What is this?
SplitPay is a Marketplace Solution by CitrusPay for hassle-free transaction settlements. It is a solution for merchants running a marketplace model with large number of sellers to payout to. SplitPay reduces the complexity in charging commissions from different sellers, releasing payment to the seller and settlement to the merchant’s bank account. It is a completely automated system which integrates seamlessly with your back-end engine, giving you full control on the transactions and payouts. You decide the timing of payout to the sellers and the commission to be charged without any hassle.
How does it help?
Flexibility in specifying fee/commission for each seller which is to be settled to the merchant. Splits a single transaction to multiple sellers and releases payments for a single transaction per seller. Other features include:
- Full flexibility offered by CitrusPay APIs
- Easy on-boarding of marketplace sellers
- Multiparty payments for quicker routing
- Maximum freedom to manage seller refunds and settlements having multiparty payments for quicker routing
- Superior experience and complete control with dashboard and analytics to understand seller patterns
Case study of a merchant
- You are running a social app for classified ads, which lets individuals advertise and sell things on your platform. A user can discover these products and may opt for a purchase. How do you facilitate an online payment between the two parties, while securing the interests of the buyer and seller?Increase the conversion rate by providing a superior experience and guaranteed service by integrating with Marketplace APIs. Take the payment from the buyer and hold the funds in Marketplace Escrow. Once the delivery has happened and the buyer is happy with the delivered goods, release the funds to the seller, or refund the money back to the buyer.
- You are running an app for on-demand delivery service that connects consumers with local merchants. You accept the funds from the customer using credit cards but how do you consolidate and manage the funds to be paid to the local merchant shop? (yes, you could send the delivery guy with cash in hand to buy the stuff from local merchants)Release the payments as soon order is confirmed by the merchant, and push the refunds if any, to customer’s Citrus wallet. You can also charge a commission from merchants, which automatically gets deposited to your account as soon as you release the funds.
How does settlement happen?
Marketplace Settlement system is a standalone solution where CitrusPay holds the funds in an escrow account on behalf of the marketplace provider, and settles the funds to seller account post confirmation from the buyer.
- CitrusPay takes the payment from the buyer/end consumer and holds the funds in CitrusPay’s Escrow bank account.
- Once the delivery has happened and the buyer is happy with the delivered goods, Merchant calls the automated settlement APIs and CitrusPay releases the funds to the seller.
- Merchant can also charge a commission from sellers, which CitrusPay settles with the merchant
Transaction Settlement by SplitPay
Steps to use this?
Merchant can control all the functioning via CitrusPay APIs which are flexible and easy to use allowing merchants to perform various functionalities without any hassle:
For the complete set of code snippets and other API details on SplitPay, please visit: