Seller Payment Policy

At PRIMECREW SERVICES PRIVATE LIMITED, we prioritize clarity and trust in all financial transactions with our sellers. This policy is designed to ensure that our sellers receive timely and accurate payments for their sales on Lokbuy, our fashion marketplace. Please read the following guidelines carefully to understand how the payment process works.

1. Payment Frequency

Sellers will be paid on a bi-weekly basis, with payments being processed every two weeks. This will ensure a regular flow of income for sellers while giving us adequate time to verify and process transactions. Payments are initiated within 3-5 business days after the end of each payment cycle.

Example: If you make a sale during the first week of the month, you will receive the payment for that sale during the second payment cycle.

2. Payment Method

Sellers must provide their bank account details during the registration process. Payments will be transferred directly to the bank account provided. Accepted payment methods are:

  • Bank Transfer (NEFT/IMPS/RTGS)
  • UPI Transfer (if applicable)

It is the responsibility of the seller to ensure that the bank details are accurate and up-to-date. Incorrect details or account issues can lead to delays in payments.

3. Payment Processing Time

Once a payment has been initiated, it typically takes 3-5 business days for the payment to be successfully credited to the seller’s bank account. This processing time depends on the seller’s bank and its internal processing timelines.

Please note that during public holidays, the payment processing may be delayed. Sellers will be notified in advance of any such delays.

4. Payment Deduction

Certain fees may be deducted from the seller’s total payout, including but not limited to:

  • Transaction Fees: A small percentage of each sale will be retained by Lokbuy as a transaction fee.
  • Return/Refunds: If a product is returned by the buyer or a refund is initiated due to any issue with the product, the seller’s payment will be adjusted accordingly. Sellers should account for returns when pricing their products.
  • Chargebacks: In case of chargebacks initiated by the buyer’s bank or payment provider, the corresponding amount will be deducted from the seller’s payment.

Fee Transparency: A detailed breakdown of all fees and deductions will be shared with sellers in their dashboard, ensuring complete transparency.

5. Order Cancellation & Refunds

  • If an order is canceled by the buyer before shipment, the seller will not receive any payment for that order.
  • If a product is returned, refunded, or disputed after delivery, the payment will be reversed, and the seller will be notified.

Sellers should take extra care in processing and packaging orders to minimize cancellations and refunds. Lokbuy encourages sellers to offer high-quality products and clear descriptions to avoid returns.

6. Minimum Payment Threshold

To maintain a streamlined payment process, we have set a minimum payment threshold of ₹500. This means that your total earnings must reach ₹500 or more before a payment will be processed.

If the balance is below ₹500, your payment will be rolled over to the next payment cycle until the threshold is met.

7. Failed Payments

If a payment fails due to incorrect banking details, such as an invalid account number or IFSC code, or if there is an issue with the seller’s bank account, we will make attempts to contact the seller and resolve the issue.

The payment will be re-attempted after the seller provides the correct banking details. Payments that remain unresolved for 30 days will be returned to our system.

Important: Sellers must ensure their bank details are up-to-date to avoid payment delays. We recommend that sellers regularly check their banking information in the Lokbuy portal.

8. Tax Compliance

Sellers are solely responsible for reporting and paying any taxes applicable to their income from sales on Lokbuy. This may include:

  • GST (Goods and Services Tax) in India.
  • Income Tax based on the seller’s earnings.

Lokbuy does not deduct taxes from payments. Sellers should consult a tax professional to ensure compliance with local laws and regulations.

Important: If any government agency requires Lokbuy to deduct taxes from payments due to non-compliance, we will deduct the appropriate amount from the seller’s payment.

9. Payment Disputes

If a seller believes that a payment is incorrect or if they experience any issues with their payouts, they should contact our support team immediately. Disputes must be raised within 7 days of the payment date to ensure a timely resolution.

Our support team will investigate the issue and respond within 3 business days. In case of an ongoing dispute, the seller’s payment will be temporarily withheld until the issue is resolved.

10. Suspended or Terminated Seller Accounts

If a seller’s account is suspended or terminated for any reason (such as policy violations, fraudulent activity, or failure to meet platform requirements), any pending payments may be withheld until the issue is resolved.

In such cases, the seller will be informed in writing about the reason for suspension or termination and will have the opportunity to appeal the decision. If the seller’s account is permanently closed, any outstanding funds will be forfeited unless otherwise determined by our support team.

11. Payment Statement

Sellers will receive a payment statement via email for every payment cycle. This statement will detail:

  • Total sales made
  • Deductions (fees, returns, chargebacks, etc.)
  • The final amount paid
  • Payment date

Sellers can also view detailed transaction history in their Lokbuy seller dashboard.

Contact Information

If you have any questions or concerns regarding this Seller Payment Policy or need assistance with any payment-related issues, please do not hesitate to contact us. Our support team is available to help you.

PRIMECREW SERVICES PRIVATE LIMITED
B/326, MASTER MIND, 4 ROYAL PALMS, UNIT NO. 26, Aareymilk Colony, Mumbai, Goregaon East,400065
Phone: +91-9211418164
Email: primecrewpvtltd@gmail.com
Email: info@lokbuy.co

For immediate assistance, please reach out to our support team through email or phone. We are here to ensure that your experience as a seller is smooth and hassle-free.