Easy Split is a product that Cashfree Payments offers to businesses for easily splitting the received payments among multiple parties.
Businesses using the payment gateway of Cashfree Payments can enjoy this feature. It simplifies the process of splitting payments among multiple recipients.
At marketplaces, merchants accept payments from customers, deduct commissions, and then make payments to vendors, suppliers and other partners. Easy Split, businesses can easily distribute funds to multiple beneficiaries or sellers in a hassle-free manner. It helps in the automatic settlement of payments.
Businesses can collect payments from customers via any digital method. When Easy Split is dividing the payments, it can split them into their bank accounts, including the commission of the business merchants themselves who collect customer payments.
It is not just limited to the division and settlement of vendor payments but also takes care of customer refund processing. This feature mainly helps in 3 aspects –
- Faster movement of money
- Automates payment reconciliation
- Simplifies the refund process
It is built for businesses that have complex payment outflows such as ed-techs, franchise-based businesses, etc. A few use cases of how different industries can make use of this solution –
- Marketplace aggregators with multiple sellers can use it to distribute payments and commissions among them. They can deduct commissions as per the pre-decided amount or percentage of the transaction amount of placed order. Then, they can split the payments to various service providers
- Financial services can enable customers to make one single payment & then split among multiple AMCs, lenders or insurance providers. It automates instant and same-day settlements of payments at predefined proportions in the bank accounts of all parties
- Online as well as offline educational services can collect payments from students. Then, split the money among innumerable tutors or other employees as per requirement. They can also split the payment for allocating funds to various departments like administration, logistics, mess, etc.
- Businesses that operate through franchises can have an easy solution for collecting payments and splitting the commissions. They can receive funds from all their stores/branches and similarly pay them their commissions. They can divide funds with a defined split logic on an order level directly into the bank accounts of the branches
- Any business with a revenue-sharing model can use it
Cashfree Payments offers this solution at competitive rates which is easy to integrate. Cashfree Payments automatically activates this feature on accounts of those businesses that use its payment gateway.
Here’s why leading businesses use Easy Split by Cashfree Payments:
- It has options of ‘3 times auto-retry’ and ‘save card’ as well as smart routing among multiple banks and networks. With optimized integration flows for mobile and web, achieve higher uptime and success rates every time
- Get notified on transaction status – success, pending, etc. and reconcile all payments, refunds, and settlements in real-time using webhooks
- There is flexible refund management where it is easy to manage customer refunds with a single invoice and multiple vendors. Merchants can specify the amount to be split between them and their vendors. Easy Split automatically processes them without any hassle
Cashfree’s Easy Split feature offers flexibility in defining the split ratios, enabling businesses to distribute funds equally, based on percentages, or using custom configurations. It simplifies the process of managing complex payment distributions.
