For what they need a payment service provider ?
For legal reasons, a marketplace operator such as repay.me may only accept payments under certain conditions. That is why repay.me works together with an external payment service provider.
What is the name of a payment service provider, repay.me has chosen?
Adyen (adyen.com). It is one of the world's leading payment service providers (PSP) and offers with Adyen MarketPay are a payment solution for marketplaces.
What are the main functions of this PSP?
Adyen MarketPay is responsible for processing, splitting the payment and returns of a product.
But how does it work?
Very simple. The buyer transfers the money to Adyen and Adyen shares the money between the parties involved. The seller receives the selling price and the marketplace receives a corresponding commission. Furthermore, it is also planned to use Adyen to distribute the cashback.
Are they going to protect buyers from data theft and credit card criminals in some way?
The payment function is integrated into the checkout process via a payment page hosted by Adyen and complies with the Payment Card Industry Data Security Standard (PCI DSS).
It sounds trustworthy!
The sellers registration at Adyen is possible via repay.me's retailer settings. In the first step, the seller's data is checked by Adyen in real time with the so-called KYC (Know Your Customer) verification.
Whats going on after that?
If a sellers turnover exceeds $5,000, an additional ID check is performed. This enables repay.me to ensure that only verified and trustworthy sellers offer their products on the marketplace. But not only the buyer is protected from criminals, but the seller is, too. Adyen MarketPay offers extensive fraud protection.
