Reconcile your payments easily with Split Payment Gateway! : India Native Payments

In this digital age, the world has become fully digitalised since the advent of technologies and applications such as the internet, wifi and 5G. The banking and finance sector is also shifting from traditional methods of fund transfer and accounting to online transactions. This shift has led to a growing demand for the services offered by online banking and trading platforms.

One of the features that meets the needs of both merchants and traders is the Split Payment Gateway.

What is Split Payment Gateway?

Split Payment is a feature offered by the best online payment gateways designed to solve the cumbersome problem of splitting payments with business partners, sellers and suppliers. Funds in your account can be allocated to multiple account holders as well as your own account on demand.

How do I open a Split Settlement account?

Split Settlement requires only a few banking details to open an account, and PayU's automated instant account verification will ensure that KYC and compliance requirements are met for all payments.

Set up payment splitting logic:

Split payment allows you the flexibility to allocate to each payee a percentage or the amount itself, and to decide when and to whom the amount will be settled.

Whenever an order is sent to the online payment gateway for collection, you need to inform PayU in detail how much you will pay to the partner/supplier or seller.

Add account:

Firstly, setting up any transaction to multiple bank accounts requires registration of all accounts on the payment gateway.Split settlement ensures a single action panel for multiple account registration.

After completing the above steps, you will be provided with the Account IDs for the accounts you have added. storing these IDs in your database is mandatory.

When registering for an account, you will need to fill in the following details:

Account name, phone number, email, account details (e.g. account holder's name, account number, IFSC code and bank name).

How do transactions in Split Payment work?

After setting up your Split Payment account, it's time for the transaction. You will allocate the amount that needs to be split to each account.

For example, let's say an order of 10,000 INR is transferred to your account. You will provide the following splitting details:

Seller 1:5000 INR (or by percentage 50%)

Seller 2:2000 INR (or per cent 20%)

Aggregator: 3000 INR (or per cent 30%)

Once the transaction is processed, the online payment gateway you are using will deduct 200 INR from it and credit Rs. 9,800 to your internal balance. The funds will then be transferred to all the respective accounts.

Seller 1:5000 INR

Seller 2: 2000 INR

Aggregator: 2800 INR

Settlement Reconciliation:

All transactions made through your account to different sellers and vendors will be summarised at the time of settlement and all corresponding account holders will receive the amount they have been credited. Sellers can download all settlement information from the main operator panel. These settlement files can be shared as a single report via email and vendors can download their own settlement information or download it separately for other vendors.

Split Payment needs:

1. Marketplaces:

Financial settlement of the price of goods sold to sellers on an online marketplace platform is a tedious task. The funds paid by customers on the marketplace platform need to be split between different sellers.

Split Payment Gateway's functionality simplifies these split transactions and documents all operations.

2. Branded shops and franchises:

Businesses offering multiple branded shops often face difficulties in splitting payments between branches. Effective division of funds becomes a bottleneck in accounting. Here, Split Payment becomes a boon.

3. Institutions, organisations and companies:

Companies and organisations often need to distribute various expenses, wages and salaries to their employees, partners and stakeholders. Online payment processors have a user-friendly interface that is easy to understand and operate. These processors ensure that settlement reports are automatically generated based on the logic you set up. This not only saves time and effort but also increases accuracy and efficiency.

Frequently Asked Questions:

How do I manage billing when multiple vendors are associated with a single transaction? When adding details, you can set the commission or amount due to the seller on each transaction. Can I change the seller specified in a transaction? No, you cannot. There is no option to retrieve payments made to a specific transaction seller.