Buyers and sellers can carry out escrow transactions between each other simply, securely and in full compliance. PromisePay collects, holds, and releases funds for your customers on your marketplace.
Escrow by its nature is one of the world's oldest and safest forms of transaction methods. Through a neutral party, holding onto the funds while the physical assets are exchanged, ensures both buyers and sellers are equally protected.
For domestic or global transactions, buyers can select from a range of payment methods, while sellers can choose to be paid out in a number of convenient ways. Major credit cards, bank transfers and PayPal are all accepted.
At no extra cost, you can onboard global sellers seamlessly within your workflow when they sign up, just as they are about to transact, or wherever your workflow permits, without ever redirecting them off site.
Payments between buyers and sellers will never touch your accounts, meaning your marketplace can stay at a comfortable distance from the transaction, while staying in full control of the workflow, fee structure, and pay out schedule.
Your customers transact with peace of mind
Your marketplace initiates a new transaction by passing through buyer and seller names, emails, usernames, and the transaction amount.
The buyer makes payment via card, bank transfer or PayPal. In the mean time, the seller undergoes a one-time-only identity verification for security purposes.
Once funds have cleared in PromisePay’s Escrow account, both the buyer and seller are notified that the exchange of goods, assets or services can now take place offline.
Once the seller knows that the buyer's payment is held securely by PromisePay on behalf of your marketplace, they transfer the agreed goods, assets, or services to the buyer
Once the buyer is satisfied with the assets, they release the funds to the seller. To help speed up the process, the seller can request that the buyer release the payment.
Once payment has been released by the buyer, payment will be made to the seller minus any fees you decide to charge during the transaction.
Once the funds have left PromisePay’s account, the Escrow transaction is considered complete with the buyer in possession of the assets, while the seller in receipt of payment.
While the listings model of marketplaces has a rich history, we believe it will increasingly be relegated to a limited set of categories. In its place, we expect to see the continued emergence of transactional and end-to-end marketplaces, which will be disruptive forces on their predecessors.
Integrate an MVP or create your own custom flow
If it’s more control you’re after, look no further. Build a custom payflow to your exact requirements using our powerful, full stack collection of over 80 API’s and ‘micro services’. Ensure complete control through full flexibility.
Perfect for secure payments between buyers and sellers
PromisePay takes on all risk, liability, and compliance obligations on behalf of your marketplace keeping your team focused on growing your business.Learn More
Advanced fraud monitoring, pre and post transaction, that safeguards your marketplace against suspicious activity and fraudulent users on your platform.Learn More
On your behalf, PromisePay is licensed and fully compliant with banking, financial, and governmental requirements in both the USA and Australia.Learn more
PromisePay is fully bonded and insured to provide full coverage for, and safeguard, your marketplace, users, and any transactions that run through your platform.
Feel safe knowing PromisePay employs stringent security measures, ensuring your user data remains completely safe, secure, and protected.Learn More
Generate additional revenue by collecting custom set fees on every transaction on your platform from buyers, sellers, or a combination of both.Learn More
Your payments dashboard gives you broad or granular visibility and customization over transactions, users, fees, reporting, and a wide range of settings.Learn more
Your users never have to leave your site or even know that PromisePay are handling your payments on your behalf. A truly seamless end-to-end experience.Learn more
Our team will be with you every step of the way from onboarding your developers and support team to providing a rich help center layered with content.Learn more
For domestic and global transactions, buyers can pay by a range of payment methods, while sellers and your marketplace can be paid out in convenient ways.Learn more
User disputes are dealt with in the fairest way possible by moving users through a escalated process, with a positive outcome being the primary objective.Learn more
Refunds can be easily initiated at the click of a button on any particular transaction and the agreed amount will be returned, quickly and simply.Learn more
Your users receive email and text based notifications, letting them know where they are in the payment process and what needs to be done next.
White label invoices and receipts are created on your behalf and can be downloaded by, or sent to, your users once the transaction is complete.
Generate customized reports and tax documents, decide your reconciliation preferences, and keep your books up date with minimal fuss.
Unbeatable capability packed into a custom set pricing structure
For large transaction volumes please contact us