Published on Mon Dec 25 2023 12:00:00 GMT+0000 (Coordinated Universal Time) by Kenny Horn

Introduction

In online marketplaces, managing payments between buyers, sellers, and administrators can be a logistical challenge. Virtual Accounts provide a streamlined, flexible solution for handling transactions, refunds, and commissions, ensuring that all parties are paid on time and with ease.

How It Works

1. Create Accounts for Buyers and Sellers
   Each buyer and seller gets their own virtual account, allowing transactions to be easily tracked and managed.

2. Processing Payments
   Payments from buyers can be processed via ACH wire transfers or RTP, ensuring both speed and security. Payments can be split according to the marketplace’s commission model.

3. Refunds and Disputes
   Virtual Accounts can handle refunds seamlessly by transferring funds back to the buyer’s virtual account through RTP or ACH.

Benefits

• Efficiency: Automate payments, commissions, and refunds.
• Security: Use ACH and RTP for fast, secure payments.
• Flexibility: Customize how funds are split between buyers, sellers, and administrators.

Learn more about creating a marketplace with Virtual Accounts here.

Written by Kenny Horn