Yandex.Checkout launches new service of split transaction for marketplaces and online platforms
May 22, 2020
Yandex.Checkout introduces split transaction, the new solution for marketplaces and online platforms that offer goods and services provided by various companies. This new feature automatically splits money between different sellers whose goods were paid for in a single order via one transaction. The marketplace itself will not need to send invoices and transfer money via its bank account. Yandex.Checkout’s solution helps platforms to control the financial flows between sellers and buyers as well as reduce the document flow.
The new feature suits any online platform that offers goods and services from various companies. Usually such platforms receive money from buyers to its bank account, and then manually transfer funds to certain sellers. When payments are made via the new Yandex.Checkout’s solution, the money is sent directly to the seller and not to the platform’s account. Online platforms can also determine the commission rates for sellers. Automatic distribution of payments will allow companies to streamline the document flow and save accountants' resources.
Yandex.Checkout’s solution also offers the option of holding the payments for up to 7 days, so that the settlements are made to the seller’s account only after they fulfill the obligations to the buyer. Split transaction allows issuing total or partial refunds to the customer, i.e. transfer funds for some or all of the items within a single order. The new feature will also optimize and automate the process of issuing receipts and sending them to sellers who must report to the Tax Service.
The new feature is compatible with all Yandex.Checkout scenarios: payment widgets, mobile SDKs for contactless payments, and others. Using this solution, marketplaces can accept payments via most payment methods available in Yandex.Checkout, including e-wallets, bank cards, online banking, direct carrier billing, etc. Split transaction allows for processing of up to 100 items in an order.
«The e-commerce market is at the stage when competition for customer attention and loyalty becomes more and more expensive. This is why we see the rapid development of the trend for centralizing the sales via large marketplaces, where different sellers interact with customers under one unified brand. It can be a marketplace with thousands of stores or, for example, a website with goods and services from different businesses of one parent company. Yandex.Checkout addresses this trend by launching split transaction and offering companies a solution for a comfortable operation in the „one platform — many companies“ format», said Yulia Gorelova, Head of payment business at Yandex.Money.
To enable the feature, please visit the Yandex.Checkout website.
Yandex.Checkout is the leading service for accepting online payments in Russia (37% market share), according to a 2019 survey by MARC. Currently Yandex.Checkout serves 120K merchants from 75 countries. Other businesses include anti-fraud protection service, marketing lead generation business, installments, B2B payments, contactless payments, solutions for sales via social media and a variety of innovative driver payment options. Yandex.Checkout received the Best PSP Award in 2019 and the Emerging Payment Award in 2017 at the Merchant Payments Ecosystem conference (Berlin). Yandex.Checkout was launched by Yandex.Money in 2013. Yandex.Money is the joint venture of search engine Yandex (NASDAQ: YNDX), and Sberbank, the largest bank in Russia.