What is a Merchant of Record (MoR) Model?
A Merchant of Record (MoR) is a third-party entity that facilitates secure online transactions between businesses and customers. It acts as the legal entity responsible for processing payments, managing revenue, and ensuring compliance with financial regulations.
Why do I need a Merchant of Record?
Utilising a Merchant of Record saves businesses like yours from the complex and time-consuming tasks involved in setting up their own payment infrastructure and obtaining licenses from various financial institutions. It provides a simple and efficient way to process online payments, reducing administrative burdens and allowing businesses to focus on their core operations. We can help you reduce these complexities and handle them for you. Review the following benefits of using goGlocal when selling internationally.
What are the benefits of appointing goGlocal as your MoR?
goGlocal's MoR/SoR reduces time to launch globally, eliminates the need for infrastructure investment, and allows a focus on brand growth.
How does the funds flow and What is the role of Merchant of Record?
When a customer makes a purchase on the Marketplaces or Online stores where your Products are listed, Such Online Marketplace/ Online Stores receives the Payments from the Customer in the local currency. goGocal has Payment Gateway and Payment Aggregator Partners that are already onboarded with these Marketplaces and Online Stores, Such Payment Gateway and Payment Aggregator Partners are authorised to receive payments against the purchases from such market places. upon receiving the Payment these Payment Gateway and Payment Aggregator Partners shall transfer the funds received to goGlocal Accounts. goGlocal shall deduct the applicable fees and charges and transfer the remaining amount to you. As MOR, we are in collaboration with Payment Gateway and Payment Aggregator Partners to collect the payment information, authorise the transaction, and transfer funds to the appropriate parties, ensuring compliance with local regulations, tax obligations, and fraud prevention measures.
Whose account will the payment come to?
goGlocal.
When will goGlocal pay the money back to the brand after the product has been sold? What is the payment cycle?
Every Marketplace has its own reconciliation cycle. We will reconcile twice a month with the funds received from all marketplaces.
On what price will the Purchase Order (PO) be raised?
The PO will be raised on the transfer price.
What will goGlocal deduct from the payment before sending it to the brand?
goGlocal will deduct its fee and any other costs paid on the brand's behalf.
Is my payment information secure when using a Merchant of Record?
Yes, the security of your payment information is a top priority for us. As a Merchant of Record, we Partner with Payment Gateway and Payment Aggregator Partners that are complied with industry-standard security protocols and use advanced encryption techniques to protect your data. We never store your payment details on our servers, ensuring that your information remains secure throughout the transaction process.
What types of payments can my Customers make through a Merchant of Record?
Our Payment Gateway and Payment Aggregator Partners support a wide range of payment methods, including major credit/debit cards, e-wallets, bank transfers, and alternative payment solutions.
Does Merchant of Record process and handle refund or cancel of a purchase made by the Customer?
Refund and cancellation policies may vary depending on the specific terms and conditions of the product or service your Customer have purchased and from which medium have they purchased the product. Our customer support team will be happy to assist the end customers with any refund or cancellation requests.
Will my product’s purchase show the Merchant of Record's name on my Customer’s statement?
Yes, your Customer’s purchase will appear on their statement with the name of the Merchant of Record. This helps ensure transparency and allows for easy recognition and tracking of the transaction.
Does the Merchant of Record handle customer support inquiries?
As a Merchant of Record, we typically handle payment-related inquiries and issues. However, for product-specific queries or merchantability /usage specific post-purchase support, shall be resolved by you directly. Our customer support team can guide you on communication link of the appropriate channels to address the product specific and merchantibility /usage related concerns raised by the end customers.
Are there any additional fees associated with using a Merchant of Record?
While the use of a Merchant of Record may involve certain transaction fees, it helps streamline payment processes and provides added value in terms of compliance, security, and operational efficiency. We strive to keep our fees transparent, and any applicable charges will be clearly communicated during the checkout process.
How can I contact the Merchant of Record for further assistance?
For any questions or assistance related to payments, transactions, or general inquiries, our customer support team is available via email, phone. You can find our contact information on the website's "Contact Us" page. We are here to ensure a smooth and satisfactory experience for our customers.
What is goGlocal’s liability in this model?
The brand is using goGlocal’s account for all Marketplaces, we are liable to ensure no violation in the accounts.