Hey guys! So me and my partner are currently tinkering on an idea based on a very specific niche in the service industry, and looking to build a two-sided marketplace to cater to it. While the tech aspect is being handled just well, we are a little lost in terms of finding the right solution for managing the payments and compliance on this platform. Essentially, we want to be offering the option of PayPal, Credit/Debit Cards, Crypto for buyers to pay for the gig; and on sellers side, the option to withdraw through PayPal, Bank Wire and Crypto. This is the bare minimum. I believe there are a good amount of options as far as crypto payments are concerned. But for fiat, I've been digging a lot, and have found through my research that most payment gateways treat digital products/services as high-risk categories, and therefore don't want any part of it. And some who do support this category do not work with marketplaces. There's only one I've found so far, who seems to be accepting marketplaces in this domain, but they require us to be registered in US/EU/UK with a local director over there. I don't mind considering setting up abroad, but we are only just starting with this platform, and I don't even know yet if it would be able to take off. So setting up a company abroad will come with a bunch of challenges of it's own in terms of compliance with the local law, of course. What are our options here?
Considering your niche, exploring platforms like Stripe that support marketplaces might be worthwhile, as they offer payment processing with fewer restrictions. If going international feels too daunting right now, you might also look into payment service providers that cater specifically to startups in niche markets, they often have more flexible options to accommodate your current structure and growth potential without overwhelming requirements.
From what I've read, Stripe is the last platform to go to for digital products/services niche. They are particularly hard on such websites. Besides, Stripe does not seem to be accepting merchants from India. What are the other payment providers for niche markets? Can you suggest?
Stripe can indeed be quite strict with digital products, especially in certain regions. Consider platforms like PayPal, which is widely accepted, or Razorpay, which is popular in India and supports various payment methods. You could also explore platforms like Square or Payoneer, which cater to niche markets and might be a better fit for your needs.
(PayPal, cards) and crypto transactions for both buyers and sellers. Struggling to find a gateway that doesn't restrict digital products/services or marketplace models, especially without requiring international incorporation.
If you are planning for multiple payment methods (PayPal, credit/debit cards, crypto), you might integrate multiple payment gateways to cover all bases. There are some gateways that might consider digital services as high-risk, hence, combine options like Stripe (for fiat payments in lower-risk markets) with crypto payment processors (like CoinGate or BitPay) to bridge the gap. There are various payment options compared in this post, maybe you can go through each of their features, pros and cons to select the best one: https://geekflare.com/guide/best-online-payment-solutions/
Hello, I hope you’ve found a solution by now, but if not, I’d like to offer the following recommendations: Adyen: A comprehensive payment processing platform that supports a wide range of payment methods and currencies, making it suitable for businesses aiming to scale internationally. It’s known for its robust security features and seamless integration with major e-commerce systems. Dwolla: Specializes in ACH (Automated Clearing House) payments, which are ideal for U.S.-based businesses that need to process bank transfers efficiently. Dwolla is known for its flexibility and developer-friendly API. For cryptocurrency payments, consider CoinGate, a platform that supports various cryptocurrencies and simplifies the process for businesses and their customers. It’s often wise to utilize multiple platforms for increased reliability. Ensure that your chosen solutions align with your platform’s requirements and user preferences. I hope this helps!
Hey, it's quite tricky to get in touch with large corporation like trustpayment and extermely hard to open an account there. With Stripe it's really really easy but once you get above certain volume threshold they close you down due to your business activity. Then you may appear of blacklist and it would be almost impossible to open even a bank account for your company. Many clients of mine in high risk industry have expreience such sitation. I have a card to crypto company which is solving some of thoes complex business cases and business needs. Feel free to reach out to me at telegram. t.me/FildaK