One important feature of the Payfac in a Box™ platform is our ability to offer split settlements for PayFac merchants in disbursing funds. This is done by authorizing the full amount and then settling the payments into two different bank accounts. It’s a function often used to satisfy payments to multiple sources, as in the case of a hospital billing an amount that is then split up to pay multiple parties such as an on-call doctor, radiologist, specialist, etc. who may all bill separately. This exciting function is an extra way that Payfac in a Box™ simplifies and streamlines the payments process for merchants.
Split Settlement Features with Payfac in a Box™:
- Each “merchant” has their own MID (merchant ID) and this is the compliant way based on network (VISA/Mastercard) rules and regulations for payment facilitation and integrated software payment application and acceptance.
- Keeps you as a software provider 100% out of any MTL questions or implications if any funds are passing through your system that is not specifically for collecting software/SAS fees.
- Each merchant receives their own 1099K tied to their merchant account.
Use Cases for Split Settlement:
Example 1: $1200 transaction for CT Scan
-Settlement Split: $800 to Hospital, $400 to radiologist
Example 2: $1000 Rent Payment, $30 convenience fee
-Settlement Split: Property Management Corporate $1000, Prop Manager $30 convenience fee
There are also numerous ways other industries that need split settlement including utility, transportation, or construction where funds need to settle to multiple DDA’s. Payfac in a Box has a special API that can be leveraged to simplify this process.
Explore all the ways that Payfac in a Box™ can work for your specific use case today by requesting a free consultation. Customize your payments integration with us and start delivering a seamless payments platform to boost the feature set of your existing software solution.