Marketplaces are gradually becoming essential in the digital purchasing journey of the French. According to a study conducted by YouGov in 2021, 52% of them prefer to make all their online purchases on a single site rather than ordering from several e-merchants. This trend is expected to gain momentum in the coming months: according to Gartner Predicts, 75% of purchases will be made from a marketplace by the end of 2022.
Faced with this boom, many brands have followed in Amazon’s footsteps and launched their marketplace, such as Back Market or historical ones like Fnac. At the same time, Software as a Service (SaaS) platforms are revolutionizing the use of software with a subscription model and an innovative user experience. The two models are different, but present common issues, such as integrating and managing sub-sellers and providing a smooth and optimal customer experience.
Payments for marketplaces and platforms also raise the same challenges. Unsuitable or overly rigid payment systems can hamper the development of their business. Adyen technologythe preferred payment platform of many leading companies around the world, allows them to review their configuration by taking into account essential elements such as regulations and the optimization of the customer experience.
Simplify seller onboarding
The integration of a seller is a key point in the proper functioning of a marketplace. Badly articulated or too complex, it can dissuade him from finishing his registration. This directly impacts the notoriety of its platform and can harm its growth. It can make it vulnerable by leaving its access open to malicious actors.
To avoid this, it is important to adopt an effective and transparent onboarding strategy that allows new users to be properly welcomed, and that meets the requirements relating to Know Your Customer verification (KYC and anti-money laundering rules). money (or AML: anti-money laundering). This process facilitates the verification of the identity of customers who register on a platform. It protects it from illicit activities, such as money laundering or fake companies. It allows also to ensure the compliance of its marketplace in the countries it is active in. With Adyen, users register on a platform and then undergo a direct KYC check.
To avoid this type of problem, it is therefore essential to set up a rapid integration that helps to collect strategic information from new sellers, and to optimize their verification. Shortening this step so that it only lasts a few minutes, in particular thanks to smart fields, makes it possible to reduce abandonments and increase your conversion rate easily. Outsource KYC management to a payment service provider (PSP) such as Adyen can make the process easier. Its automatic field verification API helps in particular to reduce input errors.
To solve complications during integration, it is also important to integrate assistance allowing users to solve them independently, such as frequently asked questions (FAQs). You should also not neglect internal resources for your teams, such as form abandonment reports. They help to understand why a user abandoned the onboarding process and when. The objective is to identify the fields which could cause problems, and to know the elements to be improved.
To avoid these abandonments, it is wise to space out the requests for information and to send them to the users at the most opportune moment. When sending a payment, it is for example possible to ask them for additional banking information. Each approach must be tailored to the sellers.
Become aware of the regulations
E-commerce also involves risks to be taken into account. In order to protect both companies and users, financial regulations are increasingly strict. They relate to online security, tax rulings established in different countries, as well as the possibility of stopping any involuntary financing of terrorism.
For this reason, it is essential to pay close attention to the existing regulations. This protects its marketplace or platform from existing risks and possible legal action. Some regulations are mandatory such as the Payment Services Directive (PSD2). This European regulation aims to counter bank fraud techniques. To do this, it requires payment service providers to secure online payments through strong authentication.
Also important are the sanctions lists, drawn up by governments. Their purpose is to restrict or prohibit exchanges from known targets. A platform does not have the right to authorize sales or payments to individuals registered on these lists. Otherwise, a fine could be given and legal action could be taken. In addition, money laundering is also an element to be monitored during transactions carried out on its marketplace.
Many regulations must therefore be taken into account when setting up a payment system, especially when you want to expand into new markets. To ensure that you have a compliant platform, it is wise to turn to a PSP with the necessary licenses and resources to automate this process, like Adyen. The technology platform has the ability to connect them in the solution. It takes care of multiple procedures, such as KYC and tax declarations. It also has a European banking license, meaning that it is linked to the organizations and complies with these regulations. This ensures that she keeps the funds in full compliance.
Offer a simple and optimal customer experience
A good payment experience can be a major growth vector for both a marketplace and a platform. Optimized, they make it possible to generate value and develop rapidly. For this reason, it makes sense to incorporate them into your business model. A good payment strategy can thus generate new sources of revenue.
Above all, this involves offering an optimal payment experience by simplifying user operations. They want a tailored experience across all sales channels and some flexibility, which can be provided through unified commerce. This system gives them the possibility to switch from one channel to another simply and to have a smooth purchase journey. For businesses, it makes it easier to track and understand consumer behavior across all sales channels through payment. It is then easier to make the right business decisions and to offer an optimal and simplified customer experience, because the data is centralized on a platform like Adyen.
To convert visitors into buyers, it seems essential to make their preferred means of payment available. To select them, it is enough to rely on the information already in its possession, such as the location, the demographic segment and the type of platform (marketplace, on demand or SaaS). A PSP like Adyen helps to make the right choices in order to offer an adequate and simplified experience to users.
The means of payment chosen will then contribute to improving loyalty. Platforms like L’Addition allow their users to get to know their customers better through means of payment. Via payment cards, professionals, restaurateurs in the case of L’Addition, are able to know how many customers there are and how many return, which makes it possible to build the most appropriate loyalty programs.
Its solutions are also fundamental in providing quick cash flow to the user by simplifying installments. They allow you to transfer funds to your bank account in less than five minutes using Visa Direct (Visa) and Moneysend (MasterCard) services. It is even possible to automate the process by setting up automatic or API-initiated payouts.
Adyen offers a set of flexible features to meet the needs and challenges of each platform and marketplace. They allow users of these platforms to have access to the same payment technology as large retail companies. Find out how its tools can help you easily design adapted and optimized payment experiences, so you can focus on future-proofing your business.