Omnyfy is pleased to extend our partnership with Stripe, the global financial infrastructure platform for businesses, as one of the first Asia Pacific partners onboard Stripe’s global partner ecosystem program. The program will make it easier for businesses to find the right partners for their specific objectives and needs. Omnyfy is pleased to offer a marketplace platform for businesses and enterprises that want to create the next Amazon or Alibaba.
Marketplaces are platforms with large volumes of transactions between buyers and sellers for goods and services. It is critical that the financial component of these transactions is effectively managed and allows customers to scale quickly. Millions of companies—from the world’s largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. With Stripe Connect, Omnyfy offers businesses a holistic solution for running and operating a multi-vendor marketplace.
Customers will benefit from the robust and scalable global solutions that Omnyfy and Stripe offer to grow exponentially. We will constantly innovate and work with global partners like Stripe to provide the new commerce with next generation solutions.
In a world where B2C and B2B commerce and multi-vendor marketplaces are quickly expanding, businesses are beginning to look outside of the traditional lines of operation in a fight to defend their market position. This growth, and the willingness to venture into commerce and multi-vendor marketplaces, is largely attributed to the frictionless experience of Stripe solutions.
We have all experienced the frustrations when attempting to complete a purchase, consequently resulting in abandoned carts. Stripe puts the user at the forefront of the technology and paths a way to purchase. Users are presented with an uncomplicated, intuitive, and concise checkout page featuring Stripe’s payment integration. By utilising Stripe’s frictionless payment experience, customers’ security fears are alleviated, the checkout process is expedited on site, and the stress and extra steps at payment are relieved.
Customers are constantly expecting a fully frictionless payment experience, and to remain competitive, business owners must meet these demands. Stripe’s frictionless payment experience is provided entirely out-of-the-box, meeting the needs of businesses. In the interest of business owners, they see a reduction in cart abandonment rates, an increase in payment efficiency, and an overall increase in customer satisfaction and loyalty.
It is easy to see why Omnyfy has positioned Stripe as the leading payment integrations on our clients’ marketplaces, and we are extremely proud to be identified as one of Stripe’s launch partners for the partner ecosystem program.
How Stripe helps to accelerate launching a marketplace
Omnyfy has seamlessly integrated a range of Stripe products that fast track the development of a marketplace. We have made the pay in and pay out process a breeze with the help of Stripe Connect which allowed us to build an advanced commercial management tool for the marketplace administrators. The fully automated solution provides accurate accounting and visibility of their earnings for the marketplace owner and vendors. The release of funds from the marketplace to the vendors is as easy as a single click.
Onboarding new vendors is critical for the life of a marketplace and mainly in its infancy. The integrated KYC (Know Your Customer) process included with Stripe Connect is accelerating this onboarding but also removing the hurdle for marketplaces to go through an extensive process. They can then focus on other tasks while all vendors that register, and are approved, to participate on the marketplace can complete the KYC process in a few simple steps directly from the marketplace backend.
Start local, go global
Stripe supports Omnyfy’s customers in many ways and this is proven by the range of payment options available at checkout. Businesses can reach more customers worldwide with a unified, global platform and support for over 135 currencies and local payment methods through a single integration. From traditional payments methods to Buy Now Pay Later and popular digital wallets, the range of options is constantly evolving. The integration of Stripe within our marketplace platform is not only enabling our customers to get access to future technology but also to target new markets to expand beyond their borders and access the world.
Powering B2B Commerce
As part of the Advanced B2B Features Suite released with the new Omnyfy V4 platform, we have introduced a new capability to manage payment terms and credit limits on the marketplace designed for Business to Business transactions. Leveraging Stripe technology, we have powered this new feature with Stripe Direct Debit to allow payment terms. The terms are defined on a one-to-one relationship between buyers and vendors. The organisational structure enables you to have different payment terms for different departments. The marketplace platform will manage seamlessly all payments to occur through the different terms that are setup. This is an extremely powerful feature for all B2B and procurement marketplaces.