A contracting portal to simplify and accelerate merchant onboarding
Enrolling merchants in a marketplace is a crucial step towards success. Too slow or too complex, the process can become an obstacle for the marketplace seeking to quickly offer new products and get ahead of its competitors.
To speed up the onboarding of new merchants, particularly during peak periods, CentralPay has developed a contractualization portal which it makes available to the marketplace. Until now, the KYC (Know Your Customer) and contracting stages have been completely separate, now running successively and seamlessly. The contracting portal facilitates merchant entry via electronic signature of the T&Cs, contract, and pricing schedules. Furthermore, it frees the marketplace from the burden of collecting and verifying information, which is handled by CentralPay.
To go further, CentralPay also offers marketplaces the ability to open accounts for future merchants almost instantly, i.e., without the need to submit supporting documents (identity documents, company statutes, etc.). Only when they further explore the platform’s functionality and capabilities will these merchants be required to undergo KYC verification in order to lift the authorized collection limits.
Marketplace payment and fund transfer: fast and transparent payments
The marketplace payment process is relatively simple. It often involves a simple online payment by credit card. Things become more complex once the funds are received, when they are distributed among the various merchants.
CentralPay provides marketplaces with a set of dashboards for tracking transactions in real time and simplifying settlement operations, building trust between parties and supporting merchants’ cash flow.
In the multi-merchant single basket, automated splitting enables funds to be paid out in real time to each merchant concerned, as sales progress. The amount of commission charged is clearly and transparently shown.
Merchants also have access to real-time tracking of their own sales, enabling them to fine-tune their inventory or optimize their logistics. It can also respond quickly to any cancellation or refund requests from consumers via their dashboards. The marketplace can offer its merchants a level 1 service for simple cancellation operations.
Facilitating accounting exports for reliable bank reconciliation
Combined with real-time monitoring dashboards, the centralization of payments, the isolation of each transaction and the automation of accounting reports promote traceability and considerably simplify bank reconciliation work, the cornerstone of accounting.
CentralPay supports the merchant platform’s activity by automatically tracking multi-party transactions, lettering bank operations, issuing monthly reports and exporting to spreadsheets.
Reporting, legibility and details of operations provide both the marketplace and merchants with accounting and financial optimization, helping them to better analyze flows and guide their strategic decisions.
