This blog is all about the BigCommerce seller payout. Seller payout is the remaining balance that an admin send to the seller after deducting his commission, when a seller product is purchased.
When a sale is done in the store, payouts feature is available for the administrator to send remaining amount to seller/vendor. Here an admin can create a “payout” for the vendor when admin receives “withdraw request” from seller/ vendor or admin require to pay amount to the seller.
When an admin transfer the amount to the vendor he can create “payout” in the report. This report can be viewed by the administrator as well as the vendor from their backend respectively. Therefore the money of the vendor’s product sale needs to be given by the site administrator and a record for the same needs to be kept.
This report covers all the transaction about the orders placement each time a new order is created and record of seller plan transaction when a seller opted a plan.
When an order of a particular seller’s product is completed, all the amount will be transferred to admin. So the admin now needs to give away the money to the vendor after taking away his commission. The commission can be vendor specific i.e the commission is set for the vendor based on the plan vendor opted.
The payout list view gives you the information of the paid up to date amount as well as the pending amount, an admin needs to give to the seller. The payout generation is done to give away the payout i.e the money vendor has earned from his product sale.
BigCommerce Accounting reports carry the credit and the debit transactions. The credit transactions are the successful orders and the debit transactions are the payouts done by an admin. Reports give you a view of the pending amount to be paid, the total paid amount and the total sale, total commission, payout and withdraw.
Note:
1. BigCommerce Marketplace application does not support live payments to the seller for any remaining balance or payouts.
2.This application helps you manage the record of Accounting. Admin need to manually enter the “payout”. After creating “payout”, admin can transfer the amount through any Payment mode like cash, account transfer, etc.
Given below is the flow of the process of managing accounts in BigCommerce at admin end:
When a order is completed admin can find the transaction of “Order Placement” in the Account report. An admin can approve or decline the transaction from here. In given screenshot details of order placement is shown. Here details of two orders is given:
- In first order, total sale is of Rs. 100, which is distributed among admin and vendor based on the admin’s commission. Here admin commission is 5%, order is of Rs 100 so it will deducts the commission (5% of 100) and rest amount will be the payout amount of vendor.
- Similarly, in second order it distributes the commission and transaction amount based on the commission of admin.
In Account section, admin can view the transaction details “Order placement” when an order is placed, “Payout” when a seller order for seller plan. Admin can find the details in a summary as:
- Total Sale: In total sale, admin can view the total sale which is created when a customer purchase product. eg. in above report, total sale is Rs 300, this amount is distributed among admin and vendor.
- Total Commission: This is the amount admin get from vendor when vendor’s product is purchased. Admin will get the amount depend on the commission based on seller’s plan. In above report, admin will get 5% commission from every purchase of vendor’s product. This application helps you to distribute the commission of admin and amount of vendor. After distributing amount admin can create “Payout” and transfer amount to vendor through any payment mode as per his requirement.
- Total Payout: “Payout” is the remaining amount admin will send to vendor after deducting his commission for a sale. After distributing amount admin can create “Payout” and transfer amount to vendor through any payment mode as per his requirement. Admin require to create a “Payout” manually. This helps you to manage the data for a payout. In the above report “payout” is of Rs 100 which created by default when a seller purchase a seller plan.
- Total Withdraw: This is the amount that a seller request to an admin after a sale. In above report seller doesn’t request for any withdraw from admin.
Let us now view the report when an admin create a “payout” for the seller:
Given below is the view of the Accounting report when an admin create a “payout” to the seller. Admin have created “payout” to seller of Rs 100 manually. Here in summary of the accounting report, on total sale of Rs 300, admin commission is Rs 15, after creating “payout” of Rs 100, balance amount that admin require to pay is Rs 85.
Given is the flow of the process of managing accounts in BigCommerce at seller end:
When an admin create a “payout” to seller then seller can find this in his accounting report. This report covers the transactions like “order placement” for a sale, “Payout” created by admin. Seller can request for “withdraw” once a sale is completed. This withdraw amount is the remaining amount after deducting admin’s commission from the amount received from customer.
In given below report seller can view “payout” with the payment details approved by admin. It means admin had transfer the amount to seller’s account and share the account details to verify the transaction occur. In summary report, seller can view the total sale done, total commission of admin, total payout received and withdraw amount. Here seller haven’t request any withdraw amount from admin.
Let us now view the report when a seller request a “withdraw” from admin:
Given below is the view of the report at admin end when a seller request a withdraw from admin.
When a seller request for “withdraw” an admin can view his request in pending mode first, which he needs to be approved by his side after sending the amount to the seller.
In the above report admin can view the updated Accounting report of BigCommerce. After a seller has request for withdraw amount, admin will find the request in his accounting section in pending mode. If admin require to send the pending amount to seller then he can approved the seller withdraw request and send the amount to the seller through any payment mode. This accounting keeps the record of the “Payout” created by an admin and “withdraw” request by seller.
Frequently Asked Question (FAQs):
1.Hi Installed the multivendor app for BigCommerce, how does vendors get their money? And how do I get my commission after setting the commission on the plans?
Ans. When a sale is completed, in Accounting section, admin can find the details of “order transaction”. Here this application distributes the amount into “Commission” where admin find the amount of his commission(admin get commission based on the plan seller opted) and “Transaction Amount” , which is the remaining amount after deducting admin commission. Admin will get all the payment of the sale from customer through the payment method customer selected. Once an admin get all the amount he can send the remaining amount(after deducting commission) to seller through any payment mode. To maintain the record of this transaction admin will create a payout manually. This application distributes the amount among admin and seller and rest of the record needs to be enter manually.
2.I watched the video but still unclear how the distribution of funds work. When we create a payout, will the seller automatically receive the funds or is it just a notification and we will have to manually send them the funds?
Ans.You can find the distribution of the amount received from customer in the Accounting section. An Admin will create payout manually in order to maintain the record. After creating payout, admin need to send the amount to the seller through any payment method. This helps you to keep the record of the payouts, an admin send to sellers.
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That’s all for BigCommerce Vendor Payout, Still, have an issue feel free to add a ticket and let us know your views to make the application better webkul.uvdesk.com