Citrus launches automated marketplace payment solution SplitPay

BENGALURU: Domestic mobile and digital payments company Citrus has launched SplitPay, the world’s first automated marketplace payment solution. Citrus indicates that it can be implemented by any marketplace business across categories, owing to its flexible nature. SplitPay lets merchants charge commissions for different sellers, release payments to sellers and takes care of settlements to the merchant’s bank account.

Speaking about the product Sundar Subramanian, VP Product at Citrus Pay said, “Citrus continues to disrupt the payments space with innovative solutions not only carving a niche for itself but, also providing essential backend support to merchants. SplitPay is easy to use and integrates seamlessly with the merchant’s backend engine- giving them full control of the transactions and payouts. It even let’s merchants decide when they give the payout and the commission to be charged for each seller.”

Adding further, Subramanian said, “The concept of Citrus SplitPay comes from in-depth market research from merchants, sellers, intermediaries, and consumers across online aggregators from verticals such as real estate, food tech, hospitality and apparel etc. The main problem these guys faced with the market place model was that no payment company had come up with a tailor-made solution to simplify payments for them. Considering the demand, Split pay was developed and we are happy to launch it with India’s biggest digital fashion retailer.”

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 marquee merchants and will be the backbone for several marketplace businesses in the near future.