I would like to use MarketKing to give merchants the opportunity to sell products on my website. Do you have any experience with other Dutch parties that are using MarketKing?
I am looking for advice for payments. In the Netherlands we use the payment method iDEAL for almost every transaction.
If the customer pays my company to fulfill the order, will the money be transferred to the merchant automatically? Or how does it work exactly? If you can give me an example of the flow, it will help me a lot.
For other payment gateways like iDEAL, what would happen is that the website admin would receive the money, and the vendor's balance would go up. The admin will then owe that money to the vendor, to be paid at a later time (e.g. at the end of each month).
For example, let's say we have a $100 order, and the admin (marketplace) has a 10% commission.
With Stripe, everything is done automatically: the admin receives $10 in their Stripe account, the vendor receives $90.
With other gateways, the admin will receive $100, and the vendor's balance will be $90. The admin needs to pay the vendor $90 manually.
Thanks for the quick reply, I understand the flow now.
The only issue I have, is that in some cases the products I want to sell have a delivery estimate of 8 - 16 weeks for example (custom-made). I understand that I receive the payments, but at what time should I pay out the vendor?
Just want to eliminate the risk of paying out $600 to a vendor, and after some weeks the order gets declined for example. I then assume the vendor should 'pay back' the $ to me, but then I would need to collect it all again.
Can you only describe the perfect flow of this for me? Other than that I have no questions and the product looks great.
By default, the money is added to the vendor's balance (owed to the vendor) only when the order status is set to 'Completed'.
You can set it so that only the admin marks orders as completed. So for example you as the admin can check with the customer to confirm if the order arrived or not before marking the order as completed and giving the vendor access to the money.
Or maybe the vendor can show the admin proof the order has been sent out, such as photos, package info etc.
Customers will also get a button for "mark order as received" - when the button is clicked, the order becomes completed automatically.
2) The vendor receives the order, sends it, and adds the shipping information (e.g. DHL Shipment #1234).
At this time the "earnings" are pending, as the order is not yet completed. The vendor does not yet have the earnings added to the balance (and you as the admin do not yet owe them the money).
3) Some time later, the customer either marks the order as received, or you the admin confirm with the customer, or the vendor sends you some proof etc.
When you are satisfied the order is fine, you can mark it as completed to release the funds into the vendor's balance.
Exactly how it would work depends on your business model and how trust can work between you and the vendor.
Regarding your question, there is no built-in feature for that.
It may be achievable technically but I am not sure, it's not something I have much experience with. It would be difficult for it to be an actually different site and server, because then you would need a lot of communication between the 2 sites: to send the products data from 1 site to another, lots of permissions checks need to be validated, so it's quite complex.
It may be possible to point the domain to the vendor dashboard link, via hosting settings - this may be easy to do. That way examplevendor.com actually loads example.com/vendor-dashboard. But it would not help with server load.
Dear WebWizards,
I would like to use MarketKing to give merchants the opportunity to sell products on my website. Do you have any experience with other Dutch parties that are using MarketKing?
I am looking for advice for payments. In the Netherlands we use the payment method iDEAL for almost every transaction.
If the customer pays my company to fulfill the order, will the money be transferred to the merchant automatically? Or how does it work exactly? If you can give me an example of the flow, it will help me a lot.
Thanks in advance, Vincent.
Hi Vincent,
Thank you for getting in touch,
Currently for the merchant to receive the money automatically, we only support Stripe. This is part of our Stripe Split Pay integration: https://woocommerce-multivendor.com/docs/marketking-stripe-connect-automatic-split-payments-refunds-3d-secure-2-stripe-integration/
For other payment gateways like iDEAL, what would happen is that the website admin would receive the money, and the vendor's balance would go up. The admin will then owe that money to the vendor, to be paid at a later time (e.g. at the end of each month).
For example, let's say we have a $100 order, and the admin (marketplace) has a 10% commission.
With Stripe, everything is done automatically: the admin receives $10 in their Stripe account, the vendor receives $90.
With other gateways, the admin will receive $100, and the vendor's balance will be $90. The admin needs to pay the vendor $90 manually.
Kind regards,
Stefan
Hi Stefan,
Thanks for the quick reply, I understand the flow now.
The only issue I have, is that in some cases the products I want to sell have a delivery estimate of 8 - 16 weeks for example (custom-made). I understand that I receive the payments, but at what time should I pay out the vendor?
Just want to eliminate the risk of paying out $600 to a vendor, and after some weeks the order gets declined for example. I then assume the vendor should 'pay back' the $ to me, but then I would need to collect it all again.
Can you only describe the perfect flow of this for me? Other than that I have no questions and the product looks great.
Thanks in advance, Vincent.
By default, the money is added to the vendor's balance (owed to the vendor) only when the order status is set to 'Completed'.
You can set it so that only the admin marks orders as completed. So for example you as the admin can check with the customer to confirm if the order arrived or not before marking the order as completed and giving the vendor access to the money.
Or maybe the vendor can show the admin proof the order has been sent out, such as photos, package info etc.
Customers will also get a button for "mark order as received" - when the button is clicked, the order becomes completed automatically.
(this is part of the shipping tracking module https://woocommerce-multivendor.com/docs/shipping-tracking/ )
Here's an example of a flow for this:
1) The customer places the order.
2) The vendor receives the order, sends it, and adds the shipping information (e.g. DHL Shipment #1234).
At this time the "earnings" are pending, as the order is not yet completed. The vendor does not yet have the earnings added to the balance (and you as the admin do not yet owe them the money).
3) Some time later, the customer either marks the order as received, or you the admin confirm with the customer, or the vendor sends you some proof etc.
When you are satisfied the order is fine, you can mark it as completed to release the funds into the vendor's balance.
Exactly how it would work depends on your business model and how trust can work between you and the vendor.
Perfect answer and great support so far. I do have one more question before buying it now:
- Is it possible to host the backend on a different domain, and connect it to the shop's domain?
So that the vendors are able to login to www.examplevendor.com and the shop is called example.com
I think this will really benefit the load on the server and maintain the server's speed.
Looking for your opinion on this. Thanks in advance, Vincent
Glad if I could help!
Regarding your question, there is no built-in feature for that.
It may be achievable technically but I am not sure, it's not something I have much experience with. It would be difficult for it to be an actually different site and server, because then you would need a lot of communication between the 2 sites: to send the products data from 1 site to another, lots of permissions checks need to be validated, so it's quite complex.
It may be possible to point the domain to the vendor dashboard link, via hosting settings - this may be easy to do. That way examplevendor.com actually loads example.com/vendor-dashboard. But it would not help with server load.
Do you have a Dutch translation available for the plugin? Just making sure before I'm going to translate all the text.
Hi Vincent,
There's no existing Dutch translation I'm afraid - we only have a Dutch translation for our B2BKing plugin.
Let me know if I can help with anything, or if you have any questions,
Kind regards,
Stefan