Cashfree, India’s major banking and payments technology company, announced the launch of Easy Split, an integrated marketplace payment management solution to automate commission payouts for online marketplaces and companies. Easy Split helps dividing incoming client payments to numerous vendors/sellers or bank accounts with the assistance of solid API integration.
It supports online marketplaces, and fintech providers browse payments easily by automating collections, including verifying sellers, dividing seller obligations by specifying commission constructions, scheduling payouts, and handling refunds for a smooth experience. Akash Sinha, Co-Founder and CEO of Cashfree stated, it has always been a struggle for online marketplaces to control vendor payments in tandem with client collections. Lately, there’s been an influx of online businesses and market aggregators, further accentuating the requirement for an efficient payments framework.
With the launching of Easy Split, we’re deepening our focus on experiences and innovation, building an obligation core to streamline the intricacies of digital transactions. We’re not simply offering the quickest and most straightforward way to initiate payouts and collections, but also the extra layer of transparency and control over fund movement and vendor management.
The eCommerce business had a radical growth with all the influx of online marketplaces, a kind of multi-brand e-outlets. The significant challenge for all these online marketplaces is that the manual function of onboarding and confirming sellers, dividing the payment with various sellers in line with the suitable commission structure, settling the amount into the sellers/vendors, and managing refunds for charges have already been divided.
The majority of the online marketplaces manage these processes manually, involving a lot of time and resources being spent on redundant accounting. It requires a more powerful payment ecosystem that comprehends the whole payment stream. Easy Split, as a platform, can help companies integrate their particular payment collection alternative and automate the splitting of payments for their vendors or service providers. Cashfree anticipates over 1,000 marketplaces to gain access to the feature at the end of 2021.
Apart from marketplace aggregators and fintech services, Easy Split may be utilized to automate the intricate payment procedures for a wide Assortment of companies, such as:
Edtech platforms: Online edtech platforms offering classes with various professors/instructors may use Easy Split to collect payments from pupils and divide it with the teachers after deducting a commission.
On-demand services: Services like taxi booking, flight booking, food delivery, etc., is now able to take bookings and automate the dividing of incoming client payments to the various service providers with the assistance of Easy Split.
Multi-branch outlets: Businesses that centrally manage payment collections for each branch, such as an online beauty product shop or even a pizza delivery shop, can currently use Easy Split to collect payment through the website from many clients and route the incoming payments for their unique shops.
Currently ranked No.1 in India, Cashfree processes transactions worth USD 20 Billion every year. Apart from India, Cashfree’s products are used in eight other countries, including the USA, Canada, and the UAE. Started by the online payments pioneer PayPal, Cashfree is backed by Apis Partners, State Bank of India (SBI), Smilegate, and Y Combinator.
Cashfree is utilized by companies like Zomato, Cred, Nykaa, Delhivery, Acko, Shell, amongst others, for various small business payment demands such as eCommerce payment collection, seller payments, market settlements, etc.