Professional and private traders increasingly choose to offer products or services through Marketplaces. According to the new PSD2 regulations of the Dutch Bank, it is not allowed to receive money as a platform and to distribute these yourself among the various sellers of the platform without being a financial institution. As a Payment Service Provider, Buckaroo does have the necessary licenses and certifications to process marketplace payments, on behalf of the Market Place.
Market Places and Sellers and online payments
Market Places uses a different business model than a regular webshop. Various providers can sell their products or services through one central location, the Market Place. This often results in a "mixed basket" at the end of the purchasing process, with products of multiple providers. The payer settles the total amount of the purchase through the checkout of the Market Place. Payments to the Sellers (underlying Merchants of the Market Place) are done using "split payments". Market Places can indicate how the purchase amount should be divided among the Sellers and what amount goes to the Market Place itself. Split transactions within the Buckaroo environment are a special transaction type for the distinction.
- Contracts and payouts for a Market Place are handled by Buckaroo
- The Sellers payouts are handled by Buckaroo. The Market Place is responsible for the contract with the Seller
- Split payments of the Market Place can:
-1- be executed immediately
-2- be executed with a specified delay
-3- be executed leter, using a API call
- Buckaroo is responsible for the identification and on boarding (KYC) of the Sellers of the Market Place
- Buckaroo opens up the accounts of the Sellers on behalf of the Market Place
- The feedback of the payment to the Market Place and the split payment to the Seller is real time
- Refunds are executed via the Market Place, including the underlying settlement logic