How does a payment process in a marketplace work?
Answer by Nihit Nirmal:
PayUMoney has launched an automated settlement engine for Marketplaces. The service is currently for Indian aggregators only.
It allows you to:
- Register your merchant as per RBI guidelines
- Allowing marketplaces to split a transaction into suborders (at respective item level) so that they all map to respective sellers.
- Controls to settle the accounts as per the aggregator's contract with the seller.
- Decide the commission at every transaction/ seller level.
- Settlements happen within 2 days after the marketplace/aggregator has called the settlement event for a subseller,