I'm looking for a solution to automate the payment settlements with merchants. We usually do on a monthly basis, but want to move to weekly and it will get extremely difficult to do bank transfers for 100s for merchants.
Instamojo has an interesting Marketplace API model, where we can collect payment from a customer and settle with merchants after the split. However, they seem to support only one merchant per transaction at this point of time.
I was checking if we can transfer money to wallet solution - maybe PayTM / MobiKwik / Chillr etc. But there are 2 major problems:
- transfer limits
- merchant has to transfer to his account manually, which I think is not feasible
How are other marketplaces / e-commerce guys doing the payment settlements with the merchants? For instance, how does Swiggy settle the payments with restaurants?