4 FinTechs offering convenient split payments option in the UK

By Gloria Methri

Split payments, also known as split tenders, are transactions that use multiple payment methods to settle a single transaction. The purchase is split into different amounts or payment methods, but the funds go to the same seller.

Split payments are more common in brick-and-mortar establishments. For example, a consumer can split a bill for groceries by paying with cash, credit cards, and debit cards. Split payments can also simplify group expenses, provide flexibility in payment methods, and promote participant transparency.

Let’s look at four payment platforms offering the Split payment feature in the UK:

• APEXX Global

London-based APEXX Global is a Payment Orchestration platform that integrates all the world’s acquirers, gateways, shopping carts, and Alternative Payment Methods into a single integration.

APEXX Global’s split payment feature, also known as the Intelligent Routing Engine (IRE), uses smart split rules to route transactions to a gateway. The smart split feature allows merchants to send transactions to more than one acquirer. Merchants can configure four types of smart split rules, including volume-based (percentage) and volume-based (absolute).

• Fondy

Fondy is a one-stop payment solution for cross-border commerce, marketplaces and platforms that enables them to move money without friction. Fondy’s multiparty split payments and payouts allow users to select recipients from platform users, global suppliers, and employees. Users can also customize schedules or receive payouts instantly.

Aggregators like Uber and Airbnb can use Fondy’s split payments to facilitate transactions with each driver using split payments. The payments are collected from different customers and then paid directly to the drivers.

• Checkout.com

Checkout.com is a financial technology company that delivers a high-performance payments platform to enterprises and scaling businesses. Checkout.com’s Integrated Platforms solution enables merchants to automatically split a single payment amount between multiple sellers at either the authorization, incremental authorization, capture or partial capture stage of the transaction.

Checkout.com offers automated split payments commissions, and balance transfers as part of its Integrated Platforms solution.

• Paydock

PayDock’s Split Payments is a payment gateway that allows buyers to use multiple payment methods for domestic and international transactions. It also allows merchants to connect all preferred payment gateways and third-party services. Through an initial and single API connection, PayDock provides access to multiple solutions and connects to approximately 150 payment service providers globally.

Payment orchestration allows the setup of many payment methods and features more quickly. This can help reach more people, improve the customer experience, and even support cross-border sales.