11 October 2022
From the initial idea to the live version, creating a B2B marketplace can easily take up to a year. Among the many steps in the project is selecting a payment service provider (PSP) who will ensure that the financial transactions run smoothly. But at what point should you involve them in the discussions? What are the steps to follow to create a B2B marketplace?
Companies that want to create a B2B marketplace can be supported from the beginning by consulting firms dedicated to e-commerce and the marketplace, such as Redsen Consulting. At this stage, the idea of creating a marketplace is still in its infancy. The client wants to know if the project is feasible, which can be done through a feasibility study or an audit.
In this second phase, the client – still accompanied by the consulting firm – will get to the heart of the matter by setting out the basis of his project in writing. At this stage, the PSP can already be included in the discussions without being firmly chosen. The scoping process consists of several steps:
The project phase is based on an agile approach. This iterative and incremental project management method is helpful for future marketplace operators. It is divided into sprints of about 3 weeks, during which all the stakeholders in the project come together to make progress on the design and development of the marketplace.
The choice of PSP is made during the design stage (about two months). Once the future operator has decided on the publisher/integrator, it is more practical to define which PSP will best suit the technological constraints of the marketplace solution. Design workshops (UX, UI, etc.) will also be held during this phase.
Then comes the development phase (which lasts between 4 and 6 months), during which the home page, product sheets, the implementation of the order tunnel, etc., are created (generally from Sprint 3 onwards). It is imperative to have chosen the PSP before this phase to make progress on payment – particularly complex in B2B – or the purchase tunnel, for example.
With so many PSPs out there, how do you find your way around? Before deciding on this decisive choice, it is important to understand the nature and role of a payment service provider. Any customer placing an order on the marketplace will automatically be redirected to it to finalise the purchase. It constitutes a guarantee for the buyer insofar as it is approved by the ACPR (Autorité de Contrôle Prudentiel et de Résolution), the institution responsible for ensuring the stability of the financial system and the protection of customers.
To refine the search for the ideal PSP for the company’s needs, it is recommended to focus on specific points, including
For the best possible experience, Lemonway, a payment service provider, is the first choice. A pan-European payment institution dedicated to marketplaces and participatory finance platforms, Lemonway has an advanced third-party payment processing and collection system that offers high guarantees in terms of security and compliance with regulations (KYC, anti-fraud). In addition, Lemonway benefits from the financial passport in 29 countries. Designed to facilitate the task of marketplace operators, the solution offers practical modules, including a dashboard that allows them to monitor and control reporting figures. Our consultants support marketplaces in the implementation of their projects, particularly during the integration phase.
Involving the PSP in the early stages of your project will allow you to solve many problems and concentrate on creating the marketplace itself. Are you hesitating in your choice of PSP? Be more like the 1,400 marketplaces before you who have chosen Lemonway to accompany them in their project, and contact us!
This article has been written with the kind collaboration of Alexandre ONUFRYK, Digital Consulting Director at Redsen Consulting, an expert firm in e-commerce and the marketplace. Please note that the steps described here are specific to the working methods of Redsen Consulting.
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