Split Payment For Online Marketplaces with Stripe Connect | Yo!Kart Multivendor eCommerce Platform
Learn how to build and launch an eCommerce marketplace with 'Real-time Split Payment' feature: https://www.yo-kart.com/blog/stripe-c...
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Stripe Connect Split Payment for Multi-vendor eCommerce Marketplaces:
Initiating payouts or managing refunds manually to users (buyer, seller, admin) is often a complicated process, especially when buyers/sellers are located internationally with thousands of transactions occurring each day. To streamline orders, automate payouts, and control the flow of funds - a split payment gateway such as Stripe Connect is required.
Yo!Kart now comes pre-integrated with Stripe Connect for split payment in online marketplaces. It is a global payment facilitator and an industry leader in payment solutions, powering eCommerce giants like Squarespace, Instacart, Kickstarter, and more. Once enabled, it offers instant split payments while charging a fixed percentage of fees per transaction.
How does 'Stripe Connect Split Payment' work in Yo!Kart powered eCommerce marketplaces?
For Stripe Connect Split Payment to work, a Stripe account is necessary for each user. Users can create a new Stripe (connected) account or add an existing Stripe account during registration. Once enabled, Stripe Connect API splits the order amounts between the seller and buyer (for each transaction) instantly and in real-time.
The payments flow to the respective Stripe accounts and the records are maintained in the admin/seller panel for each transaction. Refunds/returns are also managed via Stripe Connect.
Stripe Connect for online marketplace offers benefits like instant onboarding/verification for new users, a globally licensed & secure payment solution, accepts payments in 135+ currencies, allows schedule payouts, automatic fund transfers, and much more. This is why leading global brands and marketplaces such as Shopify, DoorDash, Lyft, GitHub, Salesforce, and many others use split payment in Stripe to facilitate funds transfer.
Pre-integrated in Yo!Kart multi-vendor eCommerce platform, Stripe split payment API automates payment transfer to improve efficiency in a marketplace. Stripe Connect can be enabled under Plugins --- Split Payment Method within System Settings in the admin dashboard.
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