Split Settlements enable your business to make, collect and receive payments using bank accounts. You can split payments using any of the following:
- Dashboard: PayU offers the following features with Dashboard:
- APIs: PayU overlaid a simple REST API, enabling all your online accounts with other account payment flows through an easy integration process. Using Split Settlements API, PayU helps your customers split a transaction based on the number of sellers involved in the particular transaction. PayU offers Split Settlements APIs secured by an authentication mechanism. To make a call to an API, you first need to authenticate to the API by providing your API key in the request header. It’s a unique key for every marketplace account and will be generated on demand when your test account is created. All API requests must be made over HTTPS. Calls made over plain HTTP will fail. You must authenticate for all requests. For more information, refer to Integration APIs for Split Settlements.
- Taxi Aggregators: The Aggregator app collects digital payments from the passenger and splits the payment and settles the major part to the driver to themselves based on the vehicle ownership. Also, the taxes are allocated in a separate bucket.
- eCommerce Platforms: After the customer makes a purchase, the platform owners automatically split the payments received from the customer to pay the seller and commission (absolute amount). The amount to be split is done after applying the offers or discounts applied by the customer. For example, Policybazaar.com. In this example, the insurance companies may further split payments to pay the insurance advisor or financial institutions that successfully enrolled the customers.
Updated about 2 months ago