How are payments processed, and when do I receive payouts?

 

1. Order Placement:

When a customer places an order on your e-commerce store, the platform processes the payment using the chosen payment method (credit card, Debit card etc.).

2. Payment Processing:

The e-commerce platform verifies and processes the payment. This involves confirming the payment details, checking for fraud, and ensuring that the customer has sufficient funds.

3. Order Fulfillment:

Once the payment is successfully processed, the platform notifies you as the seller to fulfill the order. This involves preparing the products for shipment or providing digital goods or services.

4. Shipping Confirmation:

After fulfilling the order, you update the platform with shipping details. For physical products, this includes providing a tracking number.

5. Delivery Confirmation:

When the customer receives the order and confirms its delivery, the platform acknowledges the successful completion of the transaction.

6. Delivery Confirmation:

The payment settlement period refers to the time it takes for the e-commerce platform to reconcile and transfer the funds from the customer’s payment to your seller account.

7. Payout Schedule:

Platforms typically have a payout schedule outlining when sellers can expect to receive their funds. This schedule varies between platforms and may range from daily to weekly or even longer.

8. Payout Methods:

Sellers often have the option to choose their preferred payout method. Common methods include direct bank deposits, checks, or payment processors like PayPal. Ensure that your payout method is set up correctly in your seller account.

9. Hold Periods and Reserves:

Some platforms may impose hold periods or reserves, especially for new sellers or high-risk products. This means that a portion of your earnings may be temporarily held before being released in payouts.