How to set-up Schedule Payments?

In this article we will learn how you as an Operator can set-up schedule payments. Before we go ahead to learn the steps to enable Schedule Payments, let's learn what is Schedule Payments and how it helps in streamlining your Vendor Payouts.

What is Schedule Payments?

Schedule Payments is a functionality that allows you to set-up a date for Vendor Payouts. At present, the Vendor Payout for an order is calculated on the basis of Payout Terms and Payout Settings defined by you (for more details on this, please refer to this article). With the help of Schedule Payments, you can now also set a predefined day of a month for Vendor Payouts. It thus gives you greater flexibility in terms of managing payout terms with your associated Vendors.

Schedule Payments functionality in Marketcube allows you to create rules for associated Vendors based on different selection criteria. These are-

1. Set-up Schedule Payments for all of the Vendors - This allows you to schedule payments for all of your associated Vendors.
2. Set-up Advanced Schedule Payments Rules - The feature allows you to schedule one payment rule for one set of selected Vendors, while defining a different schedule payment rule for rest of the Vendors.
3. Set-up Schedule Payments for selected Vendors - This allows you to schedule payments for a selected set of Vendors.

We'll now see how to set-up Schedule Payments with a step-by-step guide.

A. Set-up Schedule Payments for all of the Vendors

This allows you to schedule payments for all of your associated Vendors. To do so, please read the instruction listed below-

1. Log in to your Operator Dashboard and head to Settings >> Payments>> Schedule Payments.
2. Once you are into the Schedule Payments section, you'll notice that by default the functionality is disabled. Please click on the Enable button to enable the functionality.
3. You will now see a notification at the bottom at the screen confirming the successful action, and the option to define the payments is activated. Please note that the Save button is not activated until you define and set schedule payments
4. Now select the 'Enable schedule payments for all vendors' radio button to choose the option.
5. Under the 'Select Order Status', you can define for which orders you want to trigger the payout based on Order status. Here, you can either select to make payments for orders which are in 'Accepted stage' or for the orders which are in 'Fulfilled stage'.
6. Now select the day of the month on which you want to trigger the payment. For example, if you select 15, the payments will be triggered on 15th of every month.Please note that on the basis of settings that we have defined in the above screenshots, payments are scheduled on 15th of every month for all of the associated vendors.
7. Once done, click on the Save button to save the settings.

Important Note:- Enabling schedule payments for all Vendors will over-write the payment date generation settings defined in 'Payout Terms and Payout Settings'.

B. Set-up Advanced Schedule Payments Rules

The feature allows you to schedule one payment rule for one set of selected Vendors, while defining a different schedule payment rule for rest of the Vendors. That essentially means that if you have created a schedule payment rule for all of the vendors, you can also select a set of vendors and define a different payment rule to those specific vendors using the 'Advanced Schedule Payments' option.

To do so, please read the instruction listed below-

1. Under the Schedule Payments section, select 'Enable schedule payments for all vendors' radio button to choose the option.
2. Now, first, define the payment rules for all vendors under the 'Schedule Payments' section. {as defined in Part A of this article}
3. Once you have defined global Schedule Payments settings, now click on the 'Advanced Schedule Payments Settings' to enable advanced settings for schedule payments.
4. You'll notice that a new sub-section for 'Advanced Schedule Payments' has appeared just below the 'Schedule Payments' section.
5. Now select the Vendor for whom you want to defined a different rule - apart from the one set in 'Schedule Payments' section above.
6. Once you have selected the Vendor, please select for which 'type of orders' you want the payout to be triggered for the selected Vendor, and then proceed to select the 'day of the month' for payments.
7. You can also add more than one Vendors while enabling schedule payments for selected Vendors by clicking on the Add vendor button.Please note that on the basis of settings that we have defined in the above screenshots, payments are scheduled in the following manner for associated Vendors-
   a. Payout date for Vendor 'Tintin' is 20th of every month.
   b. Payout date for Vendor 'Baker Street' is 5th of every month.
   c. Payout date for all of the other Vendors is 15th of every month.
8. Once you are done defining the rules, click on the Save button to save the settings.

Important Note:- Enabling schedule payments for all Vendors will over-write the payment date generation settings defined in 'Payout Terms and Payout Settings'.

C. Set-up Schedule Payments for selected Vendors

This allows you to schedule payments for a selected set of Vendors. To do so, please read the instruction listed below-

1. Under the Schedule Payments section, now select the 'Enable schedule payments for selected vendor' radio button.
2. From the list of your Vendors, select the Vendor for whom you want to set schedule payments.
3. Now select for which 'type of orders' you want the payout to be triggered for the selected Vendor, and then proceed to select the 'day of the month' for payments.
4. You can also add more than one Vendors while enabling schedule payments for selected Vendors by clicking on the Add vendor button.Please note that you can define different set of order type rules and payout dates for different vendors
   
5. You can also use the dustbin icon to delete any rule that you might have created.Please note that on the basis of settings that we have defined in the above screenshots, payments are scheduled in the following manner for associated Vendors-
   a. Payout date for Vendor 'Freeman' is 15th of every month.
   b. Payout date for Vendor 'Baker Street' is 20th of every month.
   c. Payout date for all of the other Vendors is calculated based on the settings defined in  'Payout Terms and Payout Settings'.
6. Once you are done defining the rules, click on the Save button to save the settings.

Important Note:- Enabling schedule payments for the selected set of Vendors will over-write the payment date generation settings defined for these particular vendors in 'Payout Terms and Payout Settings'.

With this, we have seen how Schedule Payments work to set payment dates for associated Vendors. There are however certain important notes that are to noted while setting-up Schedule Payments, please read them here-

1. The rules defined in Schedule Payments over-write the payment date generation settings defined in 'Payout Terms and Payout Settings'.
2. By selecting a specific date you are selecting schedule payments date for every month.
3. If you select an upcoming date, the due date will be generated for the same month but if you select a date that has been passed, the due date will be generated for the next month.
4. You can set month days from 1st to 30th of the month only, and not 31st.
5. In case of the month of February, due date is calculated as 28-Feb by the system in case of a non-leap year (if dates are set as 29th or 30th); and the due date is calculated as 29-Feb by the system in case of a leap year (if date is set as 30th).

We hope that the article was of help. In case of any further questions, please feel free to write to us on support@marketcube.io