Payment Terms and Payout Settings
In this article, you will learn how marketplace payment terms can be set up for managing returns and vendor payout terms. Payment Terms address the return policy which determines whether returns are allowed or not and how many days returns are allowed in. Payout terms refer to when the sellers/vendors get paid.
Marketcube allows to set up a Standard return policy as well as an Advanced return policy. Advanced return policies allow you to set up different return policies for different vendors, whilst the standard return policy is applied to other vendors not set up in the advanced return policy. Setting up advanced return terms is optional, if you wish to set a return term that applies to all vendors only set up standard return terms, this will be applied to all vendors.
The payout terms set under payment terms are the payment schedule of paying the vendors for the orders, as in paying the vendors before fulfilling the orders, after fulfilling the orders, or after the expiration of the return period. On Marketcube, we also offer advanced return terms where you can set up different payout terms for different vendors. Similar to advance return terms, vendors who have not been set up in advanced payout terms will be paid according to the standard payout term set.
In order to set the payout schedule, it is required for the store operator to set the return and payment terms.
As a part of payment management Marketcube provides a Payment terms setup to the Operator for configuring the vendor's payment schedule after choosing the appropriate returns policy, the vendor's payment schedule will be configured.
Firstly, choose your returns policy used to configure your vendor payments schedule.
How to set up Payment Terms and Payout Settings:
- Click on the Settings icon. >> Click Show for the Payment panel. >> Click Payment Terms and Payout settings.
- Returns can be set up in two ways:
- Returns allowed - Once selected add the number of days your customers can return the product post order fulfillment in the textbox.
- No Returns allowed - Select 'No returns allowed' if no returns will be offered post-sale".
- Click the dropdown box and select any option to select your Standard Return Terms.
- Advance Return Terms
If you scroll down to Advance Return Terms you can also set return terms for a specific vendor of yours. There's no limit to how many you can add. Any vendor not set up in advance return Terms will adhere to the standard return policy set (as shown above).
- The payment terms are the payment schedule of paying the vendors for the orders, as in paying the vendors before fulfilling the orders, after fulfilling the orders, or after the expiration of the return period. In Marketcube you get three options to pay your vendors to complete the configuration of your vendor's payment schedule: Pre fulfillment, Post Fulfilment, and Post Return Expiry.
- Pre fulfillment - You will pay your vendors once they accept the order but before they ship out the product.
- Post fulfillment - You will pay your vendors once they add shipment tracking information.
- Post returns expiry - You will pay your vendors once the product has been delivered and the returns period has elapsed.
- Advance Payment Terms
If you scroll down to Advance Payment Terms you can also set payment terms for a specific vendor of yours. There's no limit to how many you can add. Any vendor not set up in advance payment Terms will adhere to the standard payment policy set (as shown above).
4. Click Save to save the settings.
Got more questions? Use the chatbox on the right to get in touch with us or email us at email@example.com.