The first step to using xenPlatform is to create accounts that are linked to your business. The balance and transactions of these accounts are recorded separately from your Platform. This separation allows you to easily keep track of payments that you facilitate for the Partners that you work with.
There are 2 types of accounts that are available:
- Owned accounts - accounts that are invisible to your Partners and fully controlled by you
- Managed accounts - Partners get a full Xendit account that you can transact on behalf of
These 2 accounts types are designed for different use cases. Here are the differences and suggested use cases below:
|Description||Accounts that are invisible to your Partners and fully controlled by you||Partners get a full Xendit account that you can transact on behalf of|
|Best for||Platforms that want to get started accepting payments for their Partners quickly with minimal documentation collection overhead||Platforms that want to enable their Partners to provide a highly customized payments experience to end-customers|
|Do your Partners need to submit information to Xendit for onboarding?||No||Yes|
|Whose information displayed to the public? (e.g. on credit card statements, ewallet apps, etc.)||Platform||Partner|
|Who has the ability to specify payout schedules?||Platform||Platform or Partner|
|How can Partners access the Xendit Dashboard?||Invite Partners to access the Dashboard after the account is created. Learn more on the following page||Partners automatically get access when the account is created|
|Who pays Xendit transaction fees?||Platform||Partner|
If you require more guidance or something else, please contact us for a free consultation.