PayPal introduces product to help marketplaces handle payments

PayPal for MarketplacesPayPal has launched an end-to-end payment solution to help businesses that accept and pay out funds to manage these payments in a way unique to their needs.

Through PayPal for Marketplaces, online marketplaces – such as ride sharing platforms, room rental services, crowdfunding portals, and peer-to-peer eCommerce sites – are able to decide how much risk they are willing to take in terms of transactions. This means they can decide take responsibility or leave this with PayPal to manage.

The onboarding process is flexible, enabling marketplaces to offer onboarding upfront or upon customers getting paid. In addition, marketplaces don’t have to set up accounts for their customers if it isn’t right for their businesses model.

PayPal will continue to offer buyer and seller protection, risk and fraud detection capabilities, and its checkout solutions.   

PayPal had been trialling the solution with menswear marketplace Grailed and digital product marketplace Rocketr, which are both using it upon the launch.

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