Payment solutions for global marketplace and ecommerce businesses

CurrencyFair provides a payment-as-a-service (PaaS) infrastructure to marketplaces and ecommerce sites that require smart solutions.

Our solution for marketplaces and ecommerce stores includes:

Acquisition and reconciliation of payments

Your marketplace can receive bank-to-bank transfers on behalf of your sellers, including:

o Part-payment capabilities.

o Full reconciliation.

o Messaging of payment flows to the platform and sellers.

CurrencyFair has integrated partnerships with major, global card payment processing providers to facilitate credit-, debit-, and corporate card transactions.

Multi-Currency Settlements

Your marketplace or ecommerce store can pay sellers in most currencies, including:

o The platform directly.

o The individual seller.

Increase the appeal for global sellers with low exchange rates and boost your bottom line.

API Based Single PaaS Infrastructure

Your platform can sit on our infrastructure to:

o Facilitate all incoming and outgoing payments.

o Enjoy full reconciliation and payment management, including all FX activity, which is automatically handled by CurrencyFair.

All transactions are performed in accordance with your marketplace’s or ecommerce store’s terms and conditions, which are configured into the service.

What makes CurrencyFair different:

We Operate in Real-Time

Our service operates as a real time (straight-through) bank-to-bank payment and settlement system. We leverage our existing global payment rails with local connectivity to clearing systems in major markets.

Gross-to-net payment capabilities

We can auto allocate and transfer individual amounts to different stakeholders for marketplace fees, shipping fees, payment fees, taxes, etc. based on your marketplace configuration and rules.

Batch processing of settlements

Whilst we advocate for real-time settlement with platform merchants, as it improves their cashflow, we can manage batch processing of settlements (as it is the most common method of settling with eCommerce website sellers today).

One solution to manage all payments

Our full single-product PaaS uniquely provides our marketplace clients with one solution to manage their payments. From order placement to final settlement or multiple payments to sellers (and other stakeholders), all with full reconciliation.

Deep accounting reconcilliation

We provide deep reconciliation and audit trail capability on shipping documentation, invoicing and export documentation across all markets. Our service also allows for part-payment, installments and deposits on sales contracts and through the accounting reconciliation process maintains a payment ledger consistent with the marketplace accounting system.

CurrencyFair’s Chinese connection

CurrencyFair’s capabilities for servicing Chinese sellers include full payment reconciliation, via API, to the export license, shipping and invoice documentation with same-day/next-day payout in China through direct connectivity to the top 15 banks in China, and indirect connectivity to >300 rural banks. The solution provides full compliance with China’s AML and business license regulations. As the service was initially developed to support international Chinese sellers/exporters CurrencyFair also supports non-marketplace international trade payments for individual Chinese companies.

Escrow service

Our escrow service can be configured for eCommerce websites as an alternative bank transfer payment method to debit/credit cards and PayPal like services. We offer PaaS as an escrow service allowing incoming/outgoing payments to be held in a secure client-fund account pending the seller meeting the marketplace requirements, such as providing proof of shipment, before release of funds. While mandatory for payments into China, we see increasing interest by marketplaces servicing non-Chinese sellers, particularly for higher value B2B transactions.

Global merchant card payment processor

We have integrated partnerships with global card (merchant) payment processors, allowing us to provide card and bank pay-in capabilities.

World ClasS Support

Our experienced customer experience and technical teams are always at hand to support your business at each step of your partnership with CurrencyFair. From the initial onboarding and system integration to reports and payment support, we are here to help your marketplace or ecommerce store become a global success.

Seamless Integration

CurrencyFair provides published API specifications to our clients for seamless integration. Our recommended integration timeline is 6 weeks which includes testing for a single-sided implementation. We recommend a 12 week timeline for clients that are integrating with our Platform as a Service to run their entire payment process for their marketplace.

Multi-Currency Payment – You remain in control

Our multi-currency payment account service operates like a client own-fund account and is managed by our clients in the same way as any of their bank accounts. This means that our clients maintain full corporate governance controls, multi-user access and approval and set their own transaction limits. All transaction activity can be initiated through the API or by the client directly. CurrencyFair offers local clearing and settlement in many countries which often equates to real-time global settlement, leveraging ‘faster-payment’ local infrastructure.