Split Payments

Overview

As professional and private traders increasingly sell products or services through online platforms, compliance with the new PSD2 regulations of the Dutch Bank is crucial. These regulations prohibit platforms from receiving money and distributing it among various third parties without being a financial institution. Buckaroo, as a licensed Payment Service Provider, is equipped to handle split payments on behalf of a central website facility, ensuring compliance and efficiency.

Split Payments for Third Parties and Online Platforms

Online platforms operate differently from regular webshops, facilitating sales from various third parties through one central location. This often results in a "mixed basket" at checkout, containing products from multiple third parties. The total purchase amount is paid through the platform’s checkout, and Buckaroo processes the payments to the third parties using split payments. This solution allows the division of the purchase amount among third parties and the central website facility.

Key Features of Split Payments

1. Payment Methods:

• Available payment methods include Dutch and Belgian options such as iDEAL, Bancontact, Afterpay, and SEPA Direct Debit.

2. Contracts and Payouts:

• Buckaroo manages the contracts and payouts for split payments. The central website facility is responsible for the contract with each third party.
• Payments to third parties can be executed:
  • Immediately
  • With a specified delay
  • Later, using an API call

3. Third-Party Onboarding:

• Buckaroo handles the identification and onboarding (KYC) of third parties involved in the split payment solution.
• Buckaroo opens accounts for third parties on behalf of the central website facility.

4. Real-Time Feedback:

• Payment feedback to the central website facility and the split payments to third parties are provided in real time.

5. Refunds:

• Refunds are processed via split payments, adhering to the underlying settlement logic.