Paybase: How do payments work for online marketplaces / gig / sharing economy platforms?
Paybase has published a piece on payments for online market places, gigs and the sharing economy:
Choosing the right payments option can be the best early decision your business makes
If you are currently setting up your platform and are starting to think about payments, bear in mind, platform payments work differently than payments for more traditional ecommerce businesses.
For traditional ecommerce businesses, the payment flow is simple. Money is transferred from a buyer to a seller using a payment gateway and acquirer. We won’t walk you through the entire ‘four-party model’ (as it is known) now, but if you’re interested in how it works, this article explains it well. This is how online card payments have been made for decades, with the experience becoming sleeker and quicker for the customer in recent years.
Read the rest here and hear more from Paybase when Anna Tsyupko, CEO and founder of Paybase, talks at the Diversity In PayTech Discussion: Shifting the Balance – How to successfully promote diversity and inclusion in your organization?