Cashfree, India’s leading payments and banking technology company, today announced the launch of Easy Split, an integrated marketplace payment management solution to automate commission payouts for online marketplaces and businesses. Easy Split helps splitting incoming customer payments to multiple vendors/sellers, or bank accounts with the help of a powerful API integration. It supports online marketplaces and fintech services navigate payments effortlessly by automating collections, adding and verifying vendors, splitting vendor payments by specifying commision 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.”
The ecommerce industry had a drastic growth with the influx of online marketplaces, a form of multi-brand e-outlets. The major challenge for these online marketplaces is the manual work of onboarding and verifying vendors, splitting the payment with different vendors according to the correct commission structure, settling the amount to the sellers/vendors, and handling refunds for payments that have already been split. Most of the online marketplaces handle these processes manually involving a lot of resources and time being spent on redundant bookkeeping. This calls for a more powerful payment ecosystem that understands the entire payment flow. Easy Split, as a platform, can help businesses integrate their own payment collection solution and automate splitting of payments to their sellers or service providers. Cashfree expects over 1,000 marketplaces to have access to this feature by the end of 2021.
Apart from marketplace aggregators and fintech services, Easy Split can be used to automate the complex payment processes for a wide range of businesses, like:
- Edtech platforms
Online edtech platforms that offer courses with different professors/instructors can use Easy Split to collect payments from students and split it 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.
Currently ranked among the leading payment service providers in India, Cashfree processes transactions worth USD 20 billion annually. 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 used by businesses like Zomato, Cred, Nykaa, Delhivery, Acko, Shell among others for various business payment needs like ecommerce payment collection, vendor payments, marketplace settlements etc.