Seller Payment Policy

Effective Date: 01-November-2024

Introduction

This Seller Payment Policy describes how payments are processed and managed for vendors operating on the PAYLIT TECHNOLOGY PRIVATE LIMITED. By joining as a seller, you agree to comply with this payment policy alongside our Seller Terms of Service, Refund & Return Policy, Privacy Policy, and other relevant guidelines.

1. Payment Summary

1.1 Payment Processing: Payments for goods sold through shopnion.com will be transferred to your registered bank account via trusted third-party payment processors.

1.2 Payment Schedule: Remittances for completed and delivered orders are processed regularly, usually within a fixed period (e.g., 7 business days) after order delivery confirmation and once the return/refund period ends.

2. Payment Handling

2.1 Payment Method: All payments will be electronically sent to the bank account details you provide at the time of registration. Transfers will be subject to deductions like marketplace fees and applicable taxes.

2.2 Gateway Partners: Transactions are handled securely by external payment gateways, ensuring that funds, minus commissions and processing charges, reach your account promptly.

2.3 Fees & Commissions: PAYLIT TECHNOLOGY PRIVATE LIMITED levies a commission on each sale. The rate varies by product category and is disclosed during onboarding and available on your seller dashboard.

2.4 Tax Deductions: Statutory deductions including Goods and Services Tax (GST) and any other taxes mandated by Indian laws will be withheld at source as applicable. Sellers are responsible for tax compliance.

3. Payment Disbursement Cycle

3.1 Timing: Payments are released after confirming successful delivery and expiry of any applicable return window. The standard processing timeframe is typically within 7 business days post-delivery.

3.2 Frequency: Settlements occur on a bi-weekly or monthly cadence based on the terms agreed upon at registration.

3.3 Minimum Payout: A minimum payment threshold (e.g., ₹1000) must be reached before remittance. Amounts below this threshold will accumulate and be paid out in subsequent cycles.

4. Bank Account Requirements

4.1 Account Information: Vendors must provide accurate bank details belonging to the registered seller entity or individual for payment receipt.

4.2 Modifications: Any updates to bank account information must be submitted via the seller portal and are subject to verification prior to effecting payment changes.

4.3 Currency: All payments will be made in Indian Rupees (INR). Currency conversion fees may apply if your bank account is denominated in a different currency.

4.4 Payment Documentation: For each disbursement, you will receive transaction details including order references, gross sales, deductions, and net payout amounts.

5. Charges and Additional Fees

5.1 Commission: Marketplace fees apply per sale, with percentages varying by category and subject to change with notice.

5.2 Transaction Fees: Payment processors may impose fees which will be deducted from seller payouts.

5.3 Other Services: Charges for optional services such as advertising or promotional packages will be clearly communicated and invoiced separately.

6. Refunds, Returns & Chargebacks

6.1 Refund Handling: Sellers are responsible for processing returns and refunds as per the Returns Policy. Refund amounts are subtracted from future payouts.

6.2 Chargebacks: In the event of disputed transactions or chargebacks, disputed amounts may be withheld or deducted pending resolution.

6.3 Penalties: Non-compliance with shipping or marketplace policies can result in deductions or penalties withheld from payouts.

6.4 Late Shipping Fees: Repeated shipment delays may incur penalties deducted from future payments.

7. Dispute Resolution & Payment Issues

7.1 Reporting Disputes: Any concerns regarding payments should be reported to support within 7 business days from payment date.

7.2 Delayed Payments: Sellers will be notified promptly of any delays caused by technical or banking issues.

7.3 Account Suspension: Pending payments may be held if your seller account is suspended due to policy violations or investigations.

8. Access to Payment Information

8.1 Dashboard: Sellers can track payment status, deductions, and transaction history anytime via their dashboard.

8.2 Notifications: Email alerts confirm every payout with comprehensive payment details.

8.3 Records: Historical payout data is accessible for accounting and reconciliation.

9. Tax Compliance

9.1 Tax Withholdings: PAYLIT TECHNOLOGY PRIVATE LIMITED will deduct applicable taxes including GST at source.

9.2 Seller Obligations: Sellers must provide valid tax information and comply with all tax regulations.

9.3 Record Keeping: Sellers should maintain proper financial records and consult tax advisors for filing and compliance.

10. Policy Changes

10.1 Updates: This policy may be amended at any time. Major changes will be communicated via email and updated on the website.

10.2 Acceptance: Continued use of the marketplace constitutes acceptance of updated terms.

11. Contact

For payment-related inquiries or assistance, please reach out:

Email: info@shopnion.com
Address: PAYLIT TECHNOLOGY PRIVATE LIMITED ,

Ground Floor, Shop No. 1,
Plot No. 156, Sheetal Kunj Apartment,
Seawoods West, Nerul, Sector-44,
Navi Mumbai, Thane, Maharashtra – 400706.

12. Agreement

By joining shopnion.com as a seller, you confirm your understanding and acceptance of this Seller Payment Policy. It is your responsibility to keep payment details current and ensure compliance with relevant tax and regulatory requirements.