{"id":205128,"date":"2021-06-24T20:06:28","date_gmt":"2021-06-24T07:06:28","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=205128"},"modified":"2021-06-24T20:06:29","modified_gmt":"2021-06-24T07:06:29","slug":"online-marketplace-payment-methods","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/e-commerce\/online-marketplace-payment-methods\/","title":{"rendered":"How Should I Structure Payment For My Online Marketplace in NZ?"},"content":{"rendered":"\n<p><span style=\"font-weight: 400\">As NZ consumers continue to shop online, online marketplaces are only going to grow in popularity. These are online platforms where parties can meet and complete transactions with each other, such as eBay or Trade Me. NZ users are more likely to use online marketplaces based in NZ<\/span>. Therefore,<span style=\"font-weight: 400\"> it is crucial to make your site the most accessible option to<\/span> draw<span style=\"font-weight: 400\"> these customers <\/span>in<span style=\"font-weight: 400\">. A vital consideration is how you structure payment for your online marketplace. There is a wide variety of options available to you, but you must pick one that suits your goals and needs. This article will go through:&nbsp;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">what payment structures you have available for your online marketplace;&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the factors affecting what you charge for these payments; and&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how to decide on online payment options for your users.<\/span><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Marketplace Payment Structures<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">As an online marketplace operator, you provide a venue where two parties can meet and complete a transaction of goods or services online. H<\/span>owever, y<span style=\"font-weight: 400\">ou take no part in the sale itself. You simply provide the place where a transaction occurs. <\/span><a href=\"https:\/\/legalvision.co.nz\/e-commerce\/online-marketplace-legal\/\"><span style=\"font-weight: 400\">Online marketplaces<\/span><\/a><span style=\"font-weight: 400\"> charge fees for this service<\/span>. However, the way <span style=\"font-weight: 400\">you do so depends on your needs and circumstances as a business. Furthermore, it is important to <\/span>t<span style=\"font-weight: 400\">hink about the kinds of users and customers you want to attract and the nature of the exchanged goods or services.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">You have a wide variety of options available to you. Some marketplaces will combine different fee types, depending on the nature of their services. Be sure to outline your payment structure in your terms and conditions.<\/span><\/p>\n\n\n\n<p>H<span style=\"font-weight: 400\">ere are a <\/span><a href=\"https:\/\/legalvision.co.nz\/e-commerce\/what-to-consider-when-accepting-payments-online\/\"><span style=\"font-weight: 400\">few payment structures<\/span><\/a><span style=\"font-weight: 400\"> for you to consider:<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n<p><b>Membership\/ Subscription Fee<\/b><\/p>\n<\/td><td>\n<p><span style=\"font-weight: 400\">One option is to charge a one-off or recurring subscription fee. You can choose to charge your sellers, buyers, or both. This could come as a one-off fee when they set up an account on your website. Or, alternatively, as a recurring fee that they pay as they continue to use your site. You could also provide this as a premium upgrade option for users who want to access extra services.<\/span><\/p>\n<br>\n<p><span style=\"font-weight: 400\">For example, you may offer product promotion services for those that pay for a premium membership or subscription to your site.<\/span><\/p>\n<\/td><\/tr><tr><td>\n<p><b>Commission&nbsp;<\/b><\/p>\n<\/td><td>\n<p><span style=\"font-weight: 400\">This payment option consists of a commission you charge on a successful sale. You would receive a set percentage of a seller\u2019s earnings when they complete a transaction. You may decide to change this rate depending on frequency, to reward continuous use of your site.<\/span><\/p>\n<br>\n<p><span style=\"font-weight: 400\">For example, Trade Me charges a 7.9% commission fee for sales over $1 on their website.<\/span><\/p>\n<\/td><\/tr><tr><td>\n<p><b>Listing Fee<\/b><\/p>\n<\/td><td>\n<p><span style=\"font-weight: 400\">You may charge sellers a fee when they list a product or service on your online marketplace. A listing fee is a set value that can increase or decrease depending on the number of listings they have going on at the same time.<\/span><\/p>\n<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">What Should You Charge?<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">Choose the payment structure that you think your users will respond well to. I<\/span>t is important to c<span style=\"font-weight: 400\">onduct proper market research to ensure that you choose one that suits your purposes. A<\/span>nother consideration <span style=\"font-weight: 400\">You will also need to consider how much you will charge for the use of your marketplace. The exact numbers and percentages will depend on what kind of structure you opt for. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">You should also consider the following factors:<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">competitors\u2019 prices;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the value of your services;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">financial viability;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">price consistency; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">cost margins.<\/span><\/li><\/ol>\n\n\n\n<p><span style=\"font-weight: 400\">Users will engage with your marketplace if they think it is offering something that they would not be able to get elsewhere. If you charge for certain services, such as <\/span><a href=\"https:\/\/legalvision.co.nz\/regulatory-and-compliance\/legal-considerations-advertising-nz-business\/\"><span style=\"font-weight: 400\">promotion advertising<\/span><\/a><span style=\"font-weight: 400\">, it may be a good idea to offer a short free trial for users. This way, they can see if your service works for them, and you can demonstrate why they should choose your marketplace.<\/span><\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    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You have to ensure you provide secure online payment options for users. You can draw sellers with easy payment solutions that they do not have to manage. Buyers will also want <\/span><a href=\"https:\/\/legalvision.co.nz\/data-privacy-it\/business-secure-online\/\"><span style=\"font-weight: 400\">secure and convenient payment options<\/span><\/a><span style=\"font-weight: 400\"> that cater to their circumstances. You should provide several options for your sellers to choose from. These options may include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">cash on pickup;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">bank deposits through internet banking;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">credit or debit payments;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">payment gateways like Stripe Connect or Paypal; or<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">online banking solutions like POLi.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400\">A key draw for your online marketplace may be that it uses secure payment solutions so that your users can focus on the transaction itself rather than how they will pay. It is important to do your research to find an online payment option that suits your needs.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">When choosing a payment structure for your online marketplace, try to keep it straightforward. Users will respond to fees that they see as fair, so make sure you charge adequately for the services you provide. You should also develop a plan for how users will exchange money on your site and ensure that you provide secure online payment options. If you would like more information or help with structuring payment for your online marketplace, contact <\/span><a href=\"https:\/\/legalvision.co.nz\/online-business-ecommerce-lawyers-lp\"><span style=\"font-weight: 400\">LegalVision\u2019s New Zealand eCommerce lawyers<\/span><\/a><span style=\"font-weight: 400\"> on 0800 005 570 or fill out the form on this page.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">FAQs<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1619748701562\"><strong class=\"schema-faq-question\"><strong>What are some possible payment structures for my online marketplace?<\/strong><\/strong> <p class=\"schema-faq-answer\">You have various choices available for structuring payment for your online marketplace. You may decide to charge a commission\/success fee or operate on a membership\/subscription system.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1619748742941\"><strong class=\"schema-faq-question\"><strong>How should I structure payment for my online marketplace?<\/strong><\/strong> <p class=\"schema-faq-answer\">How you decide to structure payment will depend on the nature of your online marketplace and the kinds of users you want to attract. You can use a combination of fee types if that suits your platform.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1619748756918\"><strong class=\"schema-faq-question\"><strong>What is the best way to accept payments online?<\/strong><\/strong> <p class=\"schema-faq-answer\">You should do proper research to determine which way you want your online marketplace users to pay for products and how to receive those payments. There are various online payment gateways available, as well as internet banking services.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1619748769446\"><strong class=\"schema-faq-question\"><strong>How do I decide what to charge for my online marketplace?<\/strong><\/strong> <p class=\"schema-faq-answer\">What you charge for usage of your marketplace will depend on the value of the services you offer. Look at your competitors to gain some insight as to what they charge.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"3bc3beddae\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/205128\" \/>            <input value=\"https:\/\/legalvision.co.nz\/e-commerce\/online-marketplace-payment-methods\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"How Should I Structure Payment For My Online Marketplace in NZ?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As NZ consumers continue to shop online, online marketplaces are only going to grow in popularity. These are online platforms where parties can meet and complete transactions with each other, such as eBay or Trade Me. NZ users are more likely to use online marketplaces based in NZ. Therefore, it is crucial to make your<a href=\"https:\/\/legalvision.co.nz\/e-commerce\/online-marketplace-payment-methods\/\">Continue reading <span class=\"sr-only\">&#8220;How Should I Structure Payment For My Online Marketplace in NZ?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13236,"featured_media":201661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[6],"tags":[24,81,288,790],"class_list":["post-205128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-commerce","tag-startup","tag-marketplace","tag-online-marketplace","tag-payment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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What Steps Should I Take to Protect My IP In NZ? | LegalVision New Zealand"},{"@type":"BreadcrumbList","@id":"https:\/\/legalvision.co.nz\/e-commerce\/online-marketplace-payment-methods\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/legalvision.co.nz\/"},{"@type":"ListItem","position":2,"name":"Articles","item":"https:\/\/legalvision.co.nz\/articles\/"},{"@type":"ListItem","position":3,"name":"E-Commerce Articles","item":"https:\/\/legalvision.co.nz\/category\/e-commerce\/"},{"@type":"ListItem","position":4,"name":"How Should I Structure Payment For My Online Marketplace in NZ?"}]},{"@type":"WebSite","@id":"https:\/\/legalvision.co.nz\/#website","url":"https:\/\/legalvision.co.nz\/","name":"LegalVision New Zealand","description":"LegalVision is a commercial law firm in NZ with a commitment to innovation","publisher":{"@id":"https:\/\/legalvision.co.nz\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/legalvision.co.nz\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-NZ"},{"@type":"Organization","@id":"https:\/\/legalvision.co.nz\/#organization","name":"LegalVision New Zealand","url":"https:\/\/legalvision.co.nz\/","logo":{"@type":"ImageObject","inLanguage":"en-NZ","@id":"https:\/\/legalvision.co.nz\/#\/schema\/logo\/image\/","url":"https:\/\/legalvision.co.nz\/wp-content\/uploads\/sites\/2\/2020\/11\/LegalVision_square_logo.png","contentUrl":"https:\/\/legalvision.co.nz\/wp-content\/uploads\/sites\/2\/2020\/11\/LegalVision_square_logo.png","width":400,"height":400,"caption":"LegalVision New Zealand"},"image":{"@id":"https:\/\/legalvision.co.nz\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/LegalVision","https:\/\/x.com\/LegalVision_law","https:\/\/www.linkedin.com\/company\/legalvision-group"]},{"@type":"Person","@id":"https:\/\/legalvision.co.nz\/#\/schema\/person\/32362b5331a9cb23e31b656d199e7b72","name":"Emma Lindblom","image":{"@type":"ImageObject","inLanguage":"en-NZ","@id":"https:\/\/legalvision.co.nz\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96","caption":"Emma Lindblom"},"description":"Emma is a Legal Editor based in New Zealand. She is experienced at writing for online publications and wants to use these writing skills to make legal information transparent and accessible for anyone. Emma has a double degree in Law and Politics, with a minor in Psychology.","url":"https:\/\/legalvision.co.nz\/author\/emmalindblom\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/e-commerce\/online-marketplace-payment-methods\/#faq-question-1619748701562","name":"What are some possible payment structures for my online marketplace?","acceptedAnswer":{"@type":"Answer","text":"You have various choices available for structuring payment for your online marketplace. You may decide to charge a commission\/success fee or operate on a membership\/subscription system.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/e-commerce\/online-marketplace-payment-methods\/#faq-question-1619748742941","name":"How should I structure payment for my online marketplace?","acceptedAnswer":{"@type":"Answer","text":"How you decide to structure payment will depend on the nature of your online marketplace and the kinds of users you want to attract. You can use a combination of fee types if that suits your platform.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/e-commerce\/online-marketplace-payment-methods\/#faq-question-1619748756918","name":"What is the best way to accept payments online?","acceptedAnswer":{"@type":"Answer","text":"You should do proper research to determine which way you want your online marketplace users to pay for products and how to receive those payments. There are various online payment gateways available, as well as internet banking services.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/e-commerce\/online-marketplace-payment-methods\/#faq-question-1619748769446","name":"How do I decide what to charge for my online marketplace?","acceptedAnswer":{"@type":"Answer","text":"What you charge for usage of your marketplace will depend on the value of the services you offer. Look at your competitors to gain some insight as to what they charge.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/205128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/users\/13236"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/comments?post=205128"}],"version-history":[{"count":5,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/205128\/revisions"}],"predecessor-version":[{"id":205466,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/205128\/revisions\/205466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media\/201661"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media?parent=205128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/categories?post=205128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/tags?post=205128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}