PayPal announced on Monday it has launched a new payment product that was made specifically for marketplaces, platforms, and crowdfunding portals. According to PayPal, the new program allow it to support buyers in more than 200 markets and sellers in over 120 markets. The company will also offer its solutions based on the marketplace’s need.
“PayPal for Marketplaces provides payment solutions for businesses accepting and disbursing funds between consumers and businesses. You can help grow and manage your business with fees, holds, disbursements, onboarding and more. As always, PayPal offers value-added benefits like buyer and seller protection, risk- and fraud-detection capabilities and seamless checkout solutions that drive conversion for merchants. This includes One Touch, which enables more than 70 million of consumers around the world to skip logging in to PayPal at eligible merchant sites.”
Marketplaces like Grailed and Rocketr have already begun using PayPal for Marketplaces. Grailed Founder and CEO Arun Gupta commented:
“We exclusively use PayPal for Marketplaces in our peer-to-peer marketplace. By integrating with PayPal’s end-to-end solution, we are able to focus on building the best possible marketplace without having to worry about the headaches that come with payment processing and ACH payouts. It has allowed us to be fully international from launch while providing comprehensive Buyer and Seller Protection for our users.”
Rocketr CEO Saad Kothawala went on to add:
“We’re excited for the adoption of PayPal for Marketplaces because it allows the Rocketr team to better service our own customers’ needs. We believe the platform will be instrumental in the digital goods marketplace and we’re beyond excited to see our users supporting it!”
PayPal also noted that PayPal for Marketplaces is expected to be available to all markets in the upcoming months. The company has yet to reveal the pricing for the service.