A Split Payments Agreement is a mutually agreed arrangement between two parties, where one party agrees to pay the other either as a one-off or on a schedule, up to a specified maximum limit.
Under an Agreement, a Payee can send Payment Requests to a Payer that will be automatically approved and paid.
No action is required by the Payer as long as the requested amount is within than the agreed upon limits - both time and amount. The payment is automatically approved and paid.
In case a Payer requests an amount that is greater than the agreed upon limits, the Payer will need to approve the Payment Request before the payment takes place.
Benefits of Split Payments Agreements
Agreements allow you to get paid more quickly and with less hassle whenever you need to request payment from someone either as a one-off or on a regular basis, even if the amounts will vary.
Instead of waiting for your invoice to be manually paid, send a Payment Request under an Agreement so that you will be paid as soon as possible, without any action needed from the Payer.
You'll no longer need to follow up on unpaid invoices because they will be automatically paid. Split will notify you when your Payment Request has been processed so you don't need to wonder when you will be paid.
If an Agreement is cancelled, both parties are notified via email straight away so that there are no surprises on either side.
Open Agreements allow you to set the terms of an agreement, then generate a reusable link that allows anyone to enter into an agreement under those terms with you. The link can be embedded anywhere, including an email, text message, invoice or website.
Open Agreements can be easily created by logging in to your Split Payments account.
Read more about Open Agreements...
If you're looking for an easy way to allow anyone to pay you, and you're not looking to integrate with our Developer API, this may be just what you're looking for.
Unassigned Agreements are similar to Open Agreements, allowing you to generate a shareable link allowing anyone to enter into a payment agreement with you. They offer additional benefits not available to Open Agreements such as Single Use and Acceptance Expiry, and can only be created via the API.
If your developers are integrating your product or website with the Split Payments API, Unassigned Agreements are the best and preferred Agreements option.