What differentiates Manymore from Stripe and can both systems be used together?
Stripe is an online payment processing platform that helps businesses collect payments from their customers. However, it only accepts credit card payments, which may not be convenient for some customers who prefer other payment methods like EHF-invoicing, Vipps, and Klarna that are not supported by Stripe.
Stripe Connect is a helpful tool that enables marketplaces to distribute funds from a client account, deduct a fee, and send the remaining amount to the worker. This makes it easy for customers to buy products from multiple sellers on the marketplace, with the marketplace handling the payment process and transferring the money to the seller, while also charging a fee for the service.
For most peer-to-peer service companies, they actually function as resellers, rather than marketplaces. In such cases, you won't need Stripe Connect and won't have to pay their fee. At Manymore.com, we offer an alternative to Stripe Connect by taking on the responsibility of processing payouts for you.
We generate precise invoices from your freelancers and send them back to you, giving you the option to receive a consolidated invoice that includes all of your freelancers' invoices.
The transfer of money is done easily through bank transfer. Once you transfer the payment to us for your freelancers, we take care of the rest. We offer your freelancers the flexibility to choose how they want to receive their payment - either directly to their company bank account or as a salary. We make sure that your freelancers are well taken care of and have the freedom to select the payout option that works best for them.
Our salary service is especially helpful for freelancers. It ensures that they receive a salary after taxes that is compliant with Norwegian tax and regulation laws. This service frees up freelancers from the time-consuming and confusing task of calculating taxes and filling out tax forms. They can focus on their work while we handle their tax and administrative tasks.
Here is the difference between marketplace and reseller:
On your marketplace, you only earn the percentage of the amount that you charge your customer, not the total amount that is invoiced. Additionally, invoices must be sent from your freelancer to your customer, not from you directly. Your role is solely to act as an advertising platform, connecting consumers with service providers. Your company is not responsible for any issues that may arise between the consumer and the service provider, as it is the consumer's responsibility to contact the service provider directly in case of any complaints.
The reseller model is the most common model where you act as an intermediary, reselling a service from your suppliers to your customers. In this case, you purchase a service and resell it, so you will invoice the total amount, but you will also increase the costs. In a reseller model, you are responsible for customer complaints as you are the seller of the service, and therefore, you bear the responsibility of ensuring customer satisfaction.