What is the iyzibazaar product?
iyzibazaar provides payment infrastructure to market place or platform based e-commerce websites. When an end user providing services from the market place makes a payment using a credit card, the money is first transferred to their iyzico account. iyzico then sorts the commission to be paid by the member vendor and distributes the amounts independently to the vendor and the platform. The platform based e-commerce website thus has a problem-free payment flow.
You can accept payments from anywhere in the world with different currencies. On top of the Virtual POS’ iyziglobe provides, it allows you to receive payments from abroad in different currencies with alternative payment methods as well.
Who can benefit from the iyzibazaar product?
Companies who have marketplace or platform based e-commerce websites may benefit from this. A representative from the company wishing to use this solution must send us a message through the Contact Us section describing their company and business model. The relevant team will evaluate the matter and notify the representative who has forwarded the request.
Are my vendors required to be company owners? If not, is there any information or documents required from individual vendors?
Vendors wishing to take place in your e-commerce website providing services as a marketplace are not required to be company owners. Sub-member businesses under the marketplace can be in three categories: individual, individual company, or limited – joint stock company.
You can receive payments in your marketplace through iyzibazaar for these three types of vendors.
Will my vendors in the bazaar be required to sign up to iyzico? If so, how do they apply?
Your vendors do not have to apply independently to the iyzico system. Since you have all the information regarding your vendors, it will suffice for you to register them on the system.
Will my vendors be required to do some technical operations such as API or S Key once they are registered on the system?
A single value is created for every sub-member business (vendor) registered on the system. This single value must be forwarded to iyzico by the marketplace for every sub-member business for each transaction. Please consult our integration document for technical details.
Will my vendors pay commission, system entry, system integration fees and such?
No, iyzico will not charge service fees to your vendors. There are no system entry or integration fees either.
Is the iyzico Commission Fee deducted from the total transaction fee, or from the service fee I charge the vendor?
The iyzico commission fee is calculated over the total transaction fee and is deduced from the share of the marketplace that has sufficient balances.
How do vendors receive payments?
IBAN information of relevant vendors is among the information required to be forwarded to iyzico during their registration on the system. Money transfer is made once the customer has completed their purchase. In this case, the marketplace is forwarded the commission fee and sub-member businesses (vendors) are forwarded their payment.
How does billing work?
Your vendors must forward an invoice to their customers specifying the total cost. They must then send the commission fee to the vendor that is in line with the commission agreement between the marketplace and the vendor. iyzico will then send the invoice for the commission fee charged for the service fee deducted from the marketplace. There is no invoicing to be billed to iyzico by the marketplace or the vendor.
How do I enter the commission fees settled between my vendors and me to the system?
You do not have to enter the commission fees to the iyzico system for each of your vendors. The marketplace must keep this information to itself and forward it to iyzico with every payment.
Can I charge different commission fees from different vendors?
Yes, you can establish different commission rates for different vendors using the iyzibazaar product.
Can I designate different payment periods for different vendors?
iyzico will make a contract with the market place regarding where the payments are to be forwarded and at what rate they are to be distributed. Payments will be forwarded and distributed in line with the terms on this contract.
Is there Escrow (Safe E-Commerce)?
The market place notifies iyzico to distribute the money once the customer has made the payment and the transaction has been completed securely. iyzico distributes the money after receiving this notification. If the marketplace does not forward this info to iyzico, the relevant amount will stay indefinitely in iyzico’s pool account.
What details can I check on the iyzico Control Panel?
Details you can check on the iyzico Control Panel are summarized below:
- Transaction details (Time, amount, bank and all line items),
- Live payment map (Allows you to instantly see how many payments you are receiving and from where),
- Validation errors (You can see the errors your customer receives during transactions),
- Cancellations and returns,
- Installment and Commission Management,
- Money Transfer (You may see the impending amount to be transferred to your account and sums previously transferred to your account),
- My invoices,
- User management (You can manage users using your control panel),
On top of the information above, you can check which information you can have access by creating a Sandbox account.
Will you be following the mailing processes?
iyzico does not take charge of mailing processes.
Is there a commission fee included with returns? If so, will it be reflected onto my vendors or me?
There is no commission fee charged for returns in iyzibazaar product.
Does iyzibazaar support the multiple cart system when there are multiple vendors? How do things work there?
iyzibazaar supports the multiple cart system consisting of different vendors. Therefore, users may make purchases by forming carts consisting of products bought from different vendors on your platform.
Which currencies does the iyziBazaar product support?
- American Dollars (USD),
- European Currency (EUR),
- British Pound (GBP),
- Iran Rial (IRR),
- Russian Ruble (RUB),
- Norwegian Krone (NOK),
- Swiss Frank (CHF).