Opening an account and connecting acquiring for the marketplace

Ivan Mashin

In most cases, marketplace activities are impossible without making payments. In order for the marketplace to be able to accept funds from customers, it should open an account and activate acquiring. In this case, the setting will depend on the specific model of the marketplace, including depending on commercialization and other issues. You can read about how to open an account and connect acquiring for the marketplace in this article.

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Opening an account for the marketplace

Depending on the actual model of the marketplace, you need to choose an account. The current account is the basic one. However, along with it, others can be opened that will simplify the process of transferring funds from the buyer to the sellers through the marketplace.

For example, you can open a nominal account. In this model, the marketplace will dispose of funds in the interests of the buyer or other person who provided these funds. For marketplace-like designs, crowdfunding and investment platforms, a nominee account is a must.

Another option is an escrow account. Funds from the buyer go to this account, and until certain conditions occur, none of the participants has the right to dispose of them. After the execution of the transaction, the transfer of goods or the provision of services, the funds will be transferred to the seller.

Both of these accounts are often used in contractual marketplace models: agency and paid services. As part of the implementation of the marketplace, these accounts contribute to tax optimization.

What to look out for when connecting an acquiring to the marketplace?

Connecting acquiring for a marketplace depends on the model itself. Acquiring parameters depend on the marketplace model (B2C, B2B, C2C). It is worth paying attention to the following aspects.

Compliance with ФЗ-54 when connecting acquiring for the marketplace

Federal Law No. 54 "On the use of cash registers when making settlements in the Russian Federation" establishes some obligations of the seller when making payments, in particular, the obligation to form a fiscal document and send it to the tax authority. Therefore, when connecting an acquiring, the marketplace must decide who will send the online check: the seller, the marketplace, or the payment aggregator. It is also worth considering the receipt of the check by the buyer.

Split payments for vendor and marketplace

Any marketplace model is commercialized. Depending on this, it also depends on how the transfer of funds will take place. If acquiring involves splitting payments, this means that part of the buyer's funds goes to the marketplace as a commission and partly to the seller. Then the payment for the goods will not be credited to the account of the marketplace.

Payment methods that will be available to buyers of the marketplace

The more payment methods a marketplace has to offer, the higher the likelihood that a customer will choose this particular marketplace. In this regard, you can choose the following payment methods:

Bank cards;
Internet banking;
Electronic wallets;
Payment from mobile devices (Apple Pay, Google Pay, etc.)

Security in implementing payments to the marketplace

In the payment card industry, special standards are set, as the activity poses an increased risk. Therefore, by connecting acquiring, the marketplace will be required to comply with PCI DSS (Payment Card Industry Data Security Standard). As a rule, payment systems immediately indicate this characteristic.

Along with the usual protection for acquiring, you can connect an increased level to prevent fraud (antifraud). This risk is especially high with chargebacks, so sometimes such anti-fraud measures may be mandatory.

As such, the account you open can facilitate future marketplace processes, so it is worth considering the various options. The acquiring connection must comply with the requirements of the law and ensure the safe operation of the marketplace, eliminating the possibility of fraud. The transfer of funds between three participants creates risks, so it is worth paying attention to the design of these processes. If you have any questions or you need help with opening an account or connecting an acquiring, please contact A4 Law Firm lawyers.