SAN FRANCISCO, Oct. 4, 2017 /PRNewswire/ -- Adyen, the payments platform of choice for the world's leading companies, today announced MarketPay, a flexible end-to-end payments solution allowing online marketplaces to control the full payment stack, own the customer experience, easily sign up and pay out sellers, and expand in to new markets. GoFundMe, the world's largest personal fundraising platform, has partnered with Adyen, using MarketPay to provide the best possible payments experience for over 40 million donors and campaign organizers across Europe and the United States.
Online marketplaces dominate the e-commerce landscape. Nearly 40 percent of shoppers start there, and 97 percent of U.S. shoppers consistently use marketplaces for online shopping. As marketplaces continue to rise in popularity globally, they are increasingly faced with payments challenges, driven by complex requirements for the marketplace model. In order to successfully scale, they require the ability to quickly sign up and settle funds to sellers.
GoFundMe has become the number one crowdfunding and fundraising platform in the world, raising more than $4 billion in donations. The company is leveraging MarketPay, which will allow users to donate to both local and global merchants with a variety of currencies, all securely and seamlessly, and increase the speed in which fundraisers collect donations. The partnership will also provide additional support for GoFundMe's future global expansion.
"With the introduction of MarketPay, Adyen is bringing much-needed simplicity to marketplaces," said Sam Halse, chief operating officer at Adyen. "As platform and payments experts, we've built MarketPay to reduce the friction around signing up a seller while handling the complexities around payments so marketplaces can focus on what matters: growing their business. We are excited to partner with fast-growing global companies like GoFundMe to take away the headache of screening sellers that so many large marketplaces face today."
"GoFundMe's focus is on making giving and receiving donations fast, easy, and effective for our global community," said Hoang Vuong, COO and CFO of GoFundMe. "Adyen is helping us do just that with MarketPay."
MarketPay caters to marketplaces by offering a scalable solution that enables them to operate both domestically and internationally, as well as providing managed compliance that reduces friction by ensuring marketplaces stay out of the money flow in markets where regulators require this. MarketPay is helping leading marketplaces improve global payments in the following ways:
Automated Sign Up in Seconds – Adyen performs automated screening to verify individual sellers, which allows them to immediately start selling in the marketplace.
Easily Split Funds – For each payment, MarketPay is able to split funds between one or more sellers and deduct different costs for the marketplace, including commission, platform usage or payment fees to enable the seamless distribution of funds.
Flexible Payouts – MarketPay enables scheduled and on-demand payouts directly to sellers' local bank accounts, no matter where they are. In combination with Adyen's domestic acquiring capabilities, marketplaces also benefit from Adyen's robust global coverage.
Fully Compliant Solution – Adyen adheres to PSD2, a payments directive for the European Union, which means MarketPay has all the tools to make regulations and scheme standards easier, even when expanding globally.
About Adyen: Adyen is the payments platform of choice for the world's leading companies. The only provider of a modern end-to-end infrastructure connecting directly to Visa, MasterCard, and consumers' globally preferred payment methods, Adyen delivers frictionless payments across online, mobile, and in-store. With offices all around the world, Adyen serves more than 4,500 businesses, including 8 of the 10 largest U.S. Internet companies. Customers include Facebook, Uber, Netflix, Spotify, L'Oreal and Burberry.