In this article, we would learn about how the remittance (retail price) for all your COD orders is transferred to your account. Before we begin, you can head over to the Billing > Remittances Section on your panel for better clarity.
So let's jump right in. Yay!
After your Cash on Delivery (COD) order is delivered to the customer, the flow goes like this -
Created - We generate Remittance Reports every Monday, Wednesday, and Friday. What this means for you is that a combined list of all your COD orders that were delivered in the last 24 hours should be created here.
Every Remittance has a unique code and a date since it's a combined list of all the COD orders for a certain period. You can also filter remittances once you have a bunch of them by entering the code or through its status.
Added to Credits - As soon as the remittance report is created, Printrove automatically adds the entire amount to your Merchant Account in the form of credits. This way, you can manage your cash flow better and use those credits by reinvesting them into your business.
Bank Remittance Requested - Now if you would like to get the credits transferred to your Bank Account, you can request a remittance by simply clicking on "Request Bank Remittance" under the actions here.
However, kindly note that this feature becomes enabled only after 7 days after the remittance report has been created.
Once you click on the same, you would see a confirmation pop-up. After you hit confirm, the status would be updated to Bank Remittance Requested and the credits that were originally added to your wallet get deducted now.
Bank Remittance Initiated - Once you have requested a bank remittance of the COD Amount, our Accounts Team shall acknowledge and initiate a transfer within the next 2 business days, provided you still have the requested credits in your account.
Remittance Transferred to Bank - After the transfer has been initiated, within the next 2 days, your credits shall be transferred to the registered bank account. Boom!
Frequently Asked Questions (FAQs)
1. What if you've used the credits partially and want the rest of them to be transferred?
Let's take a scenario where the remittance amount was for 5000 INR and you've utilized 3000 INR out of that amount.
To request a remittance, kindly ensure you have at least 5000 INR in your account since that was the original remittance amount. If not, the remittance request won't be successful.
2. I don't want them to be added to credits, I would like it to be added to my Bank Account.
As mentioned above, you can simply request for a Bank Remittance and the same would be added to your account in the next 2 to 4 business days.
3. What is the total timeline that it takes for it to be added to my Bank Account?
Once the order is delivered and the remittance report is created, it takes up to 7 days for the "Request Bank Remittance" feature to be enabled for you. After which, it takes up to 4 days at the maximum for it to be transferred to your account.
So in total, you can expect a timeline of 8 to 11 days from the date your order is delivered.
Hope this was a good read. Happy Learning!