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The ecommerce industry had a drastic growth with the emergence of online marketplaces, a form of multi-brand e-outlets. The online marketplaces helped customers choose from a variety of options, from different sellers, in turn helping the merchants drive more revenue. There are different types of marketplaces prevalent in the current ecommerce market specific to different industries like, fashion marketplaces, edtech platforms, financial services marketplaces, on-demand marketplaces such as food delivery/flight ticket booking etc.
All the marketplaces have complex payment process, compared to what a traditional website would have. The payment ecosystem for a typical online marketplace would have the following requirements,
- Collection of payment from customer
- Commission calculation and disbursal of adjusted proceeds to vendor partners or sellers
- Refund management
- Reconciliation for accounting and audit purposes
The major challenge for online marketplaces is the manual work of splitting the payment with different vendors, settling the amount to the vendors, and handling refunds for payments that have already been split. Most of the online marketplaces handle these processes manually, and this involves a lot of resources being spent on redundant bookkeeping rigmaroles.
This calls for a more powerful payment ecosystem that understands the entire payment flow. Enter, Easy Split by Cashfree.
Introducing Easy Split!
Easy Split is a complete marketplace payment management platform that helps online marketplaces split incoming customer payments to multiple vendors or sellers, or bank accounts with the help of a powerful API integration. With Easy Split, businesses can enjoy complete control over payment collection, settlement schedules, refunds and payment reconciliations.
Easy Split, as a platform, can help businesses integrate their own payment collection solution with Easy Split and automate splitting of payments to their sellers or service providers.
Here’s how Easy Split works
For instance, let’s consider an online food delivery application called Cloud Kitchen. Cloud Kitchen lets customers search for the local restaurants around them and order their favourite food. A food valet is then assigned to get the cooked food delivered to the customer from the restaurant. Essentially, there are three parties involved in getting the food to reach the customer: The restaurant, the food valet, the Cloud Kitchen app.
Here’s how Easy Split handles the payment process for Cloud Kitchen,
Top benefits of using Cashfree Easy Split
- Multichannel payment collection in more than 120 payment modes
- Simplified vendor onboarding process
- Automatic splitting of vendor payments and marketplace commissions based on predefined rules
- Customized settlement cycle for different vendors and service providers. Flexibility of processing settlements via bank account or UPI ID
- Automatic refund adjustments after vendor settlements
- Real-time reporting of transactions, settlements, refund, and vendor payments and adjustments
Who can use Easy Split?
Easy Split can be used to automate the complex payment processes for a wide range of businesses, like,
Online businesses that sell multiple products from different vendors or sellers can now use Easy Split to manage splitting of incoming customer payments with ease. The businesses can also manage settlement cycles, commission deductions, and real-time reports for these vendor payments from within the dashboard.
Online edtech platforms that offer courses with different professors or instructors can use Easy Split to collect payments from students and split it with the instructors after deducting applicable commission.
Service providers 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.
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.
No more complex marketplace payment flows. With Cashfree’s Easy Split, you can be rest assured that the entire vendor management flow will be personalized and efficient.