A transaction is any event in which a client and a provider exchange value for one another. Once two users have been successfully matched on your marketplace, the transaction flow explains how the link between them is established and maintained. Because providing users with hassle-free transactions is a significant component of the value that any given marketplace delivers to its customers, the development of a transaction flow that is both streamlined and protected is of the utmost significance.
A transaction procedure on an eCommerce website with a single vendor might be as straightforward as the following two steps: 1. the buyer purchases a listing, and 2. the seller ships the product. However, because marketplaces contain a greater number of clients and providers, the transaction processes involved in marketplaces are typically more complicated. It’s possible that your transaction flow contains a pricing negotiating step before the payment step, or that at the end of the purchase both the provider and the client are prompted to rate and review each other. Typically, payments are initially placed into escrow and then distributed as agreed upon between the platform and the supplier. There is a possibility that there will be additional job costs, in addition to a variety of policies regarding cancellations and refunds. Your transaction process consists of each and every one of these steps.
