PSP: 5 essential back-office features for managing financial flows

27 July 2023

Business Insight

Meeting compliance processing deadlines, monitoring, transaction security, verification of accounting movements… These are all factors to take into account when managing a marketplace, , not to mention the organisational complexity of companies open to the international market, which have to apply local rules and practices in terms of payment transactions.

What can you do to avoid feeling overwhelmed and losing out on profitability? Opt for a single PSP, accessible from anywhere at any time, with features tailored to your needs! Here are 5 essential back-office features to help you choose the ideal PSP.


1. Efficient, centralised management of payment accounts

Without sellers, there’s no marketplace. To attract and keep them on your marketplace, it’s best to make it easy for them to join. How do you do this? Choosing a PSP that allows you to create and manage seller accounts quickly and securely. With Lemonway, you can complete payment accounts instantaneously, streamline the collection process and automate the payment of your marketplace commission. It’s a way of making life easier for your sellers, regardless of the country they’re in, through a seamless payment experience while offering simplified business management.


2. A comprehensive activity monitoring dashboard

This is as true for B2B marketplaces as it is for businesses in general: having an overview of all your activity in real time is essential. To do this, choose a PSP with a back office that lets you view payment details, amounts, dates, payment statuses (pending, successful, failed, refunded, etc.) and other relevant information!

As well as tracking transactions in detail, your PSP must also be a tool capable of evaluating your marketplace’s performance via several indicators. Reports on revenues, commissions, transaction costs, payment trends… The back office provides all data to help you make informed decisions about developing your marketplace.


3. Effective fraud prevention thanks to automated KYC

When it comes to managing payments, security is a major concern. It is, therefore, essential to opt for a back-office that includes fraud detection and prevention functions. Checking IP addresses, monitoring patterns of suspicious behaviour, implementing additional security measures…

Make sure your PSP offers a smooth KYC (Know Your Customer) procedure based on OCR (Optical Character Recognition) technology or opt for an instant KYC capable of reading all the documents provided in seconds and checking their compliance. Why should you do this? Because it helps to improve your conversion rate by enabling your customers to validate their bank account and pay for their transactions in just a few clicks without having to leave your marketplace.

Read also: KYC has never been so quick and easy!



4. Simplified refund management

Refunds and cancellations play a crucial role in managing the flow of transactions within a marketplace: your marketplace’s reputation depends on having a fast, efficient after-sales service for everyone, including when it comes to managing returns connected to European or international logistics networks.

The solution? Choose a back office that can initiate and track refund requests and cancellations, process partial or full refunds, and communicate seamlessly with the buyers and sellers concerned.


5. Comprehensive, user-friendly customer support

Your responsiveness and your ability to manage your customers’ requests will have an impact on the performance of your marketplace. The better you can satisfy your customers, the more likely they want to stay with you. That’s why having a back office that includes customer support functions related to payments is strongly recommended. This can include managing transaction assistance requests, resolving payment problems, or communicating with customers and payment service providers. The objective is always the same: to combine financial flow protection with quality customer experience!


BONUS: payment agent status

Even though it is not a back-office function, payment agent status gives you access to all the features relating to financial flow management. In a nutshell, it gives you control over all payments, control over all financial flows and the ability to issue payment orders directly. The problem? Becoming a payment institution requires a lengthy (12 months on average) and costly process to obtain the famous authorisation issued by the ACPR (Autorité de Contrôle Prudentiel de Résolution). Fortunately, it is possible to shorten the process and get payment agent status by enlisting the help of a PSP like Lemonway.


Lemonway: A complete back office

Designed for marketplaces and crowdfunding platforms, Lemonway helps you manage your financial flows via a complete, unified back office. While Lemonway offers the 5 features mentioned above (centralised payment account management, comprehensive dashboard, instant KYC, responsive customer support), it goes even further: our scalable solution adapts to your needs and your environment by adding new features and involving our teams of experts. Our teams of experts are always ready to help, whether you need them to check regulatory compliance or test a new feature. We can help you set up your back-office infrastructure per your needs and regulatory requirements.

Modular API, Faster Money-Out, Virtual IBAN, payment in instalments or deferred payment, secure servers… Discover a genuine ecosystem serving innovation and your profitability: contact us!