This article aims to guide you through the settlement process on LaunchMyStore, including where to find settlement information and the typical timeframe involved.
Settlement, also referred to as payouts, is the process by which sellers receive funds from their customers for products or services. It involves multiple parties and is essential for ensuring smooth transactions.
Please note that payouts are processed three times a day: at 11 AM, 4 PM, and 9 PM. For instance, if you receive an online payment at 4:30 PM and deliver the product before 9 PM, the payout will be processed at 9 PM.
However, there are certain conditions under which the settlement process may take longer:
For credit card or credit card EMI payments, you must provide the delivery document.
The first three online payments with an order value exceeding Rs. 1000 will be manually settled by the LaunchMyStore team, which may take 24-48 hours.
All online payments exceeding Rs. 5000 will also be manually settled by the LaunchMyStore team, with a similar timeframe.
If the time between Order Received and Order Delivered is less than 15 minutes, the LaunchMyStore team will manually review the transaction before settling it.
If your transaction limit of Rs. 20,000 is reached, you must complete the KYC process to continue receiving online payments.
Now, let's delve into how the complete settlement process unfolds:
A customer initiates an order on your store through online payment.
Upon accepting the order, the customer is promptly notified that their order has been acknowledged.
You can view the funds currently on hold for your LaunchMyStore. This amount indicates the total funds awaiting transfer to your linked account. To ensure these funds are credited to your account, fulfill the orders and deliver them to your customers.
After you complete the delivery to the customer, the payment will be deposited into your bank account. We handle payouts three times daily, specifically at 11 AM, 4 PM, and 9 PM.
How to verify the status of your payments?
To verify the status of online payments related to your orders, navigate to Manage and select Online Payments.
You can categorize payment statuses as follows: On hold, Payouts, and Refunds.
• On hold - Displays amounts paid by customers but not yet credited to your account. These will be credited upon order delivery.
• Payouts - Shows payments successfully credited to your bank account.
• Refunds - Indicates the amount refunded to your customer in case of order rejection.
"Please contact us at [email protected] if your payment is still pending.
Payouts will only be processed on business days, excluding weekends and public holidays."
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