5 online payment tools for your marketplace

When setting up an e-commerce site or a marketplace, the question of online payment tools naturally arises. So what is the best online payment tool? Or rather, which one is best suited to your project? In terms of online payments, PayPal is often the first solution that springs to mind. However, while it does the job perfectly well, PayPal is not always the right platform. For example, in a marketplace where multiple vendors offer their products, imagine a customer wanting to place an order from two different vendors at the same time. In this scenario, the customer would need to be able to pay in a single transaction rather than repeating the purchase process for each vendor. Let us therefore explore a few online payment tools that are better suited and more straightforward than PayPal for your marketplace.

Braintree

Founded in 2007, Braintree is a very simple way to provide online payment to your users. Braintree addresses the multi-vendor problem by enabling split payments. For each transaction, Braintree charges 2.9% plus €0.35. Braintree protects your data, being compliant with the Payment Card Industry Data Security Standard (PCI DSS). The tool also features an advanced fraud detection system that protects both you and your users from such threats. Finally, Braintree is practical, consistent and forward-thinking in the sense that you can migrate whenever you wish. You can leave and take all your confidential data with you, as it genuinely belongs to you here. Moreover, it is a flexible tool that accepts more than 130 currencies and offers other features such as recurring payments, robust reporting and split payments. On the downside, Braintree is not compatible with escrow funds in the context of a marketplace.

WePay

WePay is another online payment platform, founded in 2008. Vendors can offer their services and products through it, and buyers can pay using their own WePay account. With WePay, you get a payment API ideal for marketplaces and crowdfunding platforms. This tool offers integrated payments directly within the relevant application in a secure manner. Simple and fast, WePay charges 2.9% plus 30 cents per transaction. On the downside, unlike Braintree, this tool accepts only one currency and is therefore only usable by Americans. This is worth bearing in mind if you operate in that geographical market. Beyond this major drawback for non-Americans, WePay offers features similar to Braintree (recurring payments, fraud detection compliant with the highest PCI DSS level, etc.).

Stripe

Stripe was created in 2011 for both individuals and businesses. This tool provides the technical banking infrastructure as well as fraud prevention. Perhaps more complex than the other online payment tools, Stripe is ideal for web developers thanks to its clear and robust APIs. Here, customers can pay without registering and without leaving the e-commerce site in question. Naturally, Stripe also offers integrated security, compliant with PCI DSS, and a fraud detection system. Stripe accepts currencies from more than 139 countries and automatically converts them for international transactions. Each transaction made with a European bank card is charged at 1.4% plus €0.25.

LemonWay

Created in 2010, LemonWay is a French online payment tool. It can be used for a marketplace, crowdfunding or an e-commerce site. Approved in France by the Autorité de contrôle prudentiel et de résolution (ACPR), LemonWay enables secure payments and account funding. Per transaction, LemonWay charges a commission ranging from €0.11 plus 0.25% to €0.20 plus 1.7%. Transactions can be carried out in around ten currencies.

Mangopay

Mangopay is a French API created by Leetchi and launched on the market in 2013. Flexible and straightforward to integrate, this tool naturally allows online payments to be accepted, collections to be made on behalf of third parties, and monetary flows on the platform to be managed. Designed specifically for marketplaces and crowdfunding, Mangopay enables multi-currency processing. One of its major advantages is its transparency and pricing: 1.8% plus €0.18 commission per transaction and no hidden fees — no set-up fees, no subscription fees, no charges for bank transfers.

Choose your online payment tool carefully

We have listed here only 5 online payment tools that aim to simplify the creation and management of a marketplace. There are of course many others; compiling an exhaustive list would not necessarily be possible. What matters most is the user experience. Which tool, which API, will ensure your users have a pleasant experience that keeps them coming back? Between ease of use, speed of transaction, security, aesthetic appeal of the interface, and much more, there are many criteria to consider. And the answer will vary from one marketplace to another, depending on the characteristics of the market in question and its target audience. It is up to each business to examine its sector carefully in order to guide its choice in the most profitable direction. We hope these brief descriptions of APIs help bring a little more clarity to the question.