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Yandex.Checkout rolls out Split Transaction for marketplaces and online platforms

Russia-based Yandex.Checkout today announced the launch of Split Transaction, a new solution for marketplaces and online platforms. The company states that the new solution will automatically split money between different sellers whose goods have been paid for in a single order via one transaction. The solution is expected to help platforms in managing the financial flows between sellers and buyers as well as the flow of documents.

“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.

According to the company, the money received goes directly to the merchant’s account and not to the platform. It 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 fulfil the obligations to the buyer. The solution also allows for issuing total or partial refunds to the customer and is capable of automating the process of issuing receipts and sending them to sellers. The Split Transaction solution can processes up to 100 items in an order and allows merchants to accept payments through methods including e-wallets, bank cards, online banking, direct carrier billing, etc.

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