Split funding is one of the most important concepts in the modern merchant services industry. The need for split payments, naturally, arises when the process of purchase of products or services involves some entities beside the seller and the buyer. Even initially, these entities already included resellers, independent sales organizations (ISO), and merchant services providers (MSP). However, in modern market, the new concepts, such as convenience fees, merchant services reserves, and others emerged. As a result, modern payment processing software has to be able to divide payments in such a way that every party involved gets its share of residual revenue.
For example, PayPal with its adaptive payments system is offering a flexible tool, allowing its customers to automatically split purchase amounts and residual revenues among all the vendors involved in the purchase on a per-transaction basis.
If you need to take taxes, convenience fees, and other kinds of merchant services commissions into account while accepting payments, you’d better look for a payment gateway, which is capable of handling split funding for you at the lowest possible cost.
At PayVisors website you will find more information on split funding, adaptive payments, and modern flexible and robust payment gateway software solutions, such as UniPay Gateway, which suit your business needs, particularly, in the area of split funding