Scaling Beyond Borders: How This Marketplace Automated Global Payouts with FT3Pay
VENDOR ONBOARDING TIME:
Reduced by 80% with automated KYC/KYB
Cross-Border Payout Fees:
Cut by 45% through FX optimization
OPERATIONAL EFFICIENCY:
90% decrease in manual payment tasks
About The Client
A rapidly growing online marketplace for creative services, connecting businesses with freelance designers, writers, and developers from around the world.
Challenge
The marketplace's rapid global growth was creating severe payment bottlenecks. Their existing, simple payment system couldn't handle the complexity of a multi-vendor, cross-border platform. Key challenges included:
Slow Vendor Onboarding: Manually verifying international vendors with KYC/KYB checks was taking weeks, causing them to lose top talent to competitors.
High Payout Costs: Sending payments to vendors in different currencies involved high wire fees and poor currency conversion rates, eroding vendor trust and marketplace profits.
Lack of Trust & Security: Without an escrow system, managing disputes between clients and freelancers was a manual, time-consuming nightmare that put marketplace funds at risk.
Operational Overload: The finance team was drowning in manual work, from calculating split payments and fees to handling vendor tax forms.
Their infrastructure couldn't scale, and it was actively hindering their ability to expand into new regions.
Solution (FT3Pay Intervention)
FT3Pay provided a comprehensive payment solution that transformed the marketplace's operations from a cost center into a growth engine, with an immediate and measurable impact. The first bottleneck we eliminated was vendor onboarding; by implementing a seamless flow with automated KYC/KYB checks, the marketplace could verify sellers in minutes instead of weeks, making the process 80% faster and attracting a surge of high-quality international talent.
This global expansion was made profitable by leveraging FT3 Pay's network for Global Payouts & FX Optimization, a solution that cut cross-border payout fees by 45% and significantly improved profit margins.
Operationally, features like Integrated Escrow, Milestone Payouts, and Automated Split Payments handled the complex logic of transactions without manual intervention. This automation led to a 90% decrease in time spent on payment administration, freeing the finance team to focus on strategic initiatives. With this newly scalable and compliant infrastructure, the marketplace confidently launched in 12 new countries within six months.