Welcome to the latest edition of the VoPay Product Corner, your source for the latest product features we’ve added to our payments platform to help you digitize bank payments with speed, transparency and traceability.
We recently added the two new key product features:
You can now automatically disperse funds from a settled transaction to multiple recipients. You set the business rules to meet your business needs. Here's an example:
• Business Rule: 50% to bank account A, 25% to bank account B and 25% to bank account C
• $1000 payment
• EFT 1: $500 sent to account A
• EFT 2: $250 sent to account B
• EFT 3: $250 sent to account C
You can now schedule as many recurring payments as needed. The frequency and end date (not required) is up to you!
Split payments are ideal for any company that requires revenue to be disbursed to multiple bank accounts at the time of the transaction. This includes property management companies that manage buildings with multiple layers of ownership or businesses with various commission structures. Scheduled payments are a must for any recurring payments model.
Contact our sales team to arrange a demo or have any questions answered.