Omnyfy is very excited to start off 2020 with the launch of our new Stripe integration. We’ve packed everything you need to run a global marketplace into this one solution from payments from customers, to vendor onboarding and KYC and vendor payouts – it’s all here.
Over the past couple of months we’ve been hard at work bringing a global marketplace payments solution to Omnyfy. The Stripe marketplace solution combines the following features, enabling us to launch a marketplace in a couple of weeks, without the hassle of lengthy payments registration and gateway provisioning processes.
Stripe Integration Features
Omnyfy’s Stripe integration supports virtually all payment methods also supported by Stripe for your country. Credit Cards, Alipay, WeChat, Apple Pay – whatever Stripe supports in your country, we now support.
Once customer’s make a payment, the funds settle into the Marketplace Owner’s Stripe Balance from which our connection with Stripe Connect then enable payouts to your Vendors.
Omnyfy supports payout directly from our marketplace back-end. You do not need to log in to your Stripe account to make a payout to your Vendors.
Simple go to Pending Payouts, select the Vendor or Vendor’s you want to payout and click on Process Payouts. We take care of the rest. Omnyfy automatically calculates the funds to be disbursed, deducting any applicable fees and commissions to be retained by the Marketplace, and immediately transfers the rest of the funds to your Vendor’s account on Stripe, from where they can then draw it down to their connected bank account.
Vendor Onboarding and KYC
In order to align with global KYC (Know Your Customer) and AML (Anti-Money Laundering) laws, Omnyfy’s Stripe integration also enables marketplace owners to pass-on this critical business administration task to Stripe. Stripe’s sophisticated KYC analysis determines the exact information required from your Vendors in order to allow them to receive payments via the marketplace.
Omnyfy has integrated the KYC and registration process directly into the Vendor Portal, allowing your Vendors to easily register for their connected Stripe account and to add their banking information all in one simple process.
Once Vendor’s have been registered, they are ready to receive payments through Omnyfy’s integrated Payout Management.
Please note that you will need to check Stripe carefully to confirm the currencies in which you can settle in for your local bank accounts. Although both Omnyfy and Stripe support hundreds of currencies, there is a distinction between the currency that Stripe can accept vs. the Settlement Currency.
Note that the currency in which you receive funds from Stripe depends on the country in which your business is registered. For example, in Australia, you can only settle in AUD. In Canada, you can settle in both CAD and USD, and in the UK, you can receive funds in multiple currencies.
It’s important to note that you can only have one bank account attached to each Settlement Currency, therefore if you want to maintain multiple currencies, you will need a bank account associated with each.
In all other cases, Stripe will automatically convert the currency into your Settlement Currency (example in Australia, all currencies are converted into AUD.)