Payments and settlements

Seventh Square aims to make the payment process simple, convenient, and secure for both buyers and sellers.

Payment methods for buyers

  • Payments are processed through our authorised payment gateway partner.
  • Buyers can choose from multiple payment options, including credit cards, debit cards, net banking, EMI, mobile payment options, and cash on delivery.

Seller payouts

  • To simplify settlements, the amount payable to the seller is transferred directly to the seller's registered bank account through NEFT.
  • Sellers must provide accurate and active bank account details.
  • Seventh Square is not responsible for delays or failures caused by incorrect or incomplete bank information.
  • Any change in bank details may be subject to verification and a cooling period before payouts resume.
  • Seventh Square reserves the right to temporarily hold payouts in cases of fraud checks, compliance reviews, or unresolved disputes. Held amounts will only be released after the issue is fully resolved.

Net payable amount

  • The net payable amount for an order is calculated as:
    • Total Order Item Value minus Seventh Square's Marketplace Fee.
  • The Marketplace Fee may include:
    • Marketplace commission (varies by product category and type)
    • Payment processing fees
    • Applicable taxes
    • Shipping charges (if applicable)
    • Any other applicable platform charge

Taxes and deductions

  • Sellers are responsible for their own income tax, GST, or any other statutory compliance.
  • Any applicable tax deductions or charges will be applied as per prevailing laws.

Transfer of net payable amount

  • The net payable amount becomes available for transfer only after the order is successfully delivered and the return period has ended.
  • For non-returnable products, the amount becomes available once delivery is accepted by the buyer.
  • Amounts related to orders with disputes, complaints, or return requests are held until the issue is resolved and are not available for transfer during this period.

Adjustments and remittance

  • Charges not included in the marketplace fee (such as seller cancellation charges or advertising fees) may be adjusted against the available balance in the seller's account.

Transaction types and descriptions

To help sellers easily understand entries in the payment and settlement section of the Seller Dashboard, the following transaction descriptions may appear:

  • Lead cost: Amount deducted for the purchase of a lead, referenced by the corresponding Lead ID.
  • Promotion ad spend: Charges are deducted for running paid promotions or advertisements, along with the promotion name.
  • Cash on delivery / Online: Net disbursement for a completed order item, referenced by the Order Item ID, based on the buyer's chosen payment mode.
  • Balance settlement: Transfer of the seller's available balance to the seller's registered bank account.
  • Payout failed - amount re-credited to Seventh Square: Amount re-added to the seller's account when a bank payout fails due to technical or banking issues. The transfer message and failure reason may be shown for reference.

Sellers can access downloadable transaction statements or settlement reports in the seller dashboard through Payment history.

Negative balance handling

  • If deductions exceed the seller's available balance, a negative balance may occur.
  • Future earnings and payouts may be adjusted to recover this negative balance until it is cleared.

Right to revise fees and timelines

  • Seventh Square may revise fees, payout timelines, or payment methods at its discretion.
  • Any changes will be communicated to sellers via email or the seller dashboard.

Support

  • For any questions related to payments, settlements, or transaction entries, sellers may contact us at seller@seventhsq.com.