Effective Date: April 25, 2025
Platform: https://rapidshop.in
Company: Opxora Techno Pvt. Ltd.
Registered Address: Innov8 Okhla, 3rd Floor, 211 Okhla Industrial Estate, Phase 3, South Delhi, New Delhi, Delhi, India – 110020
Email: info@rapidshop.in
Phone: 9220218426
1. Introduction
This Payment Policy outlines the payment procedures, timelines, and other related information for sellers on Rapidshop.in. Sellers are expected to comply with this policy for smooth and efficient payment processing.
2. Payment Processing for Sellers
Payments to sellers are processed based on successful order fulfillment. Here’s how the payment process works:
2.1 Payment Frequency
- Payout Cycle: Payments will be processed weekly (every Monday). Sellers will receive payments for orders completed and dispatched in the previous week.
- Payment Method: Payments will be transferred to the seller’s registered bank account. Ensure that your bank account details are updated and verified to avoid payment delays.
2.2 Payout Criteria
- Order Completion: Payments will only be released after the order is marked as “Delivered” by the customer, confirming that the transaction is complete.
- Returns and Refunds: If a customer returns a product or requests a refund, the payment for that transaction will be withheld until the return is processed and confirmed. The amount will be adjusted in future payouts.
- Transaction Fees: A commission fee will be deducted from the total sale amount before payment is issued. The commission structure will be outlined at the time of registration or in the seller dashboard.
2.3 Payment Adjustment
- If there is a discrepancy in payment (due to returns, refunds, or product disputes), the adjustment will be made in the next payout cycle.
- Rapidshop.in reserves the right to withhold or deduct payments in case of any fraud or policy violations.
3. Transaction Fees and Deductions
Rapidshop.in charges a commission fee on each sale made through the platform. The commission fee varies depending on the category of the product, and sellers will be informed of the exact percentage during the registration process. The fees are as follows:
- Commission Percentage: The standard commission is a fixed percentage of the sale price. This includes platform fees and payment processing charges.
- Shipping Charges: Shipping charges may be either included in the product price or deducted from the seller’s payout, depending on the seller’s shipping preferences.
4. Bank Account Details for Payouts
To ensure timely and secure payment transfers, sellers must provide valid bank account details during the registration process. Required details include:
- Bank Name
- Account Number
- Account Holder Name
- IFSC Code
Sellers must verify that the bank account details are accurate. Any incorrect information may result in delayed payments.
5. Refund and Returns
If a customer requests a refund or returns a product, the following conditions will apply:
- Refund Process: If the return is valid, the seller must process the return within the stipulated time frame. The amount refunded to the customer will be deducted from the seller’s payout.
- Return Requests: Customers can initiate returns within 7 days of receiving the product. Sellers are expected to adhere to the Rapidshop.in return policies for a seamless customer experience.
6. Taxation and Compliance
Sellers must comply with all applicable tax regulations, including Goods and Services Tax (GST) in India or any other relevant tax laws based on their location. Rapidshop.in will not be responsible for any seller’s tax obligations, and it is the responsibility of the seller to:
- Ensure the correct calculation and payment of taxes.
- Provide valid tax details during registration.
- Issue invoices as required by law.
7. Payment Disputes
If there are any issues with payments, such as delays or discrepancies, the seller should contact Rapidshop.in support via the provided email or phone number. Payment disputes will be resolved in accordance with Rapidshop.in’s policies and any applicable laws.
7.1 Dispute Resolution Process
- Step 1: Contact our support team at info@rapidshop.in or 9220218426 within 7 days of the payment issue.
- Step 2: Provide relevant documentation, including transaction IDs, order details, and any communication with the customer.
- Step 3: Our team will investigate the issue and provide a resolution within 7-10 business days.
8. Payment Policy Amendments
Rapidshop.in reserves the right to modify or update this Payment Policy at any time. Sellers will be notified of any significant changes, and continued use of the platform will be deemed as acceptance of the updated terms.
9. Data Retention Policy
In compliance with Rapidshop.in’s Data Retention Policy, payment transaction data, including order history, payout details, and customer feedback, will be retained for 30 days after the completion of the transaction. Sellers are advised to maintain their own records for financial reporting and auditing purposes.
10. Contact Information
For any inquiries regarding payments, transaction disputes, or other related issues, sellers can contact Rapidshop.in support at:
📧 Email: info@rapidshop.in
📞 Phone: 9220218426