By Roanda Sutton
Activitar recognised an opportunity to establish cross selling among its large and ever growing network of activity providers. The company soon moved to develop the ability to share content and inventory and sell the services of fellow activity companies in the booking engine. Once these features were implemented and cross selling began we discovered that more work was required. There was a need for sellers to avoid additional admin and for providers to have a date on which they were guaranteed to receive settlement of their funds.
Activitar’s designed a solution for frictionless settlement that would eliminate admin and provide certainty. We then hunted for a payment processing partner who would be prepared to invest in the development with us. Paygenius stepped forward and committed to join the project. The output of this joint work was the powerful Automated Settlement solution. The solution has revolutionized the way monies are settled between SEN (Site Engine Network) suppliers. This innovative solution not only streamlines processes but also enhances transparency and security in financial transactions within the industry.
How It Works
At its core, the auto-settle feature facilitates the secure holding and automatic settlement of monies between activity companies participating in the cross selling network. For a seller their commission and for the service provider their net rate is held until two days after the activity takes place. That is when it is automatically settled directly into the respective businesses Paygenius account.
Key Advantages
One of the primary advantages of the auto-settle feature is its ability to eliminate the need for funds to pass through the hands of the seller. Instead, funds are held in trust at the payment gateway and settlements occur directly from the payment gateway to the supplier, without adding intermediaries and associated risks. This direct settlement mechanism not only enhances efficiency but also provides financial certainty for all parties involved.
Enhanced Transparency and Reporting
In addition to facilitating seamless transactions, the auto-settle feature also promotes transparency and accountability. Live reports on settlement statuses and settlement times are readily available within Activitar and PayGenius platforms. These empower stakeholders with valuable insights into their associated cash flows.
Ensuring Timely Settlements
Settlement of monies occurs promptly, typically two days after the activity takes place, directly from the payment gateway trust account. This streamlined process ensures that payments are never delayed, offering reassurance to all members of the network. By eliminating the risk of payment delays, the auto-settle feature fosters a collaborative environment where inventory sharing can occur freely and confidently.
Expansion and Future Outlook
While currently available in South Africa, in line with Activitar’s growth strategy, plans are underway to expand the auto-settle solution to other markets in collaboration with payment gateway partners local to those regions. Activitar is already integrated with many international payment gateways, but so far can only offer auto-settle for cross sell transactions with PayGenius users in South Africa.
The planned strategic expansion of the facility in cooperation with international payment gateway partners aims to extend the benefits of participating in the Activitar cross sell network via secure and streamlined financial transactions to a broader audience. This auto-settle solution underlines Activitar’s track record as an innovation leader in tours and activities. One that delivers innovations that work for its customers.
In conclusion, Activitar’s exclusive auto-settle feature, developed in collaboration with Paygenius, represents a means that tours and activity companies have access to fintech that ensures cross selling among small businesses can be secure and seamless. By automating settlement processes, enhancing transparency, and guaranteeing timely payments, this innovative solution empowers suppliers and sellers to operate with confidence in an increasingly dynamic market landscape.
As the industry evolves, Activitar’s auto-settle feature stands poised to continue driving efficiency and reliability in financial transactions, and will allow collaborative trading to become a cornerstone of the global tours and activities industry
To learn more about Auto-Settle, feel free to contact support@activitar.com
We’ll be happy to assist you every step of the way!