1.4 Set Up a Payment Gateway
Next up we need to address your payment gateway. There are 2 parts involved when thinking of a Payment Gateway. Money that comes into your marketplace (payIN) money that goes out to your vendors (payOUT).
The following are options for payIN only payment gateways, meaning money comes into your marketplace and is deposited into your MPO bank account. If you need to reimburse your vendors, you will need to make other arrangements as these payment gateways do not payOUT:
The following are options are full end to end solutions, meaning they are payIN and payOUT and will require nothing from you for the money to come in from the guest/buyer and then be split and sent to you and the vendor at the same time:
- Stripe Connect
- Paypal Express Chained Payments
- Braintree Marketplace
For payOUT only options, to be used with payIN only options, you can choose from:
- Manually send checks
- Paypal Adaptive Payments
This video will also provide a bit more detail as well.
If you will offer FREE listings/products, you will need to ensure that you also have the Offline Payment Payment Gateway set up:
Also make that the Free Payments option is checked from within the Offline Payment Options: