Citrus has launched SplitPay, an automated marketplace payment solution that can be implemented by any marketplace business across various categories. The solution allows merchants to charge commissions for different sellers, release payments to sellers and takes care of settlements to the merchant’s bank accounts.
It is an easy-to-use solution and integrates with the merchant’s backend engine, giving them complete control of the transactions and payouts. It allows merchants to decide when they give the payout and the commission to be charged for each seller.
SplitPay comprises of a convenient dashboard offering easy integration, deep analytics and multi-party payments for quicker routing providing merchants flexibility to manage seller refunds and settlements.
Moreover, Splitpay safeguards the interests of merchants by settling funds to seller accounts only once the buyer gets confirmation. The funds are held in an escrow account on behalf of the marketplace provider. It also allows merchants to charge a commission from sellers, which Citrus settles with the merchant; minimising payment disputes to nearly zero.