Yandex.Checkout launches split transaction service for marketplaces and online platforms

Yandex.Checkout has introduced split transaction, a 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.