Split payments

What is meant by Split payments?

The term "Split Payments" refers to processes where a payment is divided into two or more parts. This can take various forms, such as splitting into net amount and VAT for tax purposes, or distributing a payment across different payment methods according to customer preference.

Typical software functions in the area of "Split Payments":

1. Flexible Payment Division: Allows splitting a bill across different payment methods or amounts.
2. Automatic Calculation: Calculates remaining amounts after partial payments automatically.
3. Multiple Payment Capture: Permits the entry and processing of multiple payment types per transaction.
4. Receipt Printing: Creates detailed receipts listing all partial payments and methods.
5. Accounting Integration: Ensures correct booking of split payments in financial accounting.
6. Reporting: Generates reports on split payments for analysis and reconciliation purposes.

Examples of "Split Payments":

1. Mixed Payment: A customer pays 50 € in cash and the remaining amount by credit card.
2. Group Bill: A restaurant bill is split among several guests.
3. Installment Payment: A purchase is divided into multiple partial payments over a period.
4. B2B Transaction: A company transfers the net amount to the supplier and the VAT directly to the tax office.
5. Multi-Currency Transaction: A payment is split into different currencies.
6. Tip Distribution: The main amount goes to the company, the tip directly to the employee.