Iyzico Payment Marketplace Add-On

Note - This module is an add-on of Webkul's Marketplace Module. To use this module, you must have purchased and installed Multi Vendor Marketplace first.

Iyzico is a fintech company with PCI-DSS and Turkish Banking Regulations and Supervision Agency license, providing secure payment solutions to online sellers of different sizes. Its technology creates value-added solutions for both sellers and buyers. Iyzico is simple, seamless, and secure. 

Using Iyzico Payment Marketplace Add-On, the sellers can provide Iyzico payment methods to their customers. This enables the customers to select the Iyzico payment method on the checkout page and make a payment. The customers can pay via multiple kinds of cards like American Express, Visa Electron, Visa Debit, MasterCard, MasterCard Debit, etc. The module accepts complete single payments from customers and transfers the funds to the respective receiver’s Iyzico account. The amount will split between the admin and the sellers as soon as the customer made payment. The seller’s share will be transferred to the seller's account and the admin’s share into the admin's account. Both the admin as well as sellers can process the refund of an order.

Account & Pricing

An additional account is required to use this extension. There is no initial registration fee or periodic fees to use Iyzico. However, there are standard transaction fees and commission fees. 

• Merchants can create Iyzico Business account free of cost. 
• For the Iyzico Business account, the merchants can register here. 
• Check the pricing details for transaction fees and commission rates here.
• If already registered then click here to log in and get API credentials.

Business Value

Making use of a payment gateway that’s proficient in processing online transactions surely works as a booster to enhance the store traffic.  And being a domestic payment gateway, the customers surely will prefer to make the payments using the same payment gateway as it seems to be more trustworthy and reliable. The customers can easily use their credit/debit cards or use installments for making the purchase over the online webstore. 

For example - If the customers are having multiple products of different sellers in their carts. The customers will make a complete single payment at once instead of making payments to each seller individually. This module will automatically split the payment and transfer the payment to the respective seller’s account. The admin can easily process the refunds and that too without any issues.

Features List

• The admin can enable or disable the Iyzico Payment Method from the admin panel.
• It supports Split Payment functionality due to which both admin and the seller receive the payment at the time of checkout.
• The seller can become a sub-merchant by entering the necessary information to receive funds when payment is done using Iyzico Payment Gateway.
• The admin can refund the invoice amount.
• The sellers can refund Iyzico transactions online.
• Fully PCI Compliant, no card details submitted to the client-server.
• The currencies supported are - Turkish Lira, Euro, USD, British Pound, Iranian Rial, Norwegian Krone, Russian Ruble, and Swiss Franc.

How Does The Extension Works?

Sandbox/Live Environment

After the easy installation of the add-on, the admin will proceed further to enable/disable the add-on. The add-on features the testing mode option from which the admin can make transactions using Iyzico Payment Gateway test cards and use for module testing before making the payment option live for customers.

Iyzico Marketplace API

In order to connect the Iyzico Payment Method with the webstore, the admin needs to enter the API Key & secret id which results in connecting Admins’ Iyzico account with the Magento store. Also, If the admin wants to sell his own products on the web-store then he has to register as a sub-merchant.

Iyzico Onboard Sub-Merchant/Seller 

In order to use the Iyzico Payment Gateway for taking payments for orders, the sellers need to link their Iyzico sub-merchant account to their marketplace account. The seller has to enter his name, email id, address, international bank account number, mobile number. After entering all the required details, the seller has to Accept the Iyzico Platform User Agreement and then click on the Save button.

It is mandatory for all the marketplace sellers to register as sub-merchants because if the sellers do not register themselves, then they will not receive the payment from Iyzico Payment Gateway and the admin has to manually transfer the payment into the seller's account.

Supports Multiple Cards With 3D Secure

The customer during the checkout process will be able to place the order using Iyzico as the Payment Method. The customers can pay via multiple kinds of cards like American Express, Visa Electron, Visa Debit, MasterCard, MasterCard Debit, etc. The customer while making payment can select the 3D Secure option for better security for both customers and merchants. 

Automate Marketplace Split Payments

After making the successful payment, the payment gets split and transferred to the respective receiver’s Iyzico account. The customer can check the order details from customer panels under My orders option.

The customer can see two invoices, as one invoice is for the seller’s transaction of product purchase and the other invoice is for admin shipping transaction.

View Order & Transaction Details

After the customer places the order, the admin can easily from the backend panel check the order details for an order. The transaction details like Iyzico commission amount, sub-merchant price, merchant commission, sub-merchant key, etc. are easily available for the record.

The admin also needs to verify/authenticate the payment done by the customer for the order. The admin needs to approve seller payment after which the seller payout and admin commission get split. The seller can also view the order details from the seller dashboard clearly indicating the seller payout and admin commission break up.

Hassle-Free Refund Process

The refund process is quite simple with the help of this add-on. Both the admin as well as sellers can process the refund of an order. To initiate a refund, the admin can easily refund the money to the customer by creating a credit memo for the customer.

The admin or seller as per the product owner can also check the refund details by logging into the Iyzico Payment Gateway site. Under the transactions tab, by clicking on Payment ID.

Security & PCI Compliance

All the data is collected by the Iyzico is transmitted and stored in compliance with the complete security. It works in accordance with the security standards adopted by the industry. PCI DSS Level 1 Compliant infrastructure ensures the security of the payment data and all connections where personal data is transmitted are protected with encryption. The PCI DSS (data security standards) is a structure designed to protect the card and card holder’s details. With the help of such a security structure, there is a reduction of risk, eliminate trust vulnerability, and protect cardholder information.

The customer data that includes the card details are sent over to Iyzico (Iyzico handles personal information) from the checkout page itself. Also, tokenization (for security) is used to send the data over to Iyzico Payment Gateway. No customer data gets stored on the Magento servers.

The customer can choose to select the 3D secure option by checking it first. It redirects the customer to another page where they have to enter the code that is sent over their registered mobile number to complete the payment. Thus, no sensitive credit/debit card details are saved on the website. For more information, read the Iyzico Privacy & Personal Data Policy on its website.

Benefits

For Marketplace Owner

• It provides a convenient payment method to collect payments online without any hassle.
• Allow admin to sell products on the webstore and to collect payment online by using Iyzico as a payment method.
• A reliable and secure way for splitting payments between the multiple receivers.
• The admin needs to approve seller payment to process the split payment.
• The admin can view the complete transaction details for orders like Iyzico commission amount, sub-merchant price, merchant commission, sub-merchant key, etc.

For Marketplace Sellers

• This module will automatically split the payment and transfer the payment to the respective seller’s account.
• The seller needs to provide essential details like name, email id, address, international bank account number, mobile number. After entering all the required details, the seller has to Accept the Iyzico Platform User Agreement in order to receive payment from the Iyzico Payment method.
• The seller can view the complete payment breakup i.e seller payout, admin commission in an order.
• The seller can also initiate a refund for an order.

For Customers

• The customers can pay via multiple kinds of cards like American Express, Visa Electron, Visa Debit, MasterCard, MasterCard Debit, etc.
• Secure payment via the 3D Secure feature.

Live Demo

You can hands-on with the live demo from here.

Support Policy

• You get free 3 months of technical support included
• You can buy 6 or 12 months extended support agreement
• For issues, please create a ticket or send email to support@webkul.com
• Free lifetime updates of the module