International P2P Marketplace - Payment Systems

June 4th, 2013

We're building our alpha and are challenged right now with payment.

Our marketplace is international and allows users to earn income selling their products on our site. We've built in Stripe to accept payments internally as a company and then to disperse them out on a monthly basis. I haven't found a good third party solution that is compliant to execute on that. I'm not looking forward to using PayPal if that's the only solution.

Someone who knows what Airbnb, ETSY, 99Designs or others did in the early days would be the best solution, but I haven't found too much yet as they have more robust systems at the present.

Could anyone help recommend something they have used or looked into? Any help would be greatly appreciated.

Warm Regards,

Derek

Derek Bugley

June 4th, 2013

Everyone's comments and help is very much appreciated - it brings me back to my financial analysis / broker days which I was trying to forget, ha.

Michael L - Answers:

(1) They could be both - We're based here in Boston our first market is going to be South Africa so our users are going to be producing content for a global audience of purchasers. There will be example of people within South Africa buying their content and also people from other countries purchasing their content. I'm assuming that we will need to find a third party payment / PCI compliant provider to escrow those payments and then payout minus our transaction cost.

(2) We are focusing on one country to start, but our platform is going to allow us to scale everywhere and we will allow for other people in other countries to build their own content and sell it from the very beginning.

(3) Typical ticket size is around 10$

(4) 20% transaction fee on each purchase of the digital content

Thank you for your assistance, this is a big pain for us at the present, the only thing really stopping us from launching. I want to ensure we're doing things right and legal on day one.

Anonymous

June 4th, 2013

For bulk dispersal of funds to multiple accounts checkout Hyperwallet - http://www.hyperwallet.com/

Richard Gilbert Director, SME Partnerships & Business Development, North America at Payoneer

July 27th, 2016

Hi Derek,

Are you familiar with Payoneer? You mentioned AirBNB, 99Deisgns, etc. I think Payoneer powers their international payments to all of the contributors to those marketplaces. I was working on an early partnership with them and know some folks there if interested.

Richard

Anonymous

July 18th, 2017

Payoneer seems to be a good option for international marketplaces but still difficult to understand the implementation for a non-tech.

Eric Rogness Technical Product Manager

June 4th, 2013

Get in touch with SALT.com. They've got an amazingly simple API for integration, can process and settle in global currencies, and have direct relationships with hundreds of acquiring banks around the world, enough to support the global nature of your business. They'll also be able to help you form the right partnerships for disbursements. You'll want to reach out to Jeremy Murray: jmurray@salt.com, 647-832-5182 or on Skype at 'jmurrayconquest'.

Anonymous

June 4th, 2013

Hi Derek, We also have an international P2P marketplace and as far as we could ascertain, Paypal Chained payments was the only secure, compliant global solution. I'm assuming you're taking a percentage of each transaction? It was actually easier than expected in some ways, and Paypal's support is quite good. Best, Cynthia Founder & CEO AbbeyPost

Juston Brommel Growth Strategist & Advisor to CEOs

June 4th, 2013

Hey Derek, We should talk. My company built an ewallet solution on top of a massive international payment system. Are you planning to be at the Founder Dating event tonight at V-lounge in Santa Monica? Feel free to reach out directly. My contact info is in my sig file. http://members.founderdating.com/profile/2760/juston-brommel Cheers, Juston

Kevin Matthews Director of Engineering at Action Factory

June 4th, 2013

Hi Derek,

You should take a look at Balanced Payments. They specialize in 2 sided marketplace payment systems, and have a very easy API much like Stripe. The guys who run it are great guys too!

Hope this helps.

Kev

Eric Rogness Technical Product Manager

June 4th, 2013

Unfortunately, Balanced Payments is US only.

Anonymous

June 4th, 2013

Great timing. I'm building this out today for http://airpair.com/

Someone mentioned to me wepay is quite easy to pay out as well as collecting money. And another developer said strip has a beta api that you can pay out to your supplies quite easily. WIll report back later!

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