Two-sided or multi-vendor marketplaces face an early chicken and egg problem – without vendors, suppliers or service providers there’s no value for the customers but without the customers, vendors don’t see a point of joining the marketplace. This problem is usually solved by building vendor trust and incentivizing the vendors, as the payout recipients having interest in getting new business, which is the first step to getting market traction. And what do the vendors really want? Stripe says: confidence in getting paid asap. Spree Commerce support that vision with a Stripe Connect integration.
Stripe offers several services which make up a nice ecosystem for building a marketplace which inspires vendor trust but also gives the marketplace operator a lot of control and safety measures:
- quick vendor onboarding and verification – get recipients set up using Stripe Connect which helps you collect bank information, verify IDs, and offers underwriting and KYC support,
- vendor payouts dashboard for greater transparency – recipients can access Stripe’s pre-built dashboard to view their payout information, or you can create a customized experience for them
- quick vendor payouts – allowing vendors to transfer earnings to their bank account
This way sellers, service providers or any other payment recipients may feel confident in the marketplace to make the payouts as expected and hopefully faster than any competitor. Spree Commerce works well with Stripe Connect for vendor payouts.