This article will help you to understand the regulations to be followed, the legal obligations to be applied, and the possible integrations.,… Digiteal can help you get off to a smooth and well-informed start.
Digiteal offers a large choice of payment methods: SCT, SDD and local payment methods.
Our expertise starts from payment collection to automatic payment reconciliation. Our Marketplace payment services are guaranteed at the best price and, above all, at no additional cost: so take advantage!
This phase involves managing incoming payments, i.e. from buyers to the marketplace.
More and more diverse payment solutions are being offered to customers to best meet their needs and requirements. Here are a few examples of how you can integrate them into your payment options:
Return orders are very common on marketplaces, and you need to be informed and ready to act quickly, or risk losing credibility and customer satisfaction.
There are two different types: return (and therefore refund) or exchange.
The reasons for a return request can be varied: size problem, wrong product sent, damaged product, etc.
This stage consists of transferring funds from the marketplace to the various sellers, after deducting the marketplace commission.
Tax requirements for marketplaces can be overwhelming, as they vary from country to country.
However, marketplaces are now responsible for collecting VAT and sales taxes in many countries. Tax compliance is a fundamental requirement for global sales.
Fee-based services are then available for calculating taxes in different countries (managing VAT/GST), managing tax accounting, creating monthly tax reports, anticipating tax audits, etc.
PDS2 measure requires you to choose your ‘status’. The three options are as follows:
Each of these “statuses” has advantages (development opportunities, etc.) and, of course, downsides (restrictions, limitations, etc.).
PSD2 impact:
Since 2015, the Revised Payment Services Directive (PSD2) has aimed to enhance security on payment platforms and improve the customer experience. PSD2 is an improved/updated version of the PSD measure, entered in 2007 by the EU: a payment license is now required when you act as an intermediary between a buyer (the payer) and a seller (the payee), and the seller is located in the EU.
A gray area has been granted to platforms acting as intermediaries on behalf of both buyer and seller, i.e. executing transactions and/or transferring funds.
To avoid problems such as AML (Anti-Money Laundering), it’s essential to be able to formally identify your customers. In the payment sector, KYC refers to a process put in place by companies to verify and authenticate the identity of their customers.
To achieve this, facial recognition and verification of address and identity documents are measures that need to be implemented.
Similarly to KYC, KYB (Know Your Business) is an identity verification process aimed specifically at companies with which you have a relationship (suppliers, subcontractors, logistics, etc.).
How about risks linked to KYC & KYB?
In today’s digital age, crime is invading our social networks, digital platforms and applications, as well as marketplaces with high commercial potential. Indeed, identity theft scams are widespread.
Criminals register on platforms using false data and act as sellers/buyers to steal customers’ identities. E-commerce accounts urgently need KYC checks to verify the consumer’s real identity when registering.
Digiteal ensures optimal KYC thanks to the measures it has put in place and its status as a Payment Institution certified by the BNB (National Bank of Belgium).
The best payment solutions offer easy-to-integrate application programming interfaces (APIs). Digiteal, for example, provides a richly documented API that greatly simplifies integration on different platforms, whether these are custom-built or based on pre-existing technologies.
What’s more, some payment platforms benefit from partnerships with key players in the marketplaces ecosystem to offer simplified integrations to their users. Digiteal, for example, has forged a partnership with Marjory to facilitate these connections.
Finally, sellers who wish can also generate payment links, known as “Pay by Link”, either automatically or manually. These links can then be transmitted to customers to initiate the payment process.
ABOUT DIGITEAL
COMPANY
Digiteal SA
BE 0630675588
Rue Emile Francqui 6/9
1435 Mont-Saint-Guibert
Belgium
Pay by Link: How to accept payments anywhere
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