Fintech as a Service is revolutionizing B2B marketplaces with a wide range of innovations.
These innovations include improvements for global payments, seller identity verification, fraud monitoring, compliance and even prepaid card issuing. With the growing expansion of global commerce, B2B online marketplaces have the ability to connect buyers and sellers from around the globe.
What Are B2B Marketplaces?
B2B marketplaces exclusively serve businesses buying and selling from other businesses. Opportunities abound and are not limited to any particular industry. For example, an American company could purchase a specialized accounting app from software developers in India, or a retailer in Indonesia could purchase wholesale goods from a Mexico-based manufacturer.
As more companies from across the globe conduct business through marketplaces, transactions are become more complicated. Fintech as a service simplifies these complexities, allowing Businesses to accept payments from buyers, make payments to sellers, scale and thrive.
Offer Buyers and Sellers Preferred Payment Methods
Fintech as a Service can be used to connect buyers and sellers with preferred payment methods and currencies. In order to accommodate a global audience, it is important to offer both preferred payment and payout options. In doing so, your marketplace can effectively reach both buyers and sellers irrespective of their location.
In the past, B2B marketplace growth was hindered by the process of building payment infrastructure in new markets. Global commerce at scale is now enabled by simple API integrations that can add payment and payout capabilities to applications, websites and business processes.
Fintech as a service enables sellers to accept payments from more customers around the world. Credit Cards aren’t always the preferred payment method, especially in B2B. To succeed globally B2B businesses need a Cards+ strategy that includes payment methods like bank transfers and ewallets for both accepting and sending payments.
Simplify International Fraud Management
Fraud is on the rise around the world, and businesses that buy and sell cross-borders face unique challenges, making fraud management systems an invaluable component of any marketplace. Rapyd’s Fintech as a Service solutions build fraud management into payment solutions to protect businesses across borders and payment methods, including cards, ewallets and bank transfers.
Let Rapyd Help You Expand Your Marketplace’s Reach Globally
Learn more about Rapyd’s fintech as a service solutions for marketplaces.
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