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A marketplace payment solution is a software that helps small businesses process payments. The software typically integrates with the businesses’ accounting software to streamline the payment process. Such software (as MPS) is rather agile and versatile by the design. So, they can be integrated into the payment-heavy business with specific company needs in mind. MPSs are deployable either on-cloud or in-house, with the API module connecting the CRM, points of sales, or other branches of the business in this or that way.
MPSs for enterprises and small businesses are similar in idea but differ in the way they are created, maintained, and kept secure. While enterprise software is surely regulated by the transnational ISO certifications for the solutions that process transactions, products for smbs are less regulated, being the same in security and reliability. It also makes the product less expensive and demanding to kick off. In numbers, the difference is millions for development or integration or hundreds of people working clockwise. Marketplace payment solutions for small businesses are less demanding and commonly offered by subscription. They require just 2-3 specialists for API integration with the third-party providers as well as maintenance.
What are The Benefits of Using A Marketplace Payment Solution?
Sometimes, it is more about necessity than arguing about the benefits. At a certain point of business growth managing clients in excel and trying to make reconciliation does not work anymore.
At the same time, even basic MPSs offer management of thousands of transactions and clients:
- Increased Efficiency: A marketplace payment solution can help increase the efficiency of your business by streamlining the payment process.
- Improved Customer Service: By providing a streamlined and efficient payment process, you can improve your customer service and satisfaction levels.
- Reduced Costs: A marketplace payment solution can help reduce the costs associated with processing payments, such as transaction fees.
- Increased Sales: By providing a convenient and efficient payment process, you can increase sales and revenue for your business.
What are The Features of A Typical Marketplace Payment Solution?
Firstly, it is about the back-office with a management hierarchy for the workers of the company to work in it constantly. It may have some additional real-time reports and analytics for specific dimensions of the business. Then, it is a client management solution with client accounts management and control. These accounts are bound with the transaction flow, where transactions are identified under different assets: the type of payment, the payer, the place, and so on. With a proper merchant platform in hand, you can set up data collection about tens of metrics per transaction and its owner. The fees and commissions module gives more agility in new services introduction, management, and taxes for the clients within the business ecosystem. Finally, the automatic reconciliation tool will help to meet the ends between the business, vendors, and banks.
How does This Software Work?
This software makes it easy to get paid by your customers by allowing you to accept payments through a marketplace. You can choose to either use the marketplace’s built-in payment solution or integrate your payment solution. This makes it easy to get paid by your customers, no matter how they prefer to pay.
Why is MPS Important for Small Businesses?
This software provides a convenient and easy-to-use payment solution for small businesses:
- This software helps small businesses save time and money by streamlining their payment process.
- This software gives small businesses the ability to accept payments from customers in a variety of different ways, including credit cards, debit cards, and electronic checks.
- This software provides security for small businesses by protecting their customer’s financial information.
- This software is easy to set up and use, making it a great option for small businesses that are looking for a simple way to accept payments from their customers.
SDK.finance develops solutions with the small business in mind. To make the setup and first-year operations more affordable, we offer a SAAS subscription model for our customers. The pricing depends on the number of processed transactions per month. Scale up and out your business with a marketplace payment solution suited right for your business.
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