Secure Wallets in a Marketplace eCommerce Platform

Wallets on marketplace eCommerce platforms are simple, right? A customer just gives you their information—whether it’s a debit card, credit card, or other type of payment—and they can pick which one they want to use at any given time. It makes life easier for the customer, which means they’re more likely to have a positive experience purchasing from you. When they come back again, they’re all set to buy more with minimal effort.

That’s the simple way that wallets work, but they can do even more to support your business. Let’s look at some aspects of marketplace wallets that you might not have considered before.

The Dual Purpose of Wallets

Keeping a customer's payment information—or at least a tokenized version of it—is an excellent way to achieve repeat sales. The largest retailers on the planet can offer great prices, but it’s the convenience they offer customers that brings them back.

There are two primary ways in which wallets work on an eCommerce marketplace platform.

• Standard Orders — Having a wallet allows customers a fast and convenient way to order from you. Wallets can store an unlimited number of payment options, and customers can choose which one they’ll use with each transaction.
• Subscriptions — Wallets are an excellent feature if you offer any sort of subscriptions, whether they’re virtual or physical. The payment methods ensure that you can continuously charge a customer for repeating transactions. Customers can set up subscription payments from any of the payment methods in their wallets.

Keep Cards Up to Date

Just because the expiration date on a card has expired doesn’t mean that you have to tell customers that they aren’t able to shop until they update it. Similarly, a subscription you’ve sold them doesn’t have to turn off because of an expired card.

If you use the right marketplace software for wallets, it’s easy enough to get information about the status of a card. Just as you will get information telling you that a card is no longer valid, you can also receive information that a card is still valid because the card has been renewed and the expiration date updated. In other words, subscriptions can continue without interruption despite a change in expiration date.

Tokenize to Protect Customer Data

Tokenization is an excellent way to have your cake and eat it too. The customers on your marketplace platform are able to leave their payment information on your site so that they can access it immediately, but you’re not actually holding that confidential payment data on your platform.

You can imagine why this is so important. First, customers want a seamless checkout experience, so they don’t want to take time to enter payment information every time they buy something from you. Second, you aren’t held responsible for the additional security needed to protect credit card information and other types of financial data. If your site is attacked by hackers, there’s no way they can gain access to credit card numbers, expiration dates, etc. You’ll avoid both fines and lawsuits when you decide to work with a payment provider that tokenizes PCI DSS-covered data.

Working With Clarity

Clarity Ventures is dedicated to helping businesses create the marketplace eCommerce software that works best for their needs, which includes robust and flexible online wallets that customers can trust. It’s vital for every business to protect customer information and deliver the performance of the best wallets available.

We are always interested in sharing our decades of experience with those looking to enter the marketplace space, or companies that need an efficient transfer of information during an upgrade. Our website is filled with dozens of articles about every aspect of marketplace eCommerce, and we also have an eCommerce marketplace YouTube playlist with over 30 videos.

Clarity also offers a complimentary discovery session to help with your marketplace innovations, a thorough no-cost consultation with our tech and business professionals. We’ll help you form a plan for updating or creating your marketplace, no matter what industry you’re serving. You can use this plan with us or take it to a different eCommerce developer. We just want to help you get off on the right foot, so get in touch with us today!