Forget about chasing your friends to make a payment transfer. Merge Payments, or grouped payments, are the evolution of Split Payments. They were created to avoid conflicts when paying the bill, ordering pizza delivery, renting a house or residence, buying a gift for a special occasion, and much more.
What is a Merge Payment?
A Merge Payment is a type of payment that consolidates all expenses and then divides them equitably or according to custom preferences among all participants. Here’s an example:
A group of friends decides to buy a gift for €100 and opts for a Merge Payment. Before completing the purchase, they input the names and phone numbers of everyone involved. Each person receives an SMS with a payment confirmation, and they contribute their share of €25 (slice). Once all payments are collected, the purchase is confirmed, and they have a gift ready for the birthday celebration.
The innovation with grouped payments is that the division occurs before making the payment, and all members must contribute their specified amount (called sub-payments) to finalize the purchase.
Additionally, a time limit can be set, ranging from minutes to days, whatever is most convenient. This ensures that no one delays or avoids payment, as the order will be canceled or voided, with refunds made to those who have already paid.
Features of Merge Payments
- B2C Oriented: Include this payment method in your Marketplace to facilitate the purchase or rental of your products and services.
- Automatic: We handle automatically notifying the participants of the Merge Payment so they can make their payments.
- Atomic: The operation is only completed if all parties make their payments.
- Smart: If a payment is canceled or expires, refunds will automatically be made to those who have already paid.
- Single API: Easily integrate our Merge Payments into your website or app, along with other Wannme functionalities, to enhance and streamline your payment journey.
- Customizable: Divide payments however you like, because we know not all expenses are the same.
- Fast: Combined with payment methods like Bizum Request to Pay, it becomes a powerful technique to collect payments from multiple clients in just a few steps, reducing the sales funnel.
- Pre-Payment Division: Tired of chasing people to pay their share? Use Merge Payments and stop worrying about who owes what.
- Smart Payments: With Wannme, you can combine different payment methods and types, customizing each payment and sub-payment to suit the client. Direct debit, transfer, cash, QR payment, Pay by Link, Split Payments (LINK)—you open up a spectrum of possibilities and reach clients only possible with Wannme.
Use Cases for Merge Payments
This payment solution is very versatile and can be used in various sectors and types of commerce.
It’s commonly used in Marketplaces, allowing the purchase of a product/service to be divided before purchase. For example, in 2017, Airbnb introduced the option to split the rental cost among guests. Using this feature, your store avoids losing sales previously abandoned due to a lack of payment options, and your customers gain more flexibility at the time of purchase.
Another use is in online food delivery platforms like Uber Eats, Just Eat, Glovo, etc. It’s as simple as including the corresponding phone numbers before payment, completing the payment through a link, and the order is accepted.
The real estate sector can also benefit from Merge Payments. By creating a recurring monthly payment labeled as rent, you can include tenants in the plan, and they’ll receive a payment reminder every month. Another example, though less common, would be elderly care facilities.
And what about the mobility sector? Certainly, especially in the buying and selling of second-hand vehicles. When transferring ownership, a fee must be paid. In this case, the seller and buyer can easily split the payment using a Merge Payment.
Grouped payments, or Merge Payments, are the new solution you can offer your clients to manage their expenses with whoever they want, however they want.
Interested in implementing it in your business? Contact us.
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