Starting in September 2017, the sending and receiving of funds by marketplaces must be settled centrally through the Interbank Payments Chamber – CIP.
In other words, from this date onward, marketplaces that receive payments as intermediaries will no longer be allowed to receive such funds in their own bank accounts and then transfer them to the resellers whose products they list.
Currently, marketplaces receive credit card funds as intermediaries, in the name of the advertising company (the one that invoices and ships). Under the new resolution, they will not be allowed to receive such funds in bank accounts they own and then transfer them to sellers.
Marketplaces benefited from the representation rule, but they did not adapt to the banking system. Acquirers (companies such as Cielo, Rede, GetNet, etc.) do not consider marketplaces to be an integral part of a payment arrangement, but rather the final recipient of the funds. The Central Bank (BC) intervened and now considers marketplaces to be financial institutions, and therefore they must operate under a new regime. The BC states that by receiving funds from acquirers and then passing them on to sellers, these entities are also providing a payment service.
Therefore, they must also comply with the rules of the payment arrangement, which include the obligations of clearing and centralized settlement provided for in BACEN Circular No. 3,682/13. In this case, the marketplace is not the final recipient of the arrangement, as card brands and acquirers interpreted it, which is why it would be a participant in the payment arrangement and must therefore comply with its rules. In practice, the funds must be credited directly to the recipient's bank account.
Failure to comply with the payment arrangement may lead to the suspension of the activities of marketplaces that do not comply with the new obligation. This will bring greater security to the sector, but it may greatly complicate the entry of new marketplaces, since this transaction will be complex and will require major IT investments to comply with the regulations that only large companies will have the capacity to implement.
I want to set up a marketplace, now what?
The solution for new marketplaces is simple: comply with the new rules or change the business model. Intermediation as it is done today can be a complicating factor and make the operation of small niche marketplaces unfeasible, but it will be possible to operate in different ways. It is worth remembering that there will be double taxation in all cases.
Here are some suggestions for continuing to serve customers in the same way:
- Buy, stock, and distribute the products (multibrand reseller)
- Invoice the customer directly in a consignment operation
- Buy from the retailer immediately after payment authorization, and then resell
Obviously, each platform has its own specifics and each company its own business model. Everything must be taken into consideration when complying with the regulation, which is why it is important to consult an expert in the field.
