The prime component of a rental marketplace is the booking and transaction process. Hence, the successful implementation of the marketplace payment solution finishes the jigsaw puzzle.
When you are implementing a payment solution, the dimensions which apply to every type of marketplace is Time, Location, and Pricing.
Time regards when the service occurs – whether it is on-demand or scheduled.
Location means the place the service planned to happen – whether at virtual or at a specific location.
Pricing can be either fixed in advance or negotiated based on the type of online marketplace one wants to establish.
Designing a Booking Flow
A rental marketplace categorized as proving the rental service scheduling the date and time and providing the rental service on-demand.
When it comes to scheduling the rental service in particular day and time, the booking flow that follows:
- Customers search for the perfect service on the website.
- Select a suitable service matching your requirements.
- Choose the date, time, and the number of persons(if necessary) and book the service.
- Pay the price of the service.
- The owner accepts the booking
- The amount deducted from the customer.
- The booking confirmation.
- After the service, the platform owner charges a small commission and the remaining amount paid to the seller/owner.
When it comes to booking an on-demand rental service, the booking flow goes by:
- Customers post/search their required service on the website.
- The website allocates it to the respective owners/provider who is available to the service.
- The marketplace owner assigns the service to a suitable service provider and the requirements got executed.
- Payment made by the customer.
- The provider gets their share after deducting the commission of the website.
Things to consider when choosing the payment solution
Splitting Payments
A marketplace service revolves around three people – provider, customer, and an intermediary. The payment made by customers split to give providers and a small commission to the platform owners.
Stripe, MANGOPAY, and Braintree offer split payment options to help small business marketplace owners.
Tax deduction
Service Provider of the marketplace has to pay taxes to the local bodies and the government of the country if they earn a high income.
The Provider has to manage the personal taxes of their income through the marketplace. Having a Stripe ease your tax reporting as they provide U.S tax reporting facility to automate ‘Form 1099-K’.
Delayed Payout
A few online marketplace companies delay the payments until the customers are fully completed the marketplace service. They hold the money until the customers finish using the service. This process termed as Escrow. But delaying the payments be liable to credit card disputes and in some countries, you need to have a license to delay the payments. To escape from these kinds of difficulties, choose a payment gateway who offer escrow kind of service.
MANGOPAY, Stripe, Paypal, and Braintree provide the option of holding the payment.
Based on the geographical area
Choose a payment gateway that is regularly used by the customers and popular in the area where the marketplace business is in operation.
The well-known payment gateway preferred by customers all over the world is PayPal, Stripe, MANGOPAY, and Braintree. When it comes to the Asia-Pacific, Australia prefers PinPayments and Transferwise. The South Africa region prefer Flutterwave. Mercado Pago is very famous in Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela for their marketplace payment solution.
Offering multiple payment methods
A marketplace payment solution has to be designed to offer various payout methods for their convenience. Keep all payout methods: credit card payment, debit card payment, e-wallets, and bank transfer. Also, design the payment gateway to adapt any number of payment methods for fast money transfer.
With this spark, some of the creative-minded entrepreneurs have focused their vision on the rental marketplace.As we all know, the rentals play a major role in our day to day life and it has been well developed and it is brimming very well.
Business on such demand will help you to reach greater heights.But the marketplace without challenges is impossible.
The tech stack also influences the scalability of the product and also dealt with the investment of money and time.
It is evolving at an impressively increasing rate to build better and modern User Interfaces.
Above all, the core objective of React js is providing the best rendering performance to improve the user experience.Top players using React jsHere are some of the big brands that are using React js,FacebookAirbnbInstagramWhatsAppNetflixWhy choose React js for the rental marketplace?React js is a miniature library but also it serves as multiple possible advantages to boost traction of rental marketplaces.Explaining some of the prior reasons,Increase the performance speed by eliminating the usage of code-heavy frameworks.Re-usability of code that helps you in saving a lot of time and also provides a smooth user experience.Search Engine Optimization is the gateway to boost user traffic onto your rental platforms.
React js significantly reduces page load time through faster rendering speed.
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Finding a place to acommodate in a new location has always been a daunting task.
Also, the traditional methods of travel bookings has been expensive due to paying a huge commission or asking your friends to find a new home.
After the struggles and trying all possible sources, nothing becomes fruitful or even met the user's exact requirements.
It was the time where Airbnb app can into existence.
Airbnb helps users to provide travellers by listing many different kinds of properties, single rooms, a suite of rooms, apartments, and so on.
This is when online rental booking platform started gaining popularity among users.
Airbnb is an online rental business platform which connects space owners and people looking for a rental script.
Using this as traverse path the numerous people are generating more income with their own by making adaptive with the customizable features provided by Airbnb.
How the business model makes it stand in online business, guess how?
The circle and community are created by a trust with end to end sharing and support.
By moving next to that script providers also stays with their standard mark to incline up their business to the next stage.
The best show of our business moving up with Airbnb clone will locate noticeable in high ranking.Because most of the house or space owners commonly called as host and travellers prefer Airbnb to create their own account free which make host people list their space and allow travellers to book their desired place anywhere they want in the world.
