Seller Payment Policy | THOTFY
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Seller Payment Policy

1. Overview

This Seller Payment Policy outlines the payment terms and processes for all sellers registered on the Thotfy platform. It includes details on commission charges, payment cycles, deductions, and settlement timelines to ensure transparency and trust.

2. Commission Structure

  • Thotfy charges a commission on every successful sale.
  • Standard Commission Rate: 8% (inclusive of platform, service fees and Payment gateway charges) + Taxes(Depends on the Seller Type).
  • Commission and charges are automatically deducted before the final settlement.

3. Payment Cycle

  • Payments are processed weekly, every Wednesday.
  • All orders marked as "Delivered" and completed (i.e., past the return window) by Tuesday11:59 PM will be included in that week’s payout.
  • Orders with returns, disputes, or delivery failures will be excluded from that cycle.

4. Settlement Timeline

  • Funds are transferred to the seller’s registered bank account within 7-15 business days after the payment cycle begins.
  • Sellers receive an itemized payout report detailing:
    • Total sales
    • Commissions deducted
    • Taxes (as applicable)
    • Final payable amount

5. Deductions

Deductions from the seller’s earnings may include:

  • Platform commission
  • Payment gateway fees
  • Reverse shipping fees (in case of returns initiated by the buyer)
  • Penalties or fines for policy violations (e.g., fake listings, late dispatch, etc.)
  • GST and applicable taxes (as basis of business type)

6. Refund & Return Handling

  • In case of a return/refund, the sale amount is reversed from the upcoming payment cycle.
  • If the seller has already been paid, the refunded amount will be adjusted in the next payout.

7. Payment Eligibility

Sellers must ensure:

  • Bank account details are correctly updated.
  • KYC is completed and verified.
  • No active violations or pending disputes.

8. Invoicing & Taxation

  • Sellers are responsible for issuing invoices to customers.
  • Thotfy provides downloadable sales reports for tax filing.
  • GST-registered sellers should declare their GSTIN to receive proper invoice summaries.

9. Disputes & Grievance Redressal

Any concerns related to payments must be raised to support@thotfy.com within 7 days of receiving the settlement report.

10. Policy Updates

Thotfy reserves the right to update this policy periodically. Sellers will be notified of significant changes via email or dashboard alerts.

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