Payment Terms and Payout Settings

In this article, you will learn how marketplace payment terms can be set up for managing returns and vendor payouts 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 payments 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:

1. 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:

Click the dropdown box and select either option a or b to select your Standard Return Terms.

a. Returns allowed - Once selected add the number of days your customers can return the product post order fulfilment in the textbox.

b. No Returns allowed - Select 'No returns allowed' if no returns will be offered post-sale".

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).

Payment Terms 

2. 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 fulfilment, Post Fulfilment and Post Return Expiry. 

Scroll down to Payment Terms on the returns page you were directed to in Step 1 in order to locate these three options by Selecting the 'Type' dropdown option. 

A. Pre-fulfillment - If you select Pre-fulfillment the other field of the number of days will grey out automatically as you will pay your vendors once they accept the order but before they ship the product.

B. Post-fulfilment - Add the number of days when you will be paying your vendors once they ship the order and add shipment tracking information to it.

C. Post returns period expiry - Add the number of days when you will be paying your vendors once the product is delivered and the returns period has elapsed. If you choose this option make sure you configure your returns terms correctly. 

Advance Payment Terms

3. You can also set Advance Payment terms in order to pay your vendors.

Advance payment terms can be set up on the basis of Vendors. This will allow the operator to set up vendor-specific payment terms. There can be multiple combinations set up for payments.


4. Click Submit to save the settings.

                                                                                                                                                                                                     

Got more questions? Use the chatbox on the right to get in touch with us or email us at support@marketcube.io

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