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The Best Payment Systems For Marketplaces In 2023

How much time does an online shopper spend researching payment systems before purchasing?

According to statistics, no more than 3 seconds. He selects a product and clicks the “Pay” button. However, the transaction's success is the business owner's problem. For this, an online store needs reliable payment gateways. In this article, you will learn about reliable solutions. You can also find the latest currency exchange rates using rates.fm.

Payment Gateway – Definition

This software package acts as an intermediary between the client and the seller. Complex transmits data from the buyer to the bank. Today, digital stores use 3 payment methods:

Bank Transfer


  • the business owner can accept money directly from the bank;
  • simple and inexpensive integration into an online store.


  • transaction processing can take a long time – up to 5 days;
  • you can't get a refund.

Customized Payment Solution

The advantage of this solution is that it considers the characteristics and needs of the client's business. The disadvantage is that employees of IT companies develop it, so implementation will require time and resources.

Online Payment Services

This ready-made software facilitates the transaction between the store and the client. Among them are the popular PayPal and Stripe. In 2022, blockchain payment services (Coinbase, CoinGate, ALFAcoins) and mobile payment solutions entered the top.

Benefits of blockchain:

  • transparency of transactions and processing is carried out without intermediaries, including financial and insurance institutions;
  • reliable data storage and open access to transaction history and balance;
  • ability to accept payments in cryptocurrency.

Pros of mobile payments:

  • benefits for business owners who operate online;
  • companies who want to develop an application;
  • the ability to use virtual wallets, as well as P2P and mPOS solutions;
  • access to customer data, and the ability to analyze their behavior.

How to Choose The Right Payment Service For Your Marketplace

To choose the right payment system, you need to conduct an analysis and pay attention to the following factors

  • identify the markets where you plan to operate to assess the support of certain currencies;
  • evaluate the security of the payment service to avoid troubles;
  • support for mass payments;
  • determine the core functionality needed to meet your requirements;
  • check the possibility of integrating the service into your online store.

The following solutions can also be implemented in payment systems:

  1. Payments by QR code. Contactless payments became popular during the pandemic and remain in demand today. They can also be used on marketplaces.
  2. BNPL (buy now, pay later) feature. It is an advertising tool to attract customers who can purchase a product anytime and pay for it afterward.
  3. Digital processing of B2B payments. Digitization of B2B payments, expense reimbursements, and accounts payable can benefit both owners and sellers on marketplaces. The tool helps to increase the transparency of transactions, optimize processes, and avoid fraud.

The Best Payment Systems For Marketplaces And Online Stores

Marketplaces are trading platforms that bring together many suppliers of goods and services on one website. The owner of such an online store does not produce, sell, or buy anything himself. He makes money on commission – he retains a percentage of vendor sales. Separating the percentage from the purchase amount is an additional task of the payment system. Let's look at the most reliable solutions.


PayPal is the most popular payment platform in the world. She's the oldest. It was created in 1998. Among its advantages:

  1. Wide geography of use (valid in 161 countries of the world). If your store operates for a global market, then PayPal is the best payment gateway;
  2. Ease of use. Buyers do not need to have an account to pay in the system;
  3. High level of security. PayPal is designed not to require customers to enter payment information such as a credit card number;
  4. There is a payment service specifically for eCommerce projects: PayPal Commerce Platform.


Stripe is another popular payment processing platform. Among its pros:

  1. Operates in more than 30 countries;
  2. Supports more than 100 currencies;
  3. Easy registration for vendors. At the same time, accepting payments, refunding, and paying taxes falls on their shoulders;
  4. The marketplace owner can set a separate commission for each sale.


Mangopay is an excellent option if you are targeting an international market. The system is now actively used in Europe.


  1. It is focused on compliance with European Union and card industry regulations, KYC, and anti-fraud to ensure online transactions are safe and secure;
  2. It offers payment processing solutions for crowdfunding and marketplaces;
  3. It is possible to set up payments. In addition to the payment options provided by the platform itself, you can use the API to develop your transactions;
  4. There is a real-time monitoring and reporting function.


Dwolla is a well-known payment solution widely used in the United States, including Aetna and Wells Fargo & Company clients. The platform is designed for e-commerce projects and efficiently processes payments for two-sided marketplaces.

Dwolla Features:

  1. Free trial is a great chance to try the service before integration;
  2. ACH support (an American network that facilitates transactions between banks);
  3. Developer-friendly documentation and API; there will be no problems when integrating the platform.

Adyen MarketPay

This is a high-security solution. It is actively used in Europe and Asia. Adyen users choose the service for its functionality and flexibility. The service is equipped with a set of Revenue Protect tools, which have proven their effectiveness in the fight against fraud. The solution ensures the security of customer credit card information.

Wrapping It Up

If your business is related to international payments, we recommend paying attention to Stripe or PayPal; if you are entering the European market, use Adyen or Mangopay. For the US market, use Dwolla or Braintree. If you want to accept cryptocurrency, Bitcoin, or Ethereum, consider blockchain payment methods such as CoinBase. We recommend tracking changes in currency exchange rates in Ukrainian institutions using the Rates service, which is available from financial centers such as New York, Singapore, and Beijing.

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