There are 3 points in payment settlement policy.

1) Reserve Fund

2) Net Payable To Seller

3) Net Receivable From Seller

1) Reserve Fund

Initially for any order amount funds will be displayed 1st in Reserve Fund in seller Statement of Account.

From Reserve Fund amount will be transferred to Net Payable To Seller after the return/replacement period is expired/over + 2 days for particular product ordered.

This Reserve Fund is to ensure that there is enough funds available to fulfil refund of buyers request, chargeback or claims.

If any claim or return/refund/replacement request is placed by the buyer than that amount will be hold in the Reserve Fund until the

 Vedson might also hold your funds in reserve funds if there is any vulnerability in your seller account, sales or any other activity.

2)Net Payable To Seller

This amount indicate that amount is payable to seller by Vedson marketplace.

For any order after the return/replacement policy Days is over/expired + 2 days than only amount of that order will be displayed/added in Net Payable To Seller From Reserve Fund.

3)Net Receivable From Seller

This amount indicate that amount is receivable by the marketplace (Vedson) from the seller.

Payment Settlement:

Vedson has a normal practice of payment settlement (Net Payable To The Seller) to the sellers having payment cycle within 3 days from the date of Return/Replacement Period Days is expired + 2 days of particular product mentioned on product detail page for all sellers registered with Vedson. If any return/replacement request is not registered by the customer.

Payment Settlement days for all sellers will be Monday, Wednesday, Friday.

Example of payment settlement cycle, reserve fund and net payable to seller for return policy 1 day selected by the seller – Seller gets order on 1st January 2024, return/replacement period for that ordered product is 1 day after the package is delivered to the buyer.

1) Seller Confirm order.
    Seller Make Order – Ready to Ship.
    Seller Ships the Order – Shipping Company person pick up the order from seller warehouse / self ship   
    by seller.

2) Initially order amount will be displayed/added in Reserve Fund as soon as seller has shipped the product.

3) Suppose Package is delivered to the buyer on 5 Janurary 2024.

4) Return/Replacement period of the ordered product ends on
    Package Delivered Date + Return Policy Days + 2 Days Internal Settlement
    time.
    5 Jan 2024 + 1 day  + 2 days which comes to 8 January 2024.

5) On 8 January 2024 , Monday order amount will be transferred from Reserve
    Fund to Net Payable To Seller in seller statement of account. Seller Panel à
    Payments à Statement of Accounts.

6) Payment settlement day/Seller will receive payment for this order- As amount got transferred to Net Payable to
    seller on Monday than as per payment cycle Funds will be disbursed to the seller bank account on 10 jan 2024,
    Wednesday.

Payment Cycle

As in above example case we have seen that payment for an order will be transferred From Reserve Fund To Net Payable To Seller on 8^th January 2024 Monday. For each seller payment cycle day is Monday, Wednesday, Friday.
So in this case amount will be disbursed to seller bank on Wednesday i.e 10 January 2024.

Same will apply to all when amount will be displaying in Net payable to seller uptil Wednesday than that payment will be disbursed on Friday to sellers bank.

Same will apply to all when amount will be displaying in Net payable to seller uptil saturday than that payment will be disbursed on Monday to sellers bank.

In case of holiday on Monday, Wednesday and Friday. Than amount will be disbursed on next day or next payment cycle as per availability.