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Wholesale Order Payouts

Updated

Wholesale order payouts are critical for brands selling through The Folklore platform. Below is a guide on how payouts are managed, the payment terms available, and key information for ensuring a smooth payout process.

Setting Payment Terms

Brands can select their preferred payment terms from a dropdown menu during the order setup process. These terms dictate how and when retailers must pay for orders and are displayed at checkout and on accepted orders.

Available payment terms include:

  • Net Terms: Payment due in 30-90 days.
  • Deposit and Balance Upon Delivery: 10%-70% deposit, with the remainder paid upon delivery.
  • Deposit and Net Terms for Balance: 10%-70% deposit, with the balance due in 30-60 days.

For offline orders with Premium Retail Partners, payment terms must be negotiated and mutually agreed upon by the brand and retailer.

Payout Process

  1. Receiving Funds

    • Funds from retailer payments are deposited directly into the brand’s bank account linked to The Folklore.
    • Payouts are processed in USD and typically take 2-7 business days to arrive, depending on the bank and its location.

  2. Currency Conversion

    • If the bank account requires local currency, USD will be converted based on the exchange rate determined by The Folklore's payment processor at the time of transfer.

  3. Bank Account Management

    • To ensure accurate payouts, brands must:
      • Use a valid, authorized bank account.
      • Update banking information in the Bank and Payments section at least 48 hours before an anticipated invoice is paid. For more details on updating bank information, visit here.
    • Any fees resulting from late changes or incorrect details will be deducted from the payout.

Fulfillment and Payment Timelines

  • Brands are required to fulfill orders promptly upon receiving confirmation of retailer payment.
  • Payment processing cannot delay order fulfillment; brands must adhere to agreed-upon delivery dates.

Dispute Resolution

If a payment or fulfillment issue arises:

  1. Initial Resolution

    • Brands and retailers should attempt to resolve the issue using The Folklore's messaging system.

  2. Submitting a Dispute

    • If unresolved, brands can file an Order Dispute Request by emailing brands@thefolklore.com.
    • The Folklore will issue a resolution within 5-7 business days based on platform communications only.

  3. Resolution Compliance

    • Both parties must comply with the resolution, which is final and non-reversible.
    • Any payments, refunds, or return of deliverables must be completed within 48 hours of the resolution being issued.

By adhering to these guidelines, brands can ensure a seamless payout process while maintaining strong retailer relationships.