Seller Payment Settlement Policy

Effective Date: January 11, 2025

At Brassitem.com (operated by LockersAdda), we value our seller partners and ensure that payments are settled in a timely, transparent, and secure manner. This Seller Payment Settlement Policy explains the process of calculating, deducting, and disbursing seller payouts.

1. Payment Cycle

Payment Cycle Details

Seller payments are processed on a regular settlement cycle (e.g., 7 days / 14 days / weekly) from the date of order completion
An order is considered completed once it is:
- Successfully delivered to the buyer, and
- The return/cancellation window (if applicable) has expired

2. Settlement Process

The seller payout amount is calculated as:

Net Payout = (Total Sales Amount – Platform Commission – Applicable Taxes – Other Fees – Refunds/Chargebacks)

Total Sales Amount

The final order value received from the buyer

Platform Commission

Deducted as per the Pricing & Commission Policy

Taxes

GST and other applicable taxes

Other Fees

Payment gateway charges, logistics/shipping fees (if applicable), advertising costs (if availed)

Refunds/Chargebacks

Deducted if the buyer has returned or cancelled the product

3. Payout Method

Payout Method Details

Settlements are made directly to the seller's registered bank account
Sellers must provide valid bank details, PAN, and GST information during registration
Payments are processed through secure NEFT/RTGS/IMPS transfers

4. Refunds, Returns & Adjustments

Refunds & Adjustments

If a product is returned, cancelled, or refunded, the corresponding order value is deducted from the seller's payout
If a refund occurs after a payout has already been released, the refunded amount will be adjusted in the seller's next payout cycle
In case of disputes or chargebacks, settlement may be withheld until resolution

5. Minimum Settlement Amount

                                         A minimum settlement threshold (e.g., ₹1,000) may apply
 If the seller's earnings are below the threshold, the amount will be carried forward to the next cycle until it meets the minimum payout requirement

6. Payment Delays

While Brassitem.com strives to ensure timely settlements, payouts may be delayed due to:

Banking/Technical Issues

Delays due to banking or technical problems

Investigations

Ongoing investigations or disputes related to seller transactions

KYC Issues

Incomplete KYC or bank details provided by the seller

7. Transparency & Reporting

Settlement Reports

Sellers can access a detailed settlement report on their dashboard, including:

Order value
Commission and fees deducted
Refunds or returns processed
Net payout released

GST Compliance

Invoices for commission and fees will be GST-compliant

8. Compliance Requirements

                                 Sellers must comply with all GST, tax, and legal requirements
 Payouts may be withheld if a seller is found in violation of Brassitem.com's policies or applicable laws

9. Dispute Resolution

In case of any discrepancy in payouts, sellers must raise a claim within 7 business days of receiving the settlement report
Disputes will be reviewed and resolved as per the Dispute Resolution Policy

10. Updates to Settlement Policy

Policy Updates

Brassitem.com reserves the right to update this policy in line with regulatory changes, market conditions, or platform improvements

Notification

Sellers will be notified of any changes in advance

11. Contact Us

For payout-related queries or settlement issues, contact:

LockersAdda (for Brassitem.com)

Email: lockersadda@gmail.com

Phone: +91-7017302667

Website: www.brassitem.com