In a platform-as-merchant or master account model, the platform processes payments on behalf of operators through a centralized payment account (commonly via Stripe Connect), receives customer funds directly, and then remits payouts to operators after fees and payout rules are applied. In this structure, the platform assumes greater responsibility for payment compliance, risk, and dispute management, while operators receive disbursements rather than direct settlement, resulting in increased platform control over cash flow and timing but reduced financial autonomy for operators.