What is Split Payment?
Split Payment is a payment solution for marketplaces, platforms and apps that gather several different suppliers in the same place.
The solution ensures that the end customer only needs to deal with one platform, the sellers get paid for their goods and services and the marketplace/platform gets its percentage of the sales.
Hur fungerar uppdelad betalning?
Simply explained, split payment means that the end customer can purchase goods and services from several suppliers, in one transaction, and that the payment from the customer is then distributed to several different recipients.
This can be done manually, but it's even more efficient to integrate a third-party payment provider with your platform, marketplace or app.
If you use an automatic split payment solution, you can create your own rules for how the payments are to be divided and what fee or commission you should charge yourself for offering the service.
The Split Payment process goes like this:
1. Order
The end customer orders goods or services from one or more sellers on a marketplace, platform or in an app.
2. Payment
The customer pays for what they buy with a transaction.
3. Splitting
The payment is processed by a payment system and automatically split between the sellers and the marketplace, platform or app.
Why use split payment for your marketplace, platform or app?
With proper implementation and administration, the use of split payment can help increase both the bottom line and the efficiency of the company.In addition, it has a number of other advantages:
Simple payment process
Automatic split payment makes it easier to manage payments to sellers and saves you time you would have otherwise spent manually making each individual payment.
Secure payment
Split payments contribute to a reliable marketplace that protects the customer's sensitive information and creates trust between customer and seller.
Solutions that are compliant with KYC regulatory requirements also help reduce the risk of fraud, money laundering and fraud.
Better user experience
Seamless transactions improve the customer experience. When transactions are simple and efficient, the purchase is more likely to be completed, leading to higher conversion rates.
Efficient payment process
A split payment solution provides a faster and more efficient payment process, which also leads to faster payouts to sellers.
Increased trust in the platform
When the end customer knows that their payment is being processed securely, it provides an opportunity for increased trust in your marketplace or platform.
Increased income
As a marketplace or platform owner, you can earn money from split payment transactions. A secure split payment solution also helps to create a safe and reliable environment, which in the long run can attract more sellers to the platform.
Scalable payment solution
A split payment payment solution is preferably scalable and can be adapted to different types of marketplaces and platforms of different sizes.
In other words, as the owner of a marketplace, platform or app, you can enjoy several benefits of using split payment.
There are of course several factors that play into the success of your platform, but by offering reliable and efficient handling of deposits and withdrawals, you help create a good experience for all parties involved.
