Marketplace Overview
The EveryPay Marketplace Payment Solution offers a powerful, scalable solution for platforms that facilitate transactions between buyers and multiple sellers. EveryPay streamlines payment processing, ensuring compliance, security, and ease of use for both platform operators and sellers.
Key Features:
- Automated Payment Splitting: Automatically distribute funds between the marketplace and sellers based on pre-configured commission rates, taxes, and other business rules, simplifying complex financial operations.
- Flexible Payout Schedules: Payouts to sellers can be configured for daily, weekly, or custom schedules. Sellers receive payments directly into their bank accounts, with full visibility over their transactions.
How It Works
The EveryPay marketplace solution is designed to handle the full lifecycle of marketplace transactions, from accepting payments to paying out funds to multiple sellers. Here's a step-by-step breakdown of the payment process.
Buyer Makes a Purchase
When a buyer makes a purchase on your platform from one or more sellers, EveryPay processes the payment.
Funds Are Held by the Marketplace
Once the payment is confirmed, the total amount is held temporarily by EveryPay. This holding period ensures compliance and gives the marketplace control over how the payment is split between the platform and sellers.
Automatic Payment Splitting
EveryPay's system automatically splits the payment according to pre-configured rules:
- A portion of the funds goes to the marketplace.
- The remaining amount is distributed to the respective sellers.
For example, if a buyer purchases from two different sellers, EveryPay ensures the appropriate amount is split between the sellers based on the transaction details.
Seller Payouts
EveryPay gives the marketplace full control over when payouts are made to sellers. The Marketplace can define the payout frequency to best suit your business model and seller preferences.
Payout options include:
- Custom Schedules: Choose a specific frequency, such as bi-weekly, weekly (e.g., every Monday), or even daily payouts.
- Configurable Rules: Set rules for payout thresholds, ensuring that small balances accumulate to a specified amount before a payout is triggered. In certain situations, you may need to temporarily hold payouts for a seller. This could be due to compliance reviews, suspected fraudulent activities, pending disputes, or other operational reasons. EveryPay allows the marketplace to place individual sellers on hold, preventing payouts until the issue is resolved.
EveryPay handles the payout process seamlessly, transferring funds directly to sellers' bank accounts based on the chosen schedule. These payouts are fully automated, ensuring accuracy and transparency, while the marketplace retains visibility and oversight through detailed payout reports available in the dashboard.