Omise is a payment gateway that allows you to automatically settle transactions directly to your seller's bank accounts.
Each payment processed through Omise will take 2 business days to process.
The account configuration of a seller would involve getting the bank code and bank account name from each of your sellers. To see what it will look like, check out the article on Linking to Omise as a Seller. If you have set the Omise payment method as mandatory, your sellers will provide the information required for an Omise payment settlement when they onboard onto your platform.
Supported Currencies
Click on the following link to find out the currencies that are supported by Omise.
https://www.omise.co/which-currency-does-omise-support
If you choose a currency that is not supported by Omise, the buyer will face an error on the checkout page of the marketplace when making a purchase.
All payments on Omise are always transferred to the Admin’s Omise account first. The seller’s cut will then be transferred from the admin account to the seller’s bank account automatically.
Calculation of Fees
- Admin will be charged the percentage fee (between 2.95% - 3.65% depending on the admin’s location) + a fixed transaction fee.
- Sellers will be charged a fixed transfer fee.
We will use an example in Singapore to illustrate this:
- Omise fee in Singapore: 3.30% + S$0.30
- Connected bank account transfer fee: $0.30
This means that a Singaporean S$100.00 transaction with a 15% commission fee would work out as such:
- The Omise fee for this transaction: $100.00 x 3.30% + $0.30 = $3.60
- The Admin will receive the 15% minus the Omise fees: $15.00 - $3.60 = $11.40
- The Seller will receive the 85% minus the transfer fee: $85.00 - $0.30 = S$84.70
What it means for you (the admin):
- This means that as an admin, if the Omise fee is higher than your commission fee (which is possible in cases where low commission percentages have been set by the admin and/or low item prices have been set by the seller) the admin will incur a loss on some transactions instead of making money.
- It would be advisable to factor the fees into the pricing of your commission fee if you intend to use Omise.
You can see the applicable Omise fees on their website at this link: https://www.omise.co/pricing
Important Note:
| Omise's current acquiring entity requires the admin of a marketplace to function as the merchant of record. This means that the admin of the marketplace needs to answer the on-boarding questions from Omise as such, and not simply as an intermediary between a merchant of record and a buyer. For more information from Omise, you can see the required documents for on-boarding here. For the requirements on Visa merchants (Omise's acquiring entity), see here. |