Seller Payment Policy for GOVERVE TRADERS PRIVATE LIMITED (Marketplace)
Effective Date: 01-Nov-2024
This Seller Payment Policy outlines the terms and conditions governing the processing, disbursement, and handling of payments to sellers who use the GOVERVE TRADERS PRIVATE LIMITED marketplace platform. By registering as a seller on our platform, you agree to comply with this policy in conjunction with the Seller Terms and Conditions, Refund and Cancellation Policy, Privacy Policy, and other relevant policies.
- Payment Overview 1.1. Marketplace Payments
As a seller on our marketplace platform, you will receive payments for products sold on the platform. Payments are processed through secure third-party payment gateways and will be deposited into your designated bank account based on the terms outlined below.
1.2. Payment Cycle
Payments for completed orders will be processed and disbursed on a regular cycle, usually within [X] business days from the date the order is successfully delivered to the customer and the return/refund period has elapsed. - Payment Processing 2.1. Payment Method
Payments will be processed via electronic bank transfer to the bank account you provide during registration. The funds will be transferred to the designated account after deducting platform fees and any applicable taxes.
2.2. Payment Gateway Providers
Payments for products sold on the Marketplace will be processed through a secure third-party payment gateway, ensuring a smooth transaction process. Seller payments will be credited to their bank accounts through these payment gateways, less the commission and transaction fees.
2.3. Commission and Fees
GOVERVE TRADERS PRIVATE LIMITED will charge a commission on each sale made through the Marketplace. This commission will be automatically deducted from the total amount due to the seller before payment is processed. The commission rates will vary depending on product categories and will be disclosed to the seller at the time of registration and on the seller’s dashboard.
2.4. Tax Deductions
Applicable taxes, including GST, will be deducted as per Indian taxation laws. You, as the seller, are responsible for handling your tax liabilities and ensuring compliance with Indian tax regulations. - Payout Timing and Frequency 3.1. Payout Schedule
Seller payouts will be made after the successful delivery of the product to the customer and the expiry of the return window (as per the Returns and Refund Policy). The typical payout period is within [X] business days after delivery, subject to no pending issues with the order (e.g., disputes, chargebacks, or pending refunds).
3.2. Frequency of Payouts
Payouts will be made on a bi-weekly or monthly basis (depending on your agreement with the Marketplace). Sellers can view the status of their pending payouts in the seller dashboard.
3.3. Minimum Payout Threshold
A minimum payout threshold (for example, ₹500 or ₹1,000) may apply before payouts are processed. If the seller’s earnings are below this threshold, the payment will be carried over to the next payout cycle. - Payment Disbursements 4.1. Bank Account Details
Sellers must provide valid bank account details for payment disbursements. The account must be in the name of the registered business entity or individual. Payments will be made to the designated account provided during the registration process.
4.2. Changes to Bank Account Information
If the seller wishes to change their bank account information, they must update their account details through the seller dashboard. Any changes to bank account details will only be processed after verification.
4.3. Payment Currency
Payments will be made in Indian Rupees (INR). If the seller operates in a different currency, conversion fees may apply depending on the bank or payment provider.
4.4. Payment Reference
Sellers will receive payment references for each payout, which will include details of the order ID, total sale amount, deducted fees (if any), and the final payout amount. - Commission and Fees 5.1. Marketplace Commission
GOVERVE TRADERS PRIVATE LIMITED charges a commission on each sale made through the Marketplace. The commission percentage varies by product category and is subject to change based on market conditions and at the sole discretion of the Company.
5.2. Payment Gateway Fees
Payment gateway providers may charge transaction fees for processing payments, which will be deducted from the seller’s payout.
5.3. Other Fees
Additional fees may apply for services such as promotions, advertisements, and subscription packages (if any). These fees will be clearly stated and communicated to sellers. - Refunds, Chargebacks, and Deductions 6.1. Refunds
If a customer requests a return or refund in accordance with our Returns and Refund Policy, the seller is responsible for processing the return and issuing the refund. The amount refunded will be deducted from the seller’s future payouts.
6.2. Chargebacks
If a chargeback occurs, where a customer disputes a transaction, the amount in question will be deducted from the seller’s pending payout. The seller is responsible for handling chargebacks and ensuring compliance with payment gateway policies.
6.3. Deductions for Non-Compliance
If a seller fails to comply with the Shipping and Delivery Policy, Seller Terms and Conditions, or other relevant policies, we may deduct applicable penalties or fees from the seller’s payout.
6.4. Late Fees for Delayed Shipments
If a seller consistently delays the shipment of orders beyond the committed timelines, the Marketplace may impose a penalty or fee. This will be deducted from the seller’s future payouts. - Disputes and Payment Issues 7.1. Payment Disputes
In case of any disputes regarding a payment, the seller must contact our support team within [X] business days of the payment disbursement date. Disputes will be reviewed, and the necessary action will be taken based on the investigation.
7.2. Delayed Payments
In case of delays in processing payments, sellers will be notified via email or phone. Any issues or delays caused by the payment gateway or bank will be resolved in accordance with the payment gateway provider’s policies.
7.3. Suspended Accounts
If a seller’s account is suspended for any reason, including violation of policies or non-compliance, payments for pending orders may be delayed or withheld until the issue is resolved. - Seller Payment Account Management 8.1. Viewing Payment Status
Sellers can view their payment status, including pending payouts, commission deductions, and transaction history, through the seller dashboard.
8.2. Payment Notifications
Sellers will receive email notifications regarding the status of their payments, including confirmation of payment disbursements, payment reference numbers, and any adjustments made to their payouts.
8.3. Accessing Past Transactions
Sellers can access a history of past transactions, including sales, refunds, fees, and commissions, in their seller dashboard for accounting and auditing purposes. - Taxes and Reporting 9.1. Tax Deductions
GOVERVE TRADERS PRIVATE LIMITED will deduct applicable taxes, including GST or any other taxes as per Indian regulations, from the payments owed to the seller.
9.2. GST Compliance
Sellers are responsible for complying with GST and other tax regulations. The GST amounts will be deducted from payouts as applicable, and sellers are expected to provide their GST registration details.
9.3. Tax Reporting
Sellers are required to maintain proper tax records and are encouraged to consult with a tax professional for proper tax reporting and filing of returns related to their business activities on the Marketplace. - Payment Policy Modifications 10.1. Policy Updates
We reserve the right to update or modify this Seller Payment Policy at any time. Sellers will be notified of significant changes via email, and the updated policy will be available on the website.
10.2. Seller Acknowledgement
By continuing to sell on the marketplace, you acknowledge and accept any changes made to the payment terms and conditions. - Contact Information
For any questions or clarifications regarding this Seller Payment Policy, please contact our support team at:
Email: govervetraders1@gmail.com, info@goverves.com
Phone: 8448397158
Address: 610, 6TH FLOOR, BEST SKY, TOWER, NSP PITAMPURA, Delhi 110034 - Conclusion
By registering and selling on the GOVERVE TRADERS PRIVATE LIMITED marketplace platform, you agree to abide by the terms and conditions outlined in this Seller Payment Policy. It is your responsibility to ensure that your payment details are accurate and up to date, and that you are in compliance with all tax laws and payment terms.