MangoPay, a partner of OuiShare Fest, is a new, all-in-one” payment solution for various types of peer-to-peer, crowdfunding and collaborative consumption marketplaces. We talked to Sales Director Pierre Lion to learn more about how this new application works and how it will help startups in the collaborative economy.
How does MangoPay work?
MangoPay helps platforms accept payments, manage money for third parties and automate the collection of fees with one single contract (instead of having a separate payment service provider or bank contract). MangoPay has a developer friendly API which is available for several currencies and devices (web, mobile and tablets) all throughout Europe, and can be easily installed on any platform.
How was the idea for MangoPay born?
When our other project Leetchi.com, one of the leading group payment websites in Europe, was created in 2010, there was no solution yet for online marketplaces to process payments easily within Europe. When Leetchi started to become very popular and we started adding more features, we realized that the API we had created could also be very helpful for platforms in the field of crowdfunding and collaborative consumption.
When we finally received our license from the CSSF to become an authorized money issuer in Europe in December 2012, MangoPay was born. Now over 30 platforms such as Ulule (Crowdfunding), Cookening (Mealsharing), PayPlug (mobile payments) and Vestiare Collective (Luxury fashion) are already using our solution.
How do you see your role in the collaborative economy space?
We are here to provide online platforms in the collaborative economy with the tools they need to operate. Since we are specialized on p2p payments, many startups don’t only use our solution, but also ask us for advice, since we are at the center of this economy and have a proven track record of experience on the subject. Most other payment alternatives are not adapted to different types of marketplaces and do not meet the specific needs of companies in the collaborative economy. To help the collaborative economy grow and companies focus on building the best possible platform instead of spending time on solving payment issues, we decided to develop something easy and cheap that platforms could use.
What do you see as the biggest challenge that marketplaces in the collaborative economy face?
The #1 biggest challenge as a marketplace is always to gain the trust of your users. This trust is key to converting people into customers and making them evangelists for your product. That’s why we created a solution that is 100% whitelabel; we did not want to confuse the users.
Another big challenge the collaborative economy faces is to help users differentiate the ideas and competitors in the space. Similar to the phenomenon during the Dot Com bubble 5 -10 years ago, there are many companies today that are working on the very similar ideas that are hard to tell apart.
What did you like most about OuiShare Fest?
OuiShare Fest brought together many platforms we are used to meeting in our day-to-day business, but in a friendly and learning atmosphere. What I liked best is that the event was crowded but it was still easy to network and meet potential customers. Speakers were real experts and had high quality discussions, which made all participants want to learn and share their challenges, solutions and successes.
We definitely look very forward to the next one!
That is nice to hear. Thank you for the interview and thank you for supporting OuiShare Fest.