Paybase is an end-to-end payments platform for online marketplaces and sharing economy platforms that has achieved industry recognition for shaping the future of finance.

Headquartered in London and founded in 2016, Paybase is fully licensed as an Electronic Money Institution by the Financial Conduct Authority and has been recognised as one of the UK’s 50 most disruptive companies.

The problem for platform businesses

In recent years, there has been a shift in the way in which we purchase goods and services. We now not only pay merchants, but provide goods and services to each other, renting out our possessions as well as our time.

To facilitate this, scores of ‘platform businesses’ have emerged, connecting buyers to sellers and consumers to suppliers. This is the gig or sharing economy – a collection of marketplaces transforming the typical commerce model from one-to-one to many-to-many.

But whilst commerce has changed, payment systems have not. In an industry fraught with legacy technology and legacy thinking, payments can be an obstacle for businesses needing to facilitate transactions between multiple parties, restricting them from creating the products they want to build. As well as battling technical impediments, these businesses face updated regulation which requires them to either become a regulated payments institution or partner with a firm that is. Out of these persistent challenges, Paybase was born.

Our flexible payments solution

Offering a truly flexible payment solution that matches payment experience to user experience, Paybase is suitable for all forms of platform businesses. These include marketplaces, gig/sharing economy platforms and any products with complex payment requirements. If you have a marketplace, for example, payments need to be routed from your buyers to your sellers. Paybase enables payments to be sent directly from a buyer to a seller’s account, with you as the marketplace automatically collecting any commission percentage you wish.

With the use of Paybase’s customised Logic Engine, this percentage can even differ between seller, value of transaction, date and more.

The next level of payment processing and risk management

Exclusive to Paybase, the Logic Engine offers a variety of ways in which companies can use payment processing to their competitive advantage. Loyalty accounts can be created instantly, automatically rewarding users that perform certain actions. An escrow feature allows funds to be held and then released upon a good being received or a service being completed, enabling you to offer your users the ultimate level of trust in your platform. Payments can even be used for marketing and customer engagement. Perhaps merchants with no activity in two months on your marketplace have their fees temporarily halved, or pay none at all on the week of their birthday. This unrivalled flexibility means that our clients can inject their own business logic into the platform, adding greater value to their offering.

Furthermore, we apply this innovative approach to risk and compliance. The Logic Engine allows Paybase clients to configure risk management rules that are appropriate for their business. For example, you may wish to block the same address being added more than four times, or create an alert for a transaction that is unusually large. Paybase works with you to create a risk framework that can be shaped as you grow, providing a more thorough level of risk management than has ever before been possible.

Single API integration and responsive support

Paybase allows companies to focus on their product, as payments, compliance and risk are all covered under one unified API. No multiple integrations, no interruptions – payment processes are seamless and speed to market is unparalleled.

However, a fast and simple integration process should not equate to a low level of support. Too many payment solutions provide a disengaging plug-in service, leaving clients with a toolkit and instructions only before moving on. This offers initial simplicity but little else. Paybase offers you a partnership, providing training in risk and compliance and regular interactions to ensure you are getting the most out of your payments infrastructure.

With Paybase, payments are transformed from an uncomfortable afterthought to a leverageable tool, empowering your business to engage, attract and retain buyers and sellers. This makes Paybase the first choice for platform businesses that want to easily integrate payments and provide tailor-made payment experiences.