How do payments work in Marketcube?

As part of our weekly blogging, our team often writes about our benefits and advantages of our platform.

However, in order to perceive those benefits it sometimes much better to simply present our platform, in all its glory.

With this in mind, we regularly provide simple guides and manuals for our current and potential customers. The reason for this, is that we are aware they not only know their audience but are already a step ahead by seeking ways to engage that audience.

As such, - and having used similar platforms in the past - they choose their multivendor platform according to its flexibility, ease of use and customisation limitations.

And this is where Marketcube.io is yet again, ahead of the game.

Not only do our team provide a FREE 14-day trial with full confidence in our system, but we go a step further.

We also offer all our new customers, no matter their size or budget, FREE on-boarding ensuring the get the best out of our system.

Our expert team, will dedicate a considerable amount of time to not only explain set your company up but also explain how the system works and how you can make use of it, in a number of ways to benefit your Company.

This interaction, has a dual positive effect on both our company and clients success. On the one hand, we make sure our customers get the best out of Marketcube form Day 1 of registering with us.

On the other hand, it provides us with valuable insights on the difficulties our new (and old) customers face if and when using similar other or our platform.

Our onboarding team communicates this to our Tech team, who in turn work countless hours to resolve any small, such technical issues constantly improving our clients' experience.

Today, we are consequently going to focus on a key question our onboarding team often received.

"How do Payments work in Marketcube"?

In this article we will go over a high level overview of how the payment flow works within Marketcube.

1. You (marketplace operator) set up marketplace terms that impact payments - commission, returns, payment terms.
2. You connect your PayPal or Stripe account. This will be the account your vendors get paid from.
   Alternatively, you can choose not to connect your PayPal or Stripe account, in which case Marketcube will still be calculating commission split between you and vendors for all orders, but you will need to pay your vendors and update payment statuses within Marketcube manually. To make it easier we enable you to export all of your payments, accessible via "Export Payments" in Payments section.
3. Given you've connected your PayPal or Stripe account in the previous step, then your vendors will be able to connect their PayPal or Stripe account too. This will be the account where they receive payments for your marketplace orders.
4. When an order comes into your store then the full amount goes into the account connected to your e-commerce platform.  In the background Marketcube calculates the amount you owe to each vendor and the payment due date, depending on the terms selected.
5. When the payment is due it is automatically triggered from your connected PayPal or Stripe account to your vendor's connected PayPal or Stripe account.

Throughout the entire process you can track the status of all payments (amounts, due dates and associated payment statuses)

‍

Here at MarketCube.io, we are not only able to provide a complete marketplace solution created by our expert technical team, but also providing onboarding, support, and much other useful literature (FAQs - Manuals) for our new and existing members.

Leverage our scalable platform and infrastructure so you can focus on delivering business goals faster and more effectively. Unlock MarketCube's 30+ years of proven marketplace technology, knowledge, and expertise and drive commercial success whilst we continue to innovate our platform.

Get started and enjoy 14 days free trial to experience its advanced features in real-time and build an online store with www.MarketCube.io!

Feel free to comment below, or simply follow our Blog now for some great tips, advice, and guides on a variety of subjects, from our team experts. Do not hesitate to contact us, email our team, follow our social media on Facebook, Instagram, LinkedIn and Google My Business, and of course comment on any of our Blogs!

‍