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International P2P Marketplace - Payment Systems

We're building our alpha and are challenged right now with payment.

Our marketplace is international and allows users to earn income selling their products on our site. We've built in Stripe to accept payments internally as a company and then to disperse them out on a monthly basis. I haven't found a good third party solution that is compliant to execute on that. I'm not looking forward to using PayPal if that's the only solution.

Someone who knows what Airbnb, ETSY, 99Designs or others did in the early days would be the best solution, but I haven't found too much yet as they have more robust systems at the present.

Could anyone help recommend something they have used or looked into? Any help would be greatly appreciated.

Warm Regards,

Derek

19 Replies

Eric Rogness
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Eric Rogness Entrepreneur
Technical Product Manager
Get in touch with SALT.com. They've got an amazingly simple API for integration, can process and settle in global currencies, and have direct relationships with hundreds of acquiring banks around the world, enough to support the global nature of your business. They'll also be able to help you form the right partnerships for disbursements. You'll want to reach out to Jeremy Murray: [removed to protect privacy], [removed to protect privacy] or on Skype at 'jmurrayconquest'.
Cynthia Schames
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Cynthia Schames Entrepreneur
Founder & CEO, AbbeyPost
Hi Derek, We also have an international P2P marketplace and as far as we could ascertain, Paypal Chained payments was the only secure, compliant global solution. I'm assuming you're taking a percentage of each transaction? It was actually easier than expected in some ways, and Paypal's support is quite good. Best, Cynthia Founder & CEO AbbeyPost
Juston Brommel
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Juston Brommel Entrepreneur • Advisor
Growth Strategist & Advisor to CEOs
Hey Derek, We should talk. My company built an ewallet solution on top of a massive international payment system. Are you planning to be at the Founder Dating event tonight at V-lounge in Santa Monica? Feel free to reach out directly. My contact info is in my sig file. http://members.founderdating.com/profile/2760/juston-brommel Cheers, Juston
Kevin Matthews
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Kevin Matthews Entrepreneur
Director of Engineering at Action Factory
Hi Derek,

You should take a look at Balanced Payments. They specialize in 2 sided marketplace payment systems, and have a very easy API much like Stripe. The guys who run it are great guys too!

Hope this helps.


Kev
Eric Rogness
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Eric Rogness Entrepreneur
Technical Product Manager
Unfortunately, Balanced Payments is US only.
Jonathon Kresner
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Jonathon Kresner Entrepreneur
Great timing. I'm building this out today for http://airpair.com/

Someone mentioned to me wepay is quite easy to pay out as well as collecting money. And another developer said strip has a beta api that you can pay out to your supplies quite easily. WIll report back later!
Michael Levinson
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Michael Levinson Entrepreneur • Advisor
Product Executive, Marketplaces and Payments
Balanced, WePay, Stripe are all US only, and expanding gingerly into Canada and UK.

I built the oDesk payments system. Some questions for you:

1) Are your transactions intra-country or cross-border?
2) Do you have a focused set of countries or do you need to be everywhere?
3) What is your typical ticket size?
4) What is your transaction mode? You mentioned compliance, which could mean a lot of different things depending on your situation
Michael Levinson
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Michael Levinson Entrepreneur • Advisor
Product Executive, Marketplaces and Payments
5) What is your rake? (The higher your margin, the less you care about transaction costs)
Derek Bugley
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Derek Bugley Entrepreneur
Founder at Buggl
Everyone's comments and help is very much appreciated - it brings me back to my financial analysis / broker days which I was trying to forget, ha.

Michael L - Answers:

(1) They could be both - We're based here in Boston our first market is going to be South Africa so our users are going to be producing content for a global audience of purchasers. There will be example of people within South Africa buying their content and also people from other countries purchasing their content. I'm assuming that we will need to find a third party payment / PCI compliant provider to escrow those payments and then payout minus our transaction cost.

(2) We are focusing on one country to start, but our platform is going to allow us to scale everywhere and we will allow for other people in other countries to build their own content and sell it from the very beginning.

(3) Typical ticket size is around 10$

(4) 20% transaction fee on each purchase of the digital content

Thank you for your assistance, this is a big pain for us at the present, the only thing really stopping us from launching. I want to ensure we're doing things right and legal on day one.
Stephen McCurry
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Stephen McCurry Entrepreneur
Product Manager
For bulk dispersal of funds to multiple accounts checkout Hyperwallet -http://www.hyperwallet.com/
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