There are three fundamental steps in the payments workflow which enables customers to buy from multiple vendors in a single transaction and allows you, the marketplace owner, to then disburse those funds to the Vendors and recognize your net proceeds of each order.
1) Customer Pay In
When purchasing from the marketplace, the customer can select the Stripe Payment option and can pay using any of the supported payment methods. The funds are processed using the Marketplace Owner Stripe Account. This is the only Stripe account that is required to run your marketplace. Vendors do not need to open their own Stripe accounts.
Cleared funds are settled in the Stripe Balance which functions like a digital holding facility, where the funds are retained until either of the following occur:
The funds are transferred to the Vendors via a Payout through Omnyfy
Net proceeds of the orders that is left in the balance and can be manually withdrawn to the marketplace owner’s bank account, after Vendors are paid out
Funds are refunded to customers
3) Pay out to Vendors
Once an order is fulfilled by a Vendor, Omnyfy’s Marketplace Commercials Management system will move the order from “Pending Payout” to “Ready to Pay”. You can then simply select the Vendors who you want to Pay and process their payout via “Payout through Stripe”. The funds are deducted from the Stripe Balance and paid to the Vendor’s connected Stripe Express account.