Marketplace API is the seamless solution that provides access to credit card payments and alternative payment methods for a Marketplace in a simple yet reliable legal and technical setup. Its aim is to provide a robust technical solution which will ensure that all of the participating shops as well as the marketplace will benefit of a seamlessly onboarding process, reliable and secure transaction processing, reconciliation to the penny and prompt settlements.
The technical process (KYC Flow) with all the necessary steps is described next:
- The Marketplace accepts a new shop on its platform and creates an entry in the database.
- The Marketplace exposes an API which Smart2Pay KYC platform calls several times per day to pull information about the newly created shops.
- Smart2Pay KYC platform pulls all available information about the shop (ShopID, Alias, shop representative e-mail, documents etc.). If all the required information is not available, the merchant representative will have to fill it in on Smart2Pay KYC platform.
- Smart2Pay will create an account for the shop in the Smart2Pay KYC platform and send an e-mail to the shop representative with the login details.
- The shop representative will fill in any missing company related data and upload KYC/UBO specific documentation.
- The shop representative signs online the Merchant agreement for Payment processing.
- Smart2Pay Risk team reviews the company.
- In case of approval, a siteID is generated in the Smart2Pay platform.
- Smart2Pay will do a push notification to a page designated by The Marketplace with the following info ShopID, SiteID, APIKEY. The last two parameters need to be used when calling Smart2Pay REST API when processing the payments. The Marketplace needs to respond with HTTP return code 204 (No content) to the POST notification.