NexBazaar.in Vendor Payment Withdrawal Policy
Effective Date: [30/10/2024]
This Payment Withdrawal Policy (“Policy”) outlines the terms and conditions for vendors to withdraw their earnings on NexBazaar.in. By selling on NexBazaar.in, vendors agree to comply with this Policy, which is intended to facilitate timely and secure payouts. If you have any questions or need assistance, please contact our support team at admin@nexbazaar.in.
1. Earnings Calculation and Commission
1.1. Earnings Overview
- Earnings refer to the total amount generated from completed sales, excluding NexBazaar’s commission, transaction fees, refunds, chargebacks, or any other applicable fees.
- Net earnings are calculated after deducting the platform’s commission, payment gateway fees, taxes, and any other applicable costs.
1.2. Commission and Fees
- NexBazaar charges a commission rate on each sale, which is displayed on the vendor’s dashboard. The commission rate may vary depending on the product category and is subject to periodic adjustments.
- Any additional fees, including transaction fees, service charges, or penalties, will be transparently displayed in the vendor’s account.
2. Eligibility for Withdrawal
2.1. Completed Orders
- Payments are eligible for withdrawal once an order is marked as “Completed” in the vendor’s dashboard. Orders are considered complete once the customer confirms receipt and the return window has closed.
2.2. Minimum Withdrawal Threshold
- Vendors must have a minimum balance of ₹[Insert Minimum Amount] to initiate a withdrawal. Balances below this threshold will roll over to the following payout cycle.
2.3. Account Compliance
- Vendors must ensure that their accounts are in good standing and comply with NexBazaar policies. Non-compliance, unresolved disputes, or penalties may impact payout eligibility.
3. Payment Withdrawal Process
3.1. Withdrawal Schedule
- Payouts are processed on a weekly basis, and eligible withdrawals are initiated every [Insert Day, e.g., Friday] to cover all completed orders up to the previous week.
- Withdrawal requests submitted before the scheduled payout day will be processed in the upcoming cycle; any requests submitted after the cutoff will be included in the following cycle.
3.2. Payment Methods
- Payments will be transferred directly to the vendor’s designated bank account. Vendors are responsible for providing accurate bank details to ensure smooth transactions.
- Any delays or issues due to incorrect bank information provided by the vendor will be the vendor’s responsibility.
3.3. Processing Time
- Once a withdrawal is initiated, it may take 2-5 business days for the funds to reflect in the vendor’s bank account, depending on bank processing times.
3.4. Currency
- All payments are made in Indian Rupees (INR). Vendors must have an INR-denominated bank account to receive withdrawals.
4. Withdrawal Holds and Disputes
4.1. Withdrawal Holds
- NexBazaar reserves the right to temporarily hold a vendor’s payout if there are ongoing disputes, pending returns, or unresolved account issues.
- NexBazaar may also place a hold on funds if fraud, policy violations, or legal issues are detected.
4.2. Chargebacks and Refunds
- If a customer initiates a chargeback or refund, NexBazaar may deduct the refunded amount from the vendor’s pending earnings or future payouts.
- Vendors are expected to maintain a fair return and refund process to avoid excessive chargebacks.
4.3. Dispute Resolution
- Vendors may contact NexBazaar at admin@nexbazaar.in if they have concerns or disputes regarding withheld payments. NexBazaar will review all cases and attempt to resolve issues fairly.
5. Taxes and Compliance
5.1. Tax Deductions
- Vendors are responsible for their own tax compliance. NexBazaar may deduct applicable taxes, such as GST, from payouts as required by law. Tax deductions and information will be transparently displayed in the vendor’s account.
5.2. Tax Reporting
- Vendors must ensure accurate information is provided in their tax documentation, including GST details, PAN numbers, and other applicable information. NexBazaar will provide necessary records to vendors as required.
5.3. TDS (Tax Deducted at Source)
- NexBazaar will deduct TDS where applicable and issue necessary TDS certificates to vendors for tax reporting purposes.
6. Vendor Responsibilities
6.1. Accurate Information
- Vendors are responsible for ensuring the accuracy of their bank account, tax information, and contact details in their NexBazaar account. NexBazaar will not be responsible for delays due to incorrect details.
6.2. Policy Compliance
- Compliance with NexBazaar policies, including fair customer service, adherence to return and refund guidelines, and cooperation with dispute resolutions, is essential for uninterrupted payouts.
6.3. Maintaining Sufficient Funds
- Vendors must maintain sufficient funds in their account to cover potential refunds or chargebacks. NexBazaar reserves the right to adjust payouts in case of pending or anticipated refunds.
7. Policy Amendments
7.1. Right to Amend
- NexBazaar reserves the right to amend this Payment Withdrawal Policy periodically. Vendors will be notified of any significant changes. Continued use of NexBazaar’s platform constitutes acceptance of the updated terms.
7.2. Vendor Acknowledgment
- By selling on NexBazaar.in, vendors acknowledge that they have read, understood, and agree to comply with this Payment Withdrawal Policy.
For any questions or further clarification, vendors can reach out to us at admin@nexbazaar.in. NexBazaar is committed to providing timely and transparent payments to all our vendors while upholding a fair and secure marketplace.
This Payment Withdrawal Policy aims to ensure a clear, consistent, and fair payment experience for all vendors on NexBazaar.in.
