Citrus has launched SplitPay , an automated marketplace payment solution. It can be implemented by any marketplace business across categories.
SplitPay lets merchants charge commissions for different sellers, release payments to sellers and takes care of settlements to the merchant’s bank account.
SplitPay is easy to use and integrates with the merchant’s backend engine- giving them full control of the transactions and payouts. It let’s merchants decide when they give the payout and the commission to be charged for each seller.
It has an easy to use dashboard, offers easy integration, deep analytics and multi-party payments for quicker routing giving merchants flexibility in managing seller refunds and settlements.
SplitPay safe guards 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; minimizing payment disputes to nearly zero.
At present Citrus SplitPay is being implemented by 7 merchants.