward checkout allows buyers to make repeat purchases without having to enter payment information each time. Payment details are stored securely, with sophisticated fraud management tools in place to mitigate shopper and seller fraud globally. All of these offerings contribute to a frictionless payment experience which is better for the shopper, seller and, of course, the marketplace in terms of conversion.
