What is the split payment?
With Bonus, World, Maximum, CardFinans, Paraf, Axess and Advantage featured credit cards, split payment is an option offered to the credit card holder through a special agreement between the bank and the merchant, in which the bank enables the customer to make the payment in installments. The payment deadlines, the additional costs that occur as a result of the financing entirely depends on the agreement between the bank and the merchant.
If you want to allow split payments on your e-commerce website you have to negotiate with each of the banks and require virtual POS for each of them individually. Banks often decline virtual POS demands of small and medium-sized enterprises.
If you use iyzico, you will be able to enjoy the Virtual POS services of Turkey's most widely used banks actively on your website all at the same time and you will be able to receive split payments made with credit cards issued by these banks.
Which credit cards can I get split payments for?
Currently iyzico enables the merchants to get split payments with the credit cards issued by Bonus, World, Maximum, CardFinans, Paraf, Axess and Advantage. All credit cards issued by 7 banks are available to make split payments.
Will the transfer of the amounts of split payments be split as well?
At iyzico the full amount of the transaction less the commission charged on the sales price of the product will be deposited, regardless the transaction is made through a split payment.
What is the commission rate to be applied on split payments?
For each successful transaction iyzico charges 3.29% commission on transactions and TL 0.25 as transaction fee. Each bank applies its own interest rates for transactions made in split payments. You can offer promotional advantages to your customers by taking on whole of part of the interest charges in split payments.
Can I accept split payments with no interest markup?
Yes, you can. It is entirely up to your whether you forward the interest to your customer or taken on the same.
You can offer promotional advantages to your customers by taking on whole of part of the interest charges in split payments by making changes on the Split Payment Rates section on the iyzico control panel.
I can't find the Split Payment Rates section on the iyzico control panel. Why is that?
To use this feature you must notify us using the Contact Us section when your website is first activated. When your notice is received, necessary arrangements will be done and Split Payment Rates feature will be activated for you to use.
How should I calculate the commission that I have to pay to iyzico, if I decide to take on the interest rate difference for split payments?
For each successful transaction iyzico charges 3.29% commission on transactions and TL 0.25 as transaction fee. Each bank applies its own interest rates for transactions made in split payments.
If want to apply the same price for split payments with no interest charged on your customer, you need to calculate the deductions as in the following example.
For example; assume the interest that the bank applies for 2 installment split payment is 2%. If you want to offer the same price with no interest charged on your customer in the 2 installment payment plan granted by the bank, you will have to calculate the total deductions as 2.5% commission + 2% interest rate + TL 0.25 transaction fee.
Can I change split payment rates and restore the original values?
Yes. You will always be in control of the changes. You can make changes on the split payment rates and take back the changes any time you desire using the iyzico control panel.
When I make changes in the split payment rates, how long will it take the new rates to be effective?
The changes you made/you will make on the split payment rates take effect on the payment form on your website instantly. Therefore, you are reminded to be careful in your calculations/checks when using the respective section.
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