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BlueSnap upgrades marketplace payment solution

BlueSnap has announced it has enhanced its Payments for Marketplaces solution that turns websites into global ecommerce platforms. With automated vendor onboarding, seamless split payouts and cross-border payment processing capabilities, the Marketplaces solution offers scalability for businesses to add vendors in their marketplaces and grow revenue.

The company says that retailers have braved the rise of giant ecommerce marketplaces, such as Amazon, eBay and Alibaba. Few retailers have launched marketplaces of their own because of the associated costs and obstacles to onboard, underwrite, manage and pay sub-merchants. As a result, they have lost out on the opportunity to offer products and services from complementary brands.

BlueSnap’s Marketplaces solution is designed to enable businesses to automatically onboard multiple vendors in a compliant manner. Companies can set the transaction splits, payment schedule and payout method, and then BlueSnap handles the distribution of funds. In addition, it provides reporting, allowing marketplaces to analyse trends and capitalise on opportunities.

“BlueSnap’s Marketplaces solution’s easy API has enabled us to launch a marketplace that covers new products and markets, all without the unpredictable expenses and technical difficulties of starting from scratch,” said Tariq Farid, CEO of Edible Arrangements. “The marketplace is becoming a valuable new revenue stream that builds upon our reputation for delivering delicious, visually stunning foods.”

BlueSnap’s marketplace functionality processes payments in more than 100 currencies and includes eWallets such as Apple Pay, SRC and Google Pay. With one of the largest acquiring bank networks, BlueSnap says it can can localise cross-border payments to increase authorisation rates by up to 6% and save up to 1% on interchange fees. There is also a built-in fraud protection and chargeback management systems to minimise risk.


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