PayPal Launches New Product Created for Customers Operating Larger Online Marketplaces

American worldwide online payment company PayPal today launched a new product PayPal for Marketplaces.

The new product is designed for customers operating larger online marketplaces, like ride-sharing platforms, crowdfunding portals, peer-to-peer e-commerce sites, room rentals platforms, and others.

PayPal for Marketplaces is designed specifically to meet the needs of businesses based on how much risk they want to manage with regard to their transactions.

The solution offers businesses the options of handling payment disputes and charge backs themselves or rather the alternative to turn over that responsibility to PayPal to manage instead.

As part of the benefits of the new product, businesses now have the luxury of customizing their implementation of PayPal to fit their needs. For instance, marketplaces could use the service to add commissions, holds, fees, and multi-seller disbursements, and can set payout timing.

In addition, businesses can also choose whether or not to onboard their customers upfront or upon their customers getting paid.

In some cases, PayPal accounts for sellers may not be right for the company’s business model however, PayPal says it can work with those business customers on a setup that’s right for them, too.

Paypal has a good reach hence businesses who adopt PayPal for Marketplaces are able to support buyers in over 200 markets and sellers in over 120 markets, taking into consideration  PayPal’s understanding of regional differences in various markets and payment services regulations.

Also, buyers can also choose to pay on the marketplace sites and in apps using either PayPal or their credit or debit cards.

PayPal for Marketplaces  includes other standard PayPal features, as well, like the above-mentioned buyer and seller protections, risk and fraud detection capabilities, and online checkout solutions like PayPal’s password-free One Touch, now used by more than 70 million shoppers worldwide.

It also optionally includes a variety of insights and operational reports that help with things like reconciling transactions, understanding money flow, and managing disputes – if the businesses handle those internally.

The new product is gradually rolling out globally and it is expected to be available to all markets in few months.