London, UK – September 08, 2022 – Checkout.com, the cloud-based payments service provider, today announces the launch of Integrated Platforms, a fully flexible, bespoke solution to support marketplaces and sellers in an evolving digital economy.
Amidst the continued acceleration of marketplace adoption, up to 70%[1] of ecommerce is expected to take place on marketplaces by 2025. As cost of living increases and inflation continues to outpace wage growth, the number of people selling on marketplaces has increased by 200%[2] since 2020, as they look to supplement their primary income. By 2027, marketplace sellers will account for 59%[3] of global ecommerce sales. Among these sellers is an emerging category of “micro-entrepreneurs”, who make up more than half of online marketplace sellers (56%)[4] across industry segments such as food delivery, ride-hailing and luxury goods.
Checkout.com believes that a strong relationship between the marketplace and seller is key for long-term success. Visa[5] found that over half of marketplace sellers across industries would switch to a marketplace that offers real-time payout options over slow payouts. While existing payment providers disintermediate the merchant-seller relationship, Checkout.com’s Integrated Platforms solution enables merchants to own the relationship, control movement of funds and ultimately improve the seller experience.,[object Object],
Built for sophisticated, customer-centric marketplaces
Checkout.com’s Integrated Platforms solution enables marketplaces to build a bespoke, highly-optimised payments flow through fully integrated APIs, tailored to their business needs. Integrated Platforms will enable frictionless seller onboarding, automated funding flows and detailed analytics reporting – developed to increase revenue, attract more buyers and retain sellers.
Marketplaces can now maintain and control their relationships with their sellers, better understand their needs and give them what they want at every stage of the payments journey. They can access all potential payment capabilities in one place and curate a bespoke experience for each seller. Tangible use cases include enabling marketplaces to build custom commission models to incentivise new sellers or reward top sellers, and creating on-demand payouts to facilitate either instant or regular payouts to freelancers or gig economy workers.
"Consumption habits around dining out have changed drastically since the pandemic and users are making more informed decisions about where they want to go and why” says Nuno Fernandes, General Manager & Head of Growth at Zomato Portugal, the leading restaurant discovery platform. "Checkout.com’s solution for marketplaces means we now have a broad range of payment methods available to support local requirements. Getting customers on to the platform quickly is important for us, but feeling empowered to more easily track and reconcile different payments using this platform is where we’ve seen the biggest impact.”
Supporting sellers in a fast-moving digital world
Sellers can transact faster with pre-built onboarding forms and automated identity verification so they can get online quicker. Marketplaces can control how funds move into, across and out of their platform, with options to split payments between multiple sellers, allocate funds automatically and make payouts directly to sellers’ bank accounts.
“Ultimately, marketplaces are as successful as their sellers are, and vice versa. This is why empowering marketplaces to build relationships and facilitate sellers through efficiency is so important” says Yael Barak, VP of Product Management at Checkout.com.
“With Integrated Platforms, our focus has been on making the payments experience as seamless as possible so marketplaces can attract and retain high-value sellers. Marketplaces have seen a power shift to the seller over recent years, and now need to offer a seamless experience or risk being left behind. Having observed how the marketplace ecosystem has evolved, we feel now is the right time to offer a solution that empowers them to better compete for these sellers, as the optionality, flexibility and ownership they have enables them to drive growth and increase seller loyalty.”
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Integrated Platforms is live for marketplaces and payment facilitators in the UK, Italy, Spain, Portugal, Germany and France and will launch in the US and additional European markets early next year.
To learn more about Checkout.com’s Integrated Platform solution, visit our Integrated Platforms webpage.
About Checkout.com
Checkout.com is a global payments solution provider that helps businesses and their communities thrive in the digital economy. Purpose-built with performance, scalability and speed in mind, our modular payments platform is ideal for enterprise businesses looking to seamlessly integrate better payment solutions. With a global team spread across 19 offices worldwide, we offer innovative solutions that flex to your needs, valuable insights that help you get smart about your payments’ performance, and expertise you can count on as you navigate the complexities of an ever-shifting world. Find out more at www.checkout.com
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[1] The 2021 McKinsey global payments report, October 2021
[2] Mirakl 2022 Enterprise Marketplace Index, Q1 2022
[3] Third-party sales through online marketplaces will account for 59% of all global ecommerce by 2027
[4] Visa, Reshaping online marketplaces with real-time seller payouts report, July 2021
[5] https://usa.visa.com/run-your-business/visa-direct/small-businesses/marketplaces.html