BlueSnap, a payment platform, announced it has enhanced its Payments for Marketplaces solution that turns websites into global ecommerce platforms. With automated vendor onboarding, seamless split payouts and cross-border payment processing capabilities, the Marketplaces solution offers limitless scalability for businesses to add vendors in their marketplaces and grow revenue.
For over two decades, retailers have braved the rise of giant ecommerce marketplaces like Amazon, eBay and Alibaba that dominate search rankings and shopping traffic. Few retailers have launched marketplaces of their own because of the associated costs and obstacles to onboard, underwrite, manage and pay sub-merchants. As a result, retailers have lost out on the opportunity to offer products and services from complementary brands.
BlueSnap's Marketplaces solution addresses these barriers. It enables businesses to automatically onboard thousands of vendors in a compliant manner. Companies can set the transaction splits, payment schedule and payout method, and then BlueSnap handles the distribution of funds. In addition, it provides thorough reporting so marketplaces can analyze trends and capitalise on opportunities.
"BlueSnap's Marketplaces solution's easy API has enabled us to launch a marketplace that covers new products and markets, all without the unpredictable expenses and technical difficulties of starting from scratch," said Tariq Farid, CEO of Edible Arrangements. "The marketplace is becoming a valuable new revenue stream that builds upon our reputation for delivering delicious, visually stunning foods."
A key differentiator of BlueSnap's Marketplaces solution is how it enables cross-border ecommerce. BlueSnap's marketplace functionality processes payments in more than 100 currencies and includes popular eWallets like Apple Pay, SRC and Google Pay. With one of the largest acquiring bank networks, BlueSnap can localize cross-border payments to increase authorization rates by up to 6% and save up to 1% on interchange fees. Meanwhile, BlueSnap's built-in fraud protection and chargeback management systems minimise risk for the marketplace and its sellers.
Importantly, the Marketplaces solution gives vendors the flexibility to join the marketplace on their own terms. For example, some brands want checkout to take place on their external, branded pages. When someone places that brand's products in their cart, the Marketplaces solution can route that shopper to the branded checkout page and still split the transaction as agreed upon.
"Ecommerce global marketplaces used to be unachievable for all but the biggest brands and best-funded tech companies," said Manny Pansa, SVP of Product at BlueSnap. "We built the Marketplaces solution to help level the playing field. We think businesses have an opportunity to bring in complementary brands and products that customers would otherwise buy elsewhere. Retailers have already made massive investments in branding, design and ecommerce traffic. BlueSnap Marketplaces solutions can help them get a much bigger return on those investments."
Re-disseminated by The Asian Banker