The Viva Wallet online marketplace links product and service information provided by multiple third parties to our payment platform where we process payments under the latest PSD2 guidelines. The key objectives of the PSD2 directive are creating a more integrated European payments market, making payments safer and protecting consumers.
In our online marketplace, consumer transactions are processed by us then delivered and fulfilled by the participating sellers. It is a great solution for merchants who need an easy way to handle fees and commissions from their resellers.
How it works
Our online marketplace comprises four elements:
- Viva Wallet escrow account – a ‘holding’ account between seller and marketplace
- Marketplace merchant account – authorized users of the marketplace can transfer funds from escrow account to merchant seller accounts and marketplace account
- Seller merchant accounts
- Customer pays for products and services
Under PSD2, Viva Wallet is a payment service institution authorized by sellers to accept payments on their behalf and to make payments. Process flow:
- Customer places an order on the marketplace platform. They can purchase items from different sellers and include them in one order.
- Customer proceeds to payment which is handled by Viva Wallet and held in escrow.
- Authorized marketplace users transfer the respective funds from Viva Wallet escrow account to seller merchant accounts. At the same time, the commission (fees) is transferred to the marketplace merchant account.
- Marketplace owner opens a Viva Wallet account to handle commission.
- Viva Wallet opens an escrow account with the merchant’s account as a beneficiary for accepting payments from end customers.
- Marketplace seller opens a Viva Wallet Account to accept funds from their marketplace sales.
- Marketplace owner integrates Viva Wallet Native Checkout so they can accept payments into the escrow account.
For transfers from marketplace escrow account to seller account, there is the balance transfer API call. The same call is used to transfer the fee of the marketplace escrow account to marketplace merchant account.
For the actual charge to the marketplace, there is our Create payment order API call with
merchantTrns parameter as a reference to relate the payment with specific seller merchants. Also, there is the
customerTrns parameter to inform the card holder about the payment made with a description of the marketplace or seller merchant.
See also our card tokenization API.
For information on canceling or refunding a payment, see Cancel transaction.