While split payments have been around for a while now, not all businesses offer convenient solutions when it comes to eCommerce split payments. It is easy to provide split payment options at a physical store, but virtual shops require special software to do so. To avoid the fuss with the required technology, many companies simply do not offer the chance of making a split payment at their online stores. This can impact the user experience of your clients in a negative way and lower your sales. Luckily, you can do split payments easily with Fondy.
What Does a Split Payment Mean?
Split payments require making transactions from different sources to cover a single payment or bill. For example, when a few different people want to pay their share of a bill at a restaurant, they can make split payments. With e-commerce platforms, people often buy a few different products that come from different merchants. From a buyer’s perspective, it is only necessary to pay the whole price, which includes all the items. The system, however, splits this payment to deliver the necessary amount of money to each seller. When someone buys stuff both online and offline and wants to cover part of the cost with a voucher or a discount, this also counts as a split payment.
Split Payments in Modern E-Commerce
It is common to see split payments at restaurants, in taxis, offline stores, etc. than online these days. Unfortunately, including the split payment option in your digital shop requires incorporating specific software that allows such transactions, and not all services can offer such functionality. Working with multiple payment methods within one cheque can take longer time and bring additional costs for merchants, which is why not many web stores offer this service.
Of course, being able to make split payments is important for the convenience of many customers. If you want to ensure a great client experience and provide a chance to make quick and efficient payments, you can use a third-party payment service on your site. Fondy is one of the payment services that operate globally and accept more than 300 different payment methods. You can see more on the official Fondy website. As for the benefits of split payments, here are some of the key ones:
- Clients can pay for their shares separately without having to repay each other after making one whole payment;
- It becomes possible to avoid spending more money than your credit limit allows as you can pay with different credit cards, etc.
Splitting refunds also becomes easier with Fondy. Using convenient payment software for your online store improves the user experience greatly and allows growing your client base.