Seller Payment Policy

This Seller Payment Policy outlines how sellers on Lokbuy will be paid for their sales, how payment timelines are managed, and what deductions may apply. By selling on Lokbuy, you agree to the terms described below.

1. Payment Process

  • After a buyer places an order and it is successfully delivered, the payment for that order is processed.
  • Lokbuy collects payment from the buyer and holds it temporarily to manage returns, cancellations, and disputes.
  • Once the order is marked as completed (typically after the return period ends), Lokbuy initiates the payout to the seller’s registered bank account.

2. Payment Cycle

  • Payments are processed on a bi-weekly basis (every 15 days).
  • Only completed orders (not under return, refund, or dispute process) are eligible for payout.
  • Sellers must ensure their bank account details are correct to avoid any delay in receiving payments.

3. Deductions and Fees

Before releasing the payment, Lokbuy will deduct applicable charges such as:

  • Commission Fee: A fixed percentage agreed at the time of registration based on the product category.
  • Transaction Fee: Bank or payment gateway charges, if any.
  • Penalty Fees: If applicable (for policy violations, cancellation charges, or late dispatch).

All deductions will be clearly shown in the seller dashboard and payout statements.

4. Minimum Payment Threshold

  • Sellers must reach a minimum payout threshold of ₹500 for the payment to be processed.
  • If the payout is less than ₹500, it will be carried forward to the next cycle until the threshold is met.

5. Payment Delays

Payments might be delayed under the following circumstances:

  • Disputes or complaints raised by the buyer.
  • Seller account verification issues (incorrect bank details, missing documents).
  • Public holidays or technical issues at the bank/payment gateway.

Lokbuy will inform sellers promptly in case of any delay and work to resolve the issue as quickly as possible.

6. Tax Deductions

As per Indian laws:

  • TDS (Tax Deducted at Source) may apply if the seller’s earnings cross the legal threshold.
  • Sellers will receive TDS certificates (Form 16A) for claiming deductions when filing their tax returns.
  • GST will be applied where applicable, and sellers must ensure their GST information is accurate and updated in their account.

7. Refunds and Chargebacks

If a buyer requests a refund after payment has been made to the seller:

  • Lokbuy may adjust the amount from the seller’s next payout.
  • If no upcoming payouts are pending, Lokbuy may request the seller to repay the amount.

Chargebacks and disputes raised through payment providers will also be adjusted against the seller’s earnings.

8. Account Termination or Suspension

If a seller’s account is suspended or terminated:

  • All pending payments will be held until any ongoing disputes are resolved.
  • Lokbuy reserves the right to deduct outstanding penalties or amounts due before making any final settlement.

Contact Information

If you have questions or need assistance regarding payments, you can contact us at:

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