According to the report by Google – Boston Consulting Group, the size of digital payments industry in India will be $500 billion by 2020 – contributing 15% to India’s GDP. Also, non-cash contribution in the consumer payments segment will double to 40% by the same time.

Easily Reconcile & Split Payout Settlement With Easebuzz

Millions of rupees are moved with increasing frequency. More & more people are turning to online payments thanks to the boom of digitization & automation.

This makes managing money a critical task. Managing the money coming into your account can turn out to be a very tedious job as you’ll have to manually sort & map the payments that your customers have completed, according to respective purposes. This is challenging even for reconciliation of payments.

Which is why, we at Easebuzz feel that it is imperative to implement measures to improve the overall customer experience and their confidence in making transactions digitally.

Easebuzz’s Split payout routes certain amount of the payment collected from your customers to multiple bank accounts. For any payment, simply decide a percentage/fixed sum of every split that you wish to route to any other bank accounts, Easebuzz will do the rest for you. These accounts can be your own bank accounts or any other third party account to whom you wish to pay.

Fig 1 – Split Payout concept

Business case – Split payout in education domain

Education institutes that collect fees from their students include various categories according to their fee structure. The fee structure breakup will have a certain amount of tuition fees, library fees, hostel fees, project fees, library fees,etc.

So the fees that are collected from a student, is the total payment with respect to the fee structure. Having collected that, the institute will decide to make splits out of the total fee structure amount & those split amounts will be routed to respective accounts to map the purposes. Like, a certain percentage of the total fee amount will be routed to institute’s tuition fees account, another percentage of total amount will be routed to library fees account, rest will be routed to hostel fees or any other account depending on the institute & its purpose.

Fig 2 – Easebuzz’s Split Payout process

Split payouts for marketplace with sub-aggregator model

Marketplace is a platform for the products and services being sold not only by you but also the third-party sellers.

Let’s take an example –

An e-commerce website is run by ABC organization. When a customer buys a camera & a lens, the camera could be sold by seller A & the lens could be sold by seller B.

ABC organization collects the payment from the customer and then has to transfer the funds to Seller A and Seller B. ABC organization can also charge these sellers as ABC organization’s platform was used to host products of Seller A & Seller B.

Similarly, Easebuzz  provides a platform to it’s vendors who provide products/services to their own customers with split payouts.

Refunds post Split Payout

Our Split Payout also supports refunds. The customer who initiates refunds, receives full refund against his payment.

Collecting & processing refunds against split payments which were disbursed to multiple accounts is a monotonous task for manual reconciliation.

The split payouts are disbursed to multiple bank accounts with several third parties involved. So our Easebuzz server fetches the merchant’s split ratio w.r.t how the payment was split & then processes all the split amounts to Easebuzz’s nodal account & all parties/customers receive their refund amounts, respectively.

Fig 3 – Refund post Split payout

Easebuzz’s Split Payouts helps merchants in following ways:

  • Seamless management of money reception
  • Simplified reconciliation even when numerous third parties are involved
  • Improved payments flow for service providers, partners, vendors and customers
  • Concentrate just on business, leaving the hectic money movement to us
  • Complexities & regulatory requirements are handled
  • Management of customer refunds

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The author writes about fintech, banking, and future of SAAS services. He works as an SEO analyst at Easebuzz, so if you're looking for an account that tracks India's fintech scene, you should check out his Easebuzz blog.