Are you looking to grow your revenue by expanding your current products and services with new vendors? Or have you been thinking about offering a custom payments solution to your customers?
While these are very different use cases, both initiatives require special payment functionality, like onboarding and payouts. We talked to the payment experts here at BlueSnap to help explain the two options so you can find the best solutions to help you support your growing business.
Becoming a Marketplace
Do you want to work with multiple vendors and sell their products directly to customers around the globe? If yes, then you want to be a marketplace.
Think of it like Amazon – they have thousands of vendors selling products on their site to customers all over the world. But unless you’re looking closely, all you see is the product coming directly from Amazon.
In the marketplace scenario, your business would be like Amazon. You take on all the responsibility for onboarding vendors and communicating with them, as well as supporting and communicating with the end customer. You get to brand the business your way, create the online presence you want, and run marketing campaigns to promote your business.
BlueSnap’s Marketplaces solution can power the complex payment needs for that type of online store. We take care of the payout process and commission splits based on how you set them up and then automatically pay your vendors. Our Marketplace API enables you to board vendors and allow for them to sell their products within your marketplace, and then your business keeps a portion of their sales.
Onboarding your vendors is simple, and BlueSnap can get them selling in your marketplace quickly. You start by creating a vendor request – you don’t even need all the information to start. Once you’re ready to get them set up in your marketplace, submit all necessary Know Your Customer (KYC) info, banking and any additional information required for verification. Once approved, your vendors can begin selling within your marketplace, providing more revenue for you.
Learn more about BlueSnap’s Marketplaces capabilities and how the solution can expand your business.
Embedding Payments into Your Software Platform
Before investing the time to figure out if embedding payments into your platform is the right option for your business, you should ask yourself three important questions:
- Do shoppers think they purchase products directly from me?
- Does my platform get listed on the shopper’s credit card statement?
- Do shoppers reach out to me directly when they need support?
If you answered “yes” for all the questions above, then BlueSnap’s Marketplaces solution will be the right fit for your business model. If you answered “no” for all the questions above, Embedded Payments is the right solution for you.
BlueSnap’s Embedded Payment and Payfac-as-a-Service solutions offer a flexible, fully customizable payment solution for all types of software platforms. You can choose to start with BlueSnap DashTM, our hosted solution, or plug directly into our Payment API with BlueSnap RelayTM or BlueSnap FlexTM to customize the payment experience for your customers.
You can leverage BlueSnap’s onboarding, reporting and payment processing API to bring your solution to market fast, with the option to white-label your payments completely. You control all aspects of the payment experience and can choose to let BlueSnap assist in management or do it all on your own. With BlueSnap, you have the opportunity to provide payment technology to your clients, positioning yourself as a payments provider.
Onboarding customers with BlueSnap’s Embedded Payment solution is quick and easy. You can choose to use our hosted solution (BlueSnap Dash) to onboard merchants or through our onboarding API (Bluesnap Relay or BlueSnap Flex). With our hosted onboarding, you can embed a URL directly on your platform, website or in an email to share with customers. Then, all they need to do is submit an account application and BlueSnap will take care of the rest. If you choose to use BlueSnap Relay or BlueSnap Flex, you can collect KYC information and then send it directly to BlueSnap for automated underwriting and approval. Once this is complete, you can start processing transactions immediately, and BlueSnap is never visible to your customers.
Regardless of your business model, BlueSnap has a solution that can fit your needs. Speak to one of our payments experts to learn more and identify the best Embedded Payments and Payfac-as-a-Service solution for your business.