Closing the payments loop
Our mission to accelerate payments innovation and improve our customers’ bottom line has taken a significant leap forward this week with the release of our Split Payments integration.
As our first live payouts/transfers feature, merchants are able to further reduce cost and grow their businesses with efficient and cost effective payments operations.
An Australian based banking and remittance service, Split Payments (link) enables merchants to transfer money to and from Australian bank accounts without the high costs associated with alternative marketplace payment solutions. We love Split Payments because their model also does not require vendors or suppliers to maintain anything other than simply a working bank account. No third party signups, no delays, just a bank account.
How it works
What does this mean for me?
While benefits include easier reconciliation, better reporting, end-to-end payments automation and greater user satisfaction, the two key benefits our customers enjoy are cost savings and speed.
Who benefits the most?
1. Marketplaces and Apps
If you are an online marketplace who takes payments on behalf of vendors and/or service providers, PayDock + Split Payments can reduce costs by 35% or more when compared to alternative solutions.
By connecting a Split Payments account to your PayDock account you can now both receive and remit payments in a fraction of the time, at a fraction of the cost of other methods through a single service.
Choose the amount, trigger, timing and target of your transfers with Payment Destinations loaded into PayDock. You can also use PayDock + Split Payments to arbitrarily remit money as needed for larger settlments and remittance where further information is required before release of finds.
What would a 35% saving on your current payout costs and effort mean for your business?
PayDock + Split Payments enables franchisors to reduce costs, increase the bottom line and build efficient payment channels within existing infrastructure (further reducing change management cost).
A simple use case follows.
- Receive payments through an ordering app (iOS/Android) connected to the PayDock SDK (for example, credit card, direct debit, paypal)
- Receive payments into your master franchisor account
- Remit payment to franchisee’s current business banking account.
This payments flow can take place in as little as few minutes if desired with automated webhooks and API triggers.
3. Platforms, Resellers, Sophisticated e-Commerce
If you are a fundraising platform, reseller or sophisticated online commerce platform, you can now use PayDock to accomplish two critical business functions.
- Collect and remit monies in a genuine marketplace model.
- Connect directly to customer merchant facilities (removing a common objection of larger organisations).
PayDock will in this case improve the bottom line as well as open up larger more sophisticated opportunities.
You are able to streamline the transmission of funds as well as the collection, while keeping the customer at the center through the PayDock Vault and Customer object.
Why PayDock + Split Payments
PayDock enables merchants to have a single interface to securely onboard customers and work with payment service providers. Merchants are able to manage their customers, store payment types and sources, store payment destinations, see transaction history, and consume services as required to grow the business.
Costs are further reduced (beyond those identified in this feature release) through development cost reduction, compliance cost reduction as well as a risk decrease in the event of downtime exposure when/if a payment processing provider has an outage.
Our mission is to help your business grow, and to connect you to service providers that best assist you doing that.
We are proud to be a PCI-DSS compliant payment service provider and to enable you to grow your customer base, reduce costs, and overcome payments challenges without endless distraction from your core business.
Please contact us if you have any specific questions on how PayDock Transfers can help you with the exciting PayDock + Split Payments launch.
Photo credit rawpixel on Unsplash