When it comes to marketplaces, handling payments and taking care of related procedures take up a great deal of mental and organisational bandwidth. Put simply, there’s never a shortage of regulations to comply with, and money flows to administer. The fact that marketplaces often use several different systems to get all of this done, only makes the situation even more taxing.
Given the above, it’s no wonder that marketplaces are looking for solutions to cover their financial needs in a comprehensive manner. Turning over the heavy financial lifting to professionals allows marketplace owners and employees to focus almost exclusively on serving customers and growing the business.
Here are some of the key benefits of using an all-in-one financial platform, as compared to going the traditional way.
Benefits of all-in-one platforms for marketplaces
Convenience and productivity
In most cases, the most immediately felt benefit of switching to this type of platform is having all of one’s tools and services accessible from a single dashboard. Furthermore, in addition to shortening the learning curve for new hires and reducing workplace stress due to complexity, it can help streamline the financial operations of your marketplace.
As a matter of course, these changes translate into a tangible advantage by lowering training costs, reducing employee burnout, and boosting productivity.
In most cases, the most immediately felt benefit of switching to this type of platform is having all of one’s tools and services accessible from a single dashboard. Furthermore, in addition to shortening the learning curve for new hires and reducing workplace stress due to complexity, it can help streamline the financial operations of your marketplace.
As a matter of course, these changes translate into a tangible advantage by lowering training costs, reducing employee burnout, and boosting productivity.
Human error and compatibility
Using multiple systems to manage your marketplace is not only inconvenient and inefficient, but also error-prone. Differences between individual tools and other solutions can lead to recurring issues with compatibility and function overlap, as well as mistakes due to insufficient attention or cognitive overload.
By integrating all the necessary payment processing and financial reporting tools into a single platform, your employees can save time and reduce the incidence of human error.
Real-time analytics
Another benefit of using a reliable all-in-one platform is that it can provide your marketplace with real-time financial data and comprehensive business analytics. Conversely, relying on different systems makes it more difficult to gain a bird’s-eye view of the state of your business. This is because each system has access only to data pertaining to its particular function, and because aggregating and parsing such data is impeded by the variability of metrics, formats, and other incompatibilities.
With real-time data and streamlined analytics, on the other hand, your employees will be able to more effectively monitor and manage the financial performance of your marketplace.
Regulatory compliance
Ensuring compliance with international regulations, is not an easy task to do for marketplaces on their own. Additionally, performing AML/KYC procedures requires special in-house expertise, which you may not have.
A reliable all-in-one financial platform can provide you with the necessary compliance tools and/or relieve you of the associated responsibilities altogether. For instance, being an EMI license-holder, ConnectPay takes care of compliance, as well as performing all the required AML/KYC procedures and ongoing due diligence, on its clients’ behalf.
Hassle-free global scaling
Scaling a marketplace to new markets abroad often comes with a variety of difficulties. Chief among them are related to foreign currencies and differences in available or preferred methods of payment. Finding your footing in these matters, especially when you’re just starting out in a new market, can require you to sign up with multiple banks or alternative financial institutions.
As should be clear by now, this is both time-consuming and resource-intensive, as well as inefficient and prone to human error. All-in-one financial platforms, on the other hand, are able to help marketplaces expand internationally by providing support for multiple currencies and payment methods outside the box.
Top-notch user experience
Finally, integration with an all-in-one financial platform can significantly improve user experience. Today’s consumers expect their online shopping to be no less frictionless than social media apps and streamlined modern websites. The more steps your customers have to go through at checkout, the more likely they are to abandon their carts and go somewhere else.
Luckily, all of this is easily avoided by signing up with an all-in-one platform that provides a seamless and consistent experience to your customers across every transaction.
Looking for a financial solution for all your needs? Learn more about our solution for Marketplaces.
