The payment solution will address industry pain points by simplifying merchant onboarding and payouts
Spryker, the leading global composable commerce platform for sophisticated use cases in B2B Commerce, Enterprise Marketplaces, and IoT Commerce, announced the release of a new comprehensive marketplace payment solution. Built on Stripe Connect, this new product is available via the Spryker App Composition Platform and designed to make it easier and faster for businesses to launch and operate marketplaces by ensuring seamless payment experiences for buyers, merchants, and operators.
Unlike traditional e-commerce, where transactions are simpler, marketplaces involve complex interactions between operators, merchants, and buyers. The new offering solves these challenges, reducing time-to-market for businesses and making it easier for marketplace owners to manage payments efficiently.
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A Turnkey Solution for Complex Marketplaces
Previously, marketplace operators faced challenges such as safely onboarding merchants, managing payouts, and ensuring that money was disbursed accurately across all parties. These processes often required custom integrations and manual backend work, taking months of developer time. With Spryker’s new marketplace payment solution, built on Stripe Connect, these complexities are now handled automatically, saving marketplace owners valuable time and resources.
“Spryker is committed to helping our customers create seamless and scalable marketplaces,” said Manishi Singh, SVP App Composition Platform, Cloud & Technology Partnerships at Spryker. “This new payment solution built on top of Stripe’s infrastructure not only makes it easier to onboard merchants and manage payouts, but it also accelerates the growth of our customers’ businesses by removing the operational inefficiencies that often slow down marketplace operations.”
Faster Payments, Global Reach
One of the key benefits of this payment solution is the ability to process payouts and disbursements in real-time. Traditionally, marketplace owners might have had to wait until the end of the month to collect and distribute funds. Now, payments can be made instantly, improving cash flow for marketplace operators and merchants.
In addition to faster payouts, the solution supports businesses in reaching global markets by offering a unified payment solution that covers 135 currencies, 45+ countries, and over 100 payment methods. This global reach is crucial for businesses looking to expand beyond their domestic markets. The payment solution is not limited to marketplaces but also supports more traditional B2B and B2C transactions.
“We’re excited to make it easy for marketplaces using Spryker to offer payments to their customers,” said Ben Thirlwall, Head of SaaS Platforms EMEA at Stripe. “By combining Spryker’s commerce platform with Stripe’s payment infrastructure, Spryker is enabling businesses to reduce time to market and total cost of ownership, and scale globally with ease and provide better payment experiences to their merchants and buyers.”
Addressing Market Challenges
This new payment solution also addresses several key market challenges:
- Regulatory and Financial Risk: Automated compliance reduces exposure to potential fines and ensures smooth cross-border transactions.
- Administrative Burden: By automating onboarding and payouts, businesses can reduce manual interventions that slow down operations.
- Seller Experience: A frictionless seller onboarding process and more frequent payments lead to a better seller experience and faster growth of the seller base.
- Scalability: With Stripe’s infrastructure, Spryker customers can confidently expand their marketplaces internationally, without being hindered by payment processing complexities.
The new marketplace payment solution is available now. Businesses using Spryker’s commerce platform can leverage this turnkey solution to launch or optimize their marketplaces quickly and efficiently.
The Spryker App Composition Platform is growing its third-party services offered across categories including Payment, Business Intelligence, Analytics, Commerce, Customer, Data Integration, Marketing, Operational Cloud, etc. These applications cover all digital commerce capabilities that enterprises require. The Spryker App Composition Platform is available for all Spryker Cloud Commerce OS Customers. To find out more, visit the Spryker App Composition Platform page.
Experts from Stripe and Spryker will be participating in a panel titled, “The Future of Tech Shaping eCommerce: Navigating Breakthroughs and Building Tomorrow’s Tech Stack,” taking place at the Spryker EXCITE conference on September 12, 2024, in Berlin. The session will highlight recent technological breakthroughs and explore their impacts on organizational structures and tech stack management.
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