Online Marketplace Guide
This guide offers a brief outline of what small businesses should consider when selecting providers; it identifies the reasons why your account might be placed on hold or funds held, and in partnership with a wide range of providers, establishes a voluntary code of payment conduct that the sector has agreed to sign up to.
When it comes to selecting marketplaces and payment providers, it is important to do your research and look at where others in your industry are selling and how they are performing. The Federation of Small Businesses has published an introduction to selling on online marketplaces.
Marketplaces often host seller forums or community spaces where you can connect with other small businesses to share information and experiences. These groups can allow you to make connections and ask any questions you have about trading with a particular platform.
Before signing up, make sure you read the terms and conditions and review the online marketplace or payment provider’s policies. Even if you don’t believe they are relevant to your current business operations, these are the terms you are agreeing to as your business changes or grows.
Every marketplace or provider is different when it comes to fees and charges so check these ahead of making your decision. These fees may change, including if your businesses changes or grows, and so it is important to be aware of all the potential fees you could be liable for.