India’s leading payments and banking technology company, Cashfree has launched an integrated marketplace payment management solution, Easy Split. The solution automates commission payouts for online marketplaces and businesses. It also helps in splitting incoming customer payments to multiple vendors/sellers, or bank accounts with the help of powerful API integration. The payment management solution supports online marketplaces and fintech services to navigate payments effortlessly by automating collections, adding and verifying vendors, splitting vendor payments by specifying commission structures, scheduling payouts and managing refunds for a seamless experience.
Commenting on the launch, Akash Sinha, Co-Founder, and CEO of Cashfree said, “It has always been a challenge for online marketplaces to manage vendor payments in tandem with customer collections. Recently, there has been an influx of online businesses and marketplace aggregators, further accentuating the need for an efficient payments framework. With the launch of Easy Split, we are deepening our focus on innovation and experiences, building a payments core to streamline the complexities around digital transactions. We are not only offering the fastest and easiest way to initiate collections and payouts, but also the added layer of transparency and control over fund movement and vendor management”.
Apart from marketplace aggregators and fintech services, Easy Split can also be used to automate the complex payment processes for a wide range of businesses, like:
- Edtech platforms
Online edtech platforms offering courses with different professors/ instructors can use the solution to collect payments from students and split them with the instructors after deducting a commission.
- On-demand services
Services like cab booking, flight booking, food delivery, etc. can now take bookings and automate the splitting of incoming customer payments to the respective service providers with the help of Easy Split.
- Multi-branch outlets
Businesses that centrally manage payment collections for all their branches, like an online beauty product store or a pizza delivery store, can now make use of Easy Split to collect payment via website from all customers and route the incoming payments to their individual stores.
