Payment systems

Managing the flow of funds between buyers, sellers and platforms is a core function of an online marketplace. Specialised payment service providers can be customised to support your business model.

Marketplace payment systems need to provide several key functionalities in order to be effective, including split payments, a hold function (escrow), a robust refund mechanism, multiple payment methods, security protocols (including PCI-compliance), and the ability to generate sales receipts, tax invoices and reports.

CobbleWeb has set up custom payment systems for various marketplace business models and revenue streams, using major payment service providers like Stripe Connect, MangoPay marketplace, and PayPal marketplace.

We used Stripe Connect to accommodate a variable (percentage-based or fixed amount) commission structure, which could be set globally or per seller, for Affordable Art Fair. For enhanced security, Stripe’s machine learning-based fraud prevention application, Radar, was implemented to provide notifications of high-risk transactions.

Nestify‘s cleaner management app allows property managers to review work and approve shifts, which triggers payouts to cleaners. This hold function improved quality control. 

The Remoovaz payment system had to handle rescheduling of services which could entail new providers with different rates or an extra markup if the new date was on a weekend. We adapted the payment system to emulate airlines which automatically calculate an upgrade fee for date changes.

MobyPark‘s payment system had to accommodate aspects like pre-authorisation for driver payments, recurring payments, as well as parking lot owner payouts and refunds. 

We automated FanPass’s complex event ticket payment flow, which includes a variable commission structure, with Stripe Connect. They also needed us to integrate multi-currency support for different payment methods and payout types.

Do you have a list of features in mind?

We can help you select and implement the right features for your marketplace.