Based on the information and my understanding, most often the money on the two-sided marketplace goes directly to the seller's bank account (minus the fees of the provider) after the buyer received service/product.
Is it legally possible to add money to the balance so the seller can later buy someone else's service/product with the money he earned?
Yes, it is possible to add a balance feature to a two-sided marketplace. This feature allows users to deposit money into their marketplace accounts, which they can later use to pay for goods or services. Here’s how it typically works:
1. For Buyers/Service Seekers
Buyers can add money to their accounts in advance. This balance can then be used to pay for bookings, products, or services without the need for repeated transactions.
Use cases:
• Streamlined payments.
• Prepaid bookings or purchases.
2. For Sellers/Service Providers
Sellers can also use balance features for:
• Receiving payments directly into their marketplace account.
• Using the balance for subscription fees, promotions, or purchases within the platform.
Steps to Implement
1. Payment Gateway Integration
Implement trusted gateways (e.g., Stripe, PayPal) to enable users to deposit funds securely.
2. Digital Wallet System
Create a digital wallet where balances are displayed and transactions are tracked.
3. Transaction Rules
Define rules for adding, withdrawing, or holding balances. Example:
• Refund policies.
• Minimum withdrawal limits.
• Fees for transactions (if applicable).
4. Legal Compliance
Ensure compliance with financial regulations like KYC (Know Your Customer) and AML (Anti-Money Laundering), especially if handling user balances or payouts.
5. User Experience
• Provide clear options for balance top-ups.
• Offer transparency about deductions (e.g., service fees).
Would you like detailed recommendations for integrating this into your marketplace idea?
