Split Settlement allows merchants to automatically distribute a single payment to multiple recipients based on predefined rules. These rules can be set as fixed amounts or percentages, ensuring each party receives their share without requiring separate transactions.
Time Savings: Automates fund distribution, reducing manual work. Accuracy: Ensures precise allocation as per split rules, minimizing errors. Scalability: Easily handles growing transaction volumes without added complexity. User Experience: Provides a seamless experience for customers, who make only one payment.
Imagine a freelancing platform where clients hire developers for projects. After a client pays for a completed project, the platform needs to pay the developer and keep a commission.Without Split Settlement:
1.
The platform receives the full payment.
2.
It manually calculates the developer’s share and its commission.
3.
It initiates separate payouts, a process that’s time-consuming and prone to errors.
With Split Settlement:
1.
The platform sets up accounts for developers and itself on EnKash.
2.
It defines a split rule, e.g., 90% to the developer, 10% to the platform.
3.
When the client pays INR 1,000, EnKash automatically splits and settles the payment, sending INR 900 to the developer and INR 100 to the platform instantly and accurately.
The merchant (platform) sets up accounts for all recipients, each identified by a unique Split Account ID.
2
Define Split Rules
The merchant configures how the payment should be divided:
Fixed amounts: e.g., INR 500 to the developer, INR 500 to the platform for a INR 1,000 payment.
Percentages: e.g., 90% to the developer and 10% to the platform.
3
Payment Creation
When the customer makes a payment, the merchant includes the split details in the payment request.
4
Fund Distribution
EnKash processes the payment and distributes funds to each recipient’s account according to the split rules — completing the settlements in a single transaction.