What is split payments: Definition and 1 Discussions

Split payment (also split payment transaction) is the financial term for the act of splitting (dividing) a single and full amount of payment in two or more simultaneous transactions made by different payment methods and/or enable several individuals to jointly contribute part of the order total. For example: split payment of a $100 to a retail shop can be done when the customer pays $50 in cash and $50 by credit card. Same goes for $50 credit card for both parties. Split payment is not the same as an installment purchase (a.k.a. hire purchase), where payments are done periodically with the same payment method.

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