Cashfree launches Easy Split to automate commission payouts for online marketplaces & businesses
Cashfree, India's major banking and payments technology company, today 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 a strong API integration. It supports online marketplaces and fintech providers browse payments easily by automating collections, including and verifying sellers, dividing seller obligations by specifying commision constructions, scheduling payouts and handling refunds for a smooth experience.
According to the launch, 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. Together with the launching of Easy Split, we're deepening our focus on experiences and innovation, building a obligations core to streamline the intricacies about digital transactions. We're not simply offering the quickest and simplest 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 internet 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 payments which 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. This requires a more powerful payment ecosystem which comprehends the whole payment stream. Easy Split, as a platform, can help companies integrate their particular payment collection alternative and automate splitting of payments for their vendors or service providers. Cashfree anticipates over 1,000 marketplaces to gain access to the feature at the 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 of their branches, such as an online beauty product shop or even a pizza delivery shop, can currently use Easy Split to collect payment through website from many clients and route the incoming payments for their unique shops.
Currently ranked one of the leading payment service providers in India, Cashfree processes transactions worth USD 20 billion yearly. Apart from India, Cashfree's products are used in eight other countries including the USA, Canada and the UAE.
Incubated by 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..