Braintree launches mobile marketplace solution

Payments provider Braintree has launched a service for US marketplace sellers to manage their transactions.

Payments provider Braintree has launched a service for US marketplace sellers to manage their transactions.

The Marketplace platform – free to Braintree customers – lets online marketplace owners pay and manage multiple sellers in one app.

Braintree says the new system will let people buy and sell within a marketplace entirely from a mobile device.

Because the money flow is managed by Braintree, the marketplace operator never touches the funds. Braintree also handles US tax reporting.

Previously marketplace owners were middlemen in transactions – claiming funds from the buyer, validating the seller’s bank account information and delivering the funds to the seller – checks that have been taken on by Braintree.

New sellers never leave the merchant’s site and can sign up to be paid the next day through Venmo – without bank account and routing information – or to a bank account via ACH transfer.

Merchants can customize how and when they pay their sellers members and specify collection fees on every transaction. For example, a marketplace owner could choose whether to disburse funds straight away or hold payments until goods are delivered

"Given the rapidly growing ability to access everything from a mobile device, consumers are quickly gravitating to next-generation marketplaces and collaborative consumption models," said Bill Ready, CEO at Braintree.

"We created Marketplace so that our customers can keep growing their communities with far less regulatory burden and their users, both buyers and sellers, can easily transact via their mobile devices," Ready said.

Taskrabbit is the first site to sign up to the service, a website and app which outsources administrative tasks to background-checked people.

Ben Lingard, head of trust and safety at TaskRabbit, said the app helped solve complex issues of managing sellers. "Marketplace gives flexibility to our clients and TaskRabbits to choose how they pay and get paid allowing us to focus our efforts on our growth," he said.

Braintree is currently used as a payment platform by mobile apps Airbnb, Angry Birds, Fab, Hotel Tonight and Uber.

 

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