What is Payment Splitting?
PayMongo Seeds' Payment Splitting empowers you (the Parent Merchant) to seamlessly distribute incoming payments amongst various connected accounts (Child Merchants). This functionality offers a flexible solution for platforms that involve multiple parties in a transaction and require automated fund allocation.
How does Payment Splitting Work?
Payment Splitting operates exclusively within the established Parent-Child relationship within PayMongo Seeds. This means you can split payments only with Child Merchants you've onboarded onto your platform.
Who Can Benefit from Payment Splitting?
Marketplaces: Streamline payouts by automatically distributing funds to sellers and service providers (delivery riders, technicians, etc.) after each transaction.
Multi-party Platforms: Facilitate seamless fund distribution for transactions involving multiple parties. Imagine a platform facilitating vacation rentals - with Payment Splitting, you can automatically allocate funds between the property owner, cleaning service, and your platform fee.
Available Split Types:
PayMongo Seeds provides you with granular control over how you split payments:
Transfer To: Choose to deposit either the full net amount (total payment minus fees) or the remaining amount after applying splits to a designated Child Merchant or sub-account.
Percentage Net: Define a specific percentage of the net amount to be directed to a particular Child Merchant or sub-account.
Fixed Amount: Allocate a pre-determined fixed amount to a Child Merchant or sub-account, regardless of the total transaction value.
How do I integrate Payment Splitting?
PayMongo Seeds offers two options to integrate Payment Splitting into your platform:
Payment Intent Workflow: Ideal for a more customizable experience, this approach leverages the Payment Intent workflow.
Checkout API: Integrate Payment Splitting seamlessly into your hosted checkout experience using the Checkout API.
Please refer to our developer documentation for more comprehensive guide.
Still have questions?
If your specific use case isn't covered here, don't hesitate to reach out to our friendly support team at [email protected]. We're happy to assist you in tailoring PayMongo Seeds to your unique business needs.
By leveraging PayMongo Seeds' Payment Splitting functionality, you can simplify your platform's financial operations, ensure accurate and timely payouts to all parties involved, and enhance the overall user experience on your platform.