Are you considering building the next Amazon, eBay, Shopify, or Alibaba? Well, who doesn’t like to chase their dreams and to be extremely rich? The multi-vendor marketplace on the WooCommerce platform can be a ray of hope for you if you are willing to own an eCommerce setup where different vendors sell their products/services just like Amazon, and as an admin, you receive your payments for hosting them.
With a multi-vendor marketplace, you host a small or large group of suppliers on your site, skipping the hassle of ordering and e-store inventory. All you have to do is manage the site, and vendors deal with an inventory. But what about the online payment options? Its security and transparency? Payment split between you and vendors? Conflict and fraud management? Here come the best WooCommerce payment gateways for a multi-vendor marketplace.
WHAT IS A PAYMENT GATEWAY AND HOW DOES IT WORK?
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit/debit cards or direct payment processing for e-businesses online retailers. Payment gateways act as channels between an eCommerce store and the bank supporting (or declining) a client’s credit card/debit card payment. Payment gateways allow customers to pay for goods and services using a payment system such as PayPal, Square, Stripe, etc.
Contact the Payment Gateway company directly with questions about account requirements, terms, and fees. Some have multiple options based on different account types, transaction types, or redirect methods, such as PayPal and Authorize.net.
WHY IS IT SECURE TO USE A PAYMENT GATEWAY FOR ONLINE PAYMENTS?
Let’s talk a little about payment security. Payment gateways ensure that your customer’s payment details (such as Credit Card Numbers, expiration dates, and CVV/CVN numbers) are securely transmitted to the relevant payment processor. The Payment Card Industry Data Security Standard (PCI DSS) is a system of standards put in place to uphold security provisions for the electronic world. Double-check that it maintains PCI compliance before you pull the trigger on a gateway. These are standards put in place to protect customer data and payment information.
After knowing about the multi-vendor marketplaces and payment gateway in detail, let’s discuss some of the best Woocommerce payment gateways for multi-vendors.
BEST WOOCOMMERCE PAYMENT GATEWAYS FOR MULTI-VENDORS
WOOCOMMERCE MARKETPLACE PAYPAL COMMERCE
This plugin enables the admin to integrate the Marketplace PayPal Commerce payment method into their WooCommerce stores. Customers can use their PayPal account to make the payment for any purchase. The admin can also process the refund for the customers; the refund will transfer to the PayPal account directly. The module supports the split-cart functionality for the ease of a proper share of the payment. The customer will experience the most secure and quick payment methods. The seller and the customer can check the transactions under the activity tab on the PayPal dashboard.
PAYMENT GATEWAY FEES:
PayPal transaction fee of 2.9% plus 30 cents.
CURRENCY TYPES:
PayPal accepts 25 currencies, including USD, GBP, AUD, CAD, etc.
WORKING COUNTRIES:
PayPal supports businesses in more than 200 countries.
WC VENDORS STRIPE CONNECT:
Automate your marketplace and save time with WC Vendors Stripe Connect. Use Stripe’s Connect platform to process credit card payments and pay your vendor commissions automatically. Stripe is an affordable payment processor available in 30-plus countries. It has low fees, is easy to set up, and is easy to use for vendors and customers alike. WC Vendors Stripe Connect works with WC Vendors Marketplace or WC Vendors Pro.
PAYMENT GATEWAY FEES:
There’s no monthly fee but a transaction fee of 2.9% and 30 cents.
CURRENCY TYPES:
you can accept all major debit and credit cards from customers in every country in 135+ currencies.
WORKING COUNTRIES:
Stripe is available to businesses in 40+ countries.
SQUARE PAYMENT GATEWAY FOR WC VENDORS
This plugin integrates Square Payment Gateway with WC Vendors, allowing the admin to connect a Square account and authorize a Vendor through Square application settings. Admin and Vendor can split payment and give each other dues separately. It lets the vendor connect to the Square account by clicking the authorize option.
PAYMENT GATEWAY FEES:
Pay 2.75% (2.65% for CA, 1.9% for AU, 1.75% for UK, and 3.25% for JP) per in-person transaction and 2.9% + $.30 (2.9% + $.30 for CA, 2.2% for AU, 2.5% for UK, and 3.6% for JP) for online transactions.
CURRENCY TYPES:
US Dollar, Canadian dollar, Australian Dollar, UK Pound, and Japanese Yen. (Note: Square accepts all major credit cards.)
WORKING COUNTRIES:
U.S, Canada, Australia, UK, & Japan.
MARKETPLACE DIBS PAYMENT FOR WOOCOMMERCE
Marketplace DIBS Payment for WooCommerce is an extension that facilitates the store’s admin to integrate the DIBS Payment Method to split the order’s payment between the admin and the sellers. Admin and the seller receive the commission directly in the DIBS Account. The DIBS payment gateway offers its customers an effective solution for payment, which adds to and makes the payment process hassle-free for the customers. All sensitive data is handled in accordance with the requirements defined by the Payment Card Industry Data Security Standard (PCI DSS).
CURRENCY TYPES:
DIBS can take payment in the following currencies: Danish Krona, Euro, US Dollar $, English Pound £, Swedish Krona, Australian Dollar, Canadian Dollar, Icelandic Krona, Japanese Yen, New Zealand Dollar, Norwegian Krona, Swiss Franc & Turkish Lira.
For more info about DIBS, click here
WOOCOMMERCE MARKETPLACE MANGOPAY PAYMENT
Marketplace Mangopay Payment Gateway for WooCommerce plugin is an ideal end-to-end payment solution for marketplace owners and sellers as it enables the platforms to accept online payments through multiple methods, including cards and direct debit. Multi-Vendor Mangopay Payment Gateway for WooCommerce will split the payment to multiple sellers. Mangopay can hold the fund (escrow) on segregated accounts in trust. Furthermore, it fully automates the payouts.
PAYMENT FEES:
For details, click here
WORKING COUNTRIES:
For further details click here
CURRENCY TYPES:
Euros – EUR, US Dollar – USD, Australian Dollar – AUD, Canadian Dollar – CAD, Hong Kong Dollar – HKD, Japanese Yen – JPY, United Arab Emirates Dirham – AED, South African Rand – ZAR, U.K. Pound sterling – GBP, Switzerland Swiss Franc – CHF, Swedish Krona – SEK, Norway Crown – NOK, Polish zloty – PLN, Danish crown – DKK, and Czech Koruna – CZK
SQUARE PAYMENT GATEWAY FOR DOKAN
Dokan is the best front-end multi-vendor marketplace plugin on WordPress, powered by WooCommerce. It is the fastest way to start eCommerce and earn commissions with products ranging from digital and physical to variable products. Square Payment Gateway For Dokan integrates Square Payment Gateway with Dokan Multivendor Plugin, which splits payment between admin and vendor and gives each other dues separately. Also, allow the vendor to connect to the Square account by clicking Authorize.
PAYMENT GATEWAY FEES:
Pay 2.75% (2.65% for CA, 1.9% for AU, 1.75% for UK, and 3.25% for JP) per in-person transaction and 2.9% + $.30 (2.9% + $.30 for CA, 2.2% for AU, 2.5% for UK, and 3.6% for JP) for online transactions.
CURRENCY TYPES:
US Dollar, Canadian dollar, Australian Dollar, UK Pound, and Japanese Yen. (Note: Square accepts all major credit cards.)
WORKING COUNTRIES:
U.S, Canada, Australia, UK, & Japan.
YITH WOOCOMMERCE AUTHORIZE.NET PAYMENT GATEWAY
Authorize.net is a payment gateway that provides swift, trustful, and secure transmission of transaction data. This module enables you to set custom text for the order button and select the type of card (Visa, MasterCard, American Express, etc.) to be displayed on your Checkout page. you can integrate this payment gateway into your themes without getting stressed about the difficult task of connecting a website to the payment processing networks.
PAYMENT GATEWAY FEES:
Authorize.net charges users 2.9% plus $0.30 per transaction, the standard transaction cost for most leading card processors. International transactions have an additional 1.5% added on top of each transaction. On top of this, Authorize.net will charge you a $49 setup fee and a $25 monthly gateway fee.
CURRENCY TYPES:
US Dollar, Canadian Dollar, Euro, UK pound, Australian Dollar and Accepts all Major Credit Cards / Debit Cards – Visa, MasterCard, American Express, Discover, Diner’s Club, JCB
WORKING COUNTRIES:
Accept international transactions from your online customers worldwide (200+) countries.
SQUARE PAYMENT GATEWAY FOR WC MARKETPLACE
WC Marketplace is a free marketplace plugin with highly robust and top-notch selling features. Think of any eCommerce-based multi-vendor marketplace, and you can recreate the same with WC Marketplace. You can own an online eCommerce store setup where multiple merchants, vendors, traders, or sellers can sell goods or services to customers in no time. Square Payment Gateway for WC Marketplace integrates Square Payment Gateway for WC Marketplace, which features that the admin can connect a Square account and Authorize a Vendor through the Square application. Admin and Vendor can fetch their split payment separately through Square. It also provides the Vendor’s functionality to connect to the Square account by clicking “Authorize” on the Vendor profile page.
PAYMENT GATEWAY FEES:
Pay 2.75% (2.65% for CA, 1.9% for AU, 1.75% for UK, and 3.25% for JP) per in-person transaction and 2.9% + $.30 (2.9% + $.30 for CA, 2.2% for AU, 2.5% for UK, and 3.6% for JP) for online transactions.
CURRENCY TYPES:
US Dollar, Canadian dollar, Australian Dollar, UK Pound, and Japanese Yen. (Note: Square accepts all major credit cards.)
WORKING COUNTRIES:
U.S, Canada, Australia, UK, & Japan.
CONCLUSION
We have discussed some of the top WooCommerce payment gateway solutions for multi-vendor marketplaces. These payment gateways provide sellers and vendors convenient, secure, fast transaction services.
You can also read Best WooCommerce Payment Gateway.
