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Payout and Transaction Policy

EFFECTIVE DATE: Oct 30, 2024

This Payout and Transaction Policy outlines the procedures and guidelines for processing payments and payouts for store owners using Ooulet ("we," "our," or "us"). By using Ooulet, you ("you," "your," or "store owner") agree to the terms and conditions detailed below.
  1. Payment Processing and Settlements
    1. Payouts refer to the transfer of funds collected from end customer payments to the store owner's account. Ooulet processes payouts in accordance with the following guidelines:
    1. Standard Settlement Period: We aim to process payouts within 2 working days after a successful order is placed on the platform.
    2. Working Days Only: Payouts are processed only on business days (excluding weekends, bank holidays, or public holidays).
  2. Conditions Affecting Payout Timelines
    1. In certain cases, payouts may experience delays based on specific conditions, including but not limited to:
    1. Payment Method: Payments made through specific channels (e.g., credit cards, EMI) may require verification or additional documentation, such as Proof of Delivery.
    2. First-Time Transactions: The first few transactions from a new store may be subject to additional review by our compliance team to ensure account authenticity.
    3. High-Value Orders: Transactions exceeding a certain value threshold will require manual approval and additional verification.
  3. Delays Due to Proof of Delivery
    1. For specific payment methods, such as credit card or EMI, you may be required to submit Proof of Delivery (POD) to verify that the order has been successfully fullled. In such cases:
    1. Payout Hold: Payouts may be held until valid Proof of Delivery is submitted.
    2. Verification Period: Payouts for these transactions may take up to 7 working days to be processed following the receipt of the POD.
    1. Failure to provide Proof of Delivery when requested may lead to a further delay or cancellation of the payout, and the amount could be refunded to the end customer.
  4. Payout Thresholds and KYC Requirements
    1. To ensure compliance and secure transactions, Ooulet imposes certain thresholds for payouts:
    1. Transaction Limits: For orders exceeding a specified monetary threshold, you must complete the Know Your Customer (KYC) verification process. Payouts will be held until KYC is successfully completed.
    2. Compliance Review: If a store account is flagged for suspicious activity, all payouts will be placed on hold until further investigation. Store owners will be required to submit additional documentation, such as KYC or Proof of Delivery.
  5. Payment on Hold: Common Reasons
    1. There are various reasons why a payout may be delayed or held:
    1. Order Not Fulfilled: If an order is not marked as delivered within the system, payouts may be delayed.
    2. Incomplete KYC: Store owners who have not completed the KYC process for large transactions or cumulative payouts above the threshold may experience delays.
    3. Fraud or Suspicion: If any fraudulent activity or suspicious behavior is detected in relation to an order or account, payouts will be held pending review.
  6. Refunds and Reversals
    1. In the event of a refund or a chargeback, the payout associated with the order may be reversed, and the corresponding amount will be deducted from future payouts.
    2. Refunds are generally initiated if:
      1. A customer cancels their order.
      2. The store owner fails to provide adequate Proof of Delivery.
      3. A dispute is raised and resolved in favor of the customer.
  7. Compliance and Fraud Prevention
    1. Ooulet maintains strict measures to protect against fraudulent activities. If we suspect fraudulent transactions or find evidence of non-compliance with our policies, we reserve the right to hold payouts, freeze accounts, and request additional information from the store owner and end customer(s).
    2. Payouts will only resume after the investigation is complete and the account is cleared.
  8. Payout Currency and Fees
    1. Currency: Payouts will be made in the local currency (INR) of the store owner's registered account.
    2. Processing Fees: Ooulet may charge a small platform fee for each payout, depending on the payment plan you are subscribed to.
  9. Payout Adjustments
    1. Ooulet reserves the right to adjust payout amounts if discrepancies are identified between order value, product delivery, and customer refunds. Such adjustments will be reflected in future payouts.
  10. Contact Information
    1. For any issues or queries related to payouts or transactions, please contact Ooulet's support team at: support@ooulet.com
    2. We are committed to resolving all payout-related issues in a timely manner.
    3. By using the Ooulet platform, you acknowledge and agree to the terms of this Payout and Transaction Policy. Ooulet reserves the right to update or modify this policy at any time, with or without prior notice to users.
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