In Ryft there are three types of entities that are fundamental to understanding how the platform operates: Main Accounts, Sub-Accounts, and Customers.
In a Marketplace model, the Main Account's role is to facilitate online transactions between Customers and Sub-Accounts (which may represent Sellers).
In a Non-Marketplace model, the Main Account's role is to facilitate online transactions between Customers and itself.
In Ryft, a Main Account is the primary account that represents a business or individual using Ryft's services. This account is responsible for managing and overseeing all financial activities, including processing payments, handling refunds, and managing Sub-Accounts if applicable.
The Main Account holder has access to the Ryft Portal, where they can configure settings, view transaction histories, and generate reports. The Main Account is also responsible for compliance with Ryft's terms of service and any applicable regulations.
A Sub-Account is an account that is created under a Main Account under an overarching relationship.
It might be representing a different department, branch, or subsidiary of the Main Account holder, or, in the Marketplace model, it might be representing a Seller that is selling goods or services through the Main Account holder's platform.
They have access to the Ryft Portal if onboarded using the Hosted Onboarding flow, but their permissions and capabilities are typically more limited compared to the Main Account holder.
A Customer is an individual or entity that makes purchases or transactions via their credit or debit card. Customer entities are automatically stored within the Ryft platform upon successful payment transaction completion.
Customers can be recurring or one-time purchasers. They can save their payment information for future transactions, making it easier and faster to complete purchases.
- The relationship between Main Accounts and Sub-Accounts is hierarchical. A Main Account can have multiple Sub-Accounts, but each Sub-Account is associated with only one Main Account. This structure allows for better organization and management of financial activities, as well as more granular control over permissions and access levels.
- Main Accounts have the ability to create, manage, and monitor their Sub-Accounts. They can set permissions, and view transaction histories for each Sub-Account individually or collectively. This hierarchical structure is particularly useful for businesses that operate in multiple locations or have various departments, as it allows for clear delineation of financial activities and responsibilities.