Mobile Wallet


By Michelle Hansen, Senior Product Marketing Manager/ Yapstone

We're already two months into 2019, and if you’re like 53 percent of other Americans (according to Statista), you probably made a New Year’s resolution or two at the beginning of the year.

Of course, these yearly promises are specific to the individuals that make them, but a quick review of the stats show that they all have something in common: they tend to revolve around these four characteristics:

  1. Lose weight
  2. Eliminate toxic people
  3. Save (or make) more money
  4. Create meaningful relationships

These are certainly worthy goals for one’s personal life, but they can also be directly applied to business; specifically, for online marketplaces.

If you think about it, a marketplace is just like a giant person – it’s a living, breathing entity with strengths that must be flexed and weaknesses that must be strengthened. And when you consider just how much of a positive impact sharing economy marketplaces can make in the lives of millions of people– it is high time we start setting resolutions to optimize their reach.

Payment Resolutions with Familiar Themes

The sharing economy is so attractive because of the financial freedom it affords its users. So, this year, marketplace leaders might think about building business resolutions around payments.

Experts suggest that setting smaller goals lead to successful resolutions. By solely focusing on improving payment processes is an attainable goal, which can have a positive ripple effect across the entire business. Below are four powerful payment resolutions for marketplaces. You might notice a familiar theme!

  1. Lose the “Wait”

Having access to funds is important to every business. Improve your cashflow by reducing the waiting time for your payments. And while you’re at it, make sure your sellers are getting paid on time.

According to PYMNTS, merchants can improve cash flow while providing customer convenience by encouraging recurring payments. As detailed in their article, companies such as Amazon have seen billions of dollars increase by implementing a “set it and forget it” payment model.

Another way to optimize cash flow is to improve your payout methods. Slow payouts can understandably irritate sellers, making them reluctant to use your marketplace again. Keep them coming back by providing advanced payouts or automated payments.

  1. Eliminate toxic people

No one is more toxic than a fraudster. And marketplaces are especially vulnerable to fraud because of the sheer nature of connecting unknown sellers to unknown buyers. Reduce risk and instances of fraud for a healthier 2019 by learning from last year.

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