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Vendor Payment Method and Percentages

In this section, we are going to talk about how to manage payments to suppliers. We quickly review the main tips to manage the relationship with our suppliers and then we will go into the subject in depth to be able to reinforce the financial knowledge that will allow us to improve the financial control of our business. It goes without saying that we treat payments to our vendors and have the full control over the finances of your company.

Percentages and Commissions

Each product by a vendor that is sold on WaooMart, we will deduct a certain commission that will be predefined for each category. The percentage of the commission that we deduct will depend upon the type of the product and upon the factor that in which category it falls. Everything in the business world is negotiations. And in order to negotiate well with our venors, we first have to prepare the playing field well. This means that we have to establish internal policies in the company that in some way help to control the payment processes, to ensure the necessary resources and to take advantage of the available treasury.

Here is a list of percentage commissions that we will deduct for each of the category of products;

* Beauty: 15%
* Women Fashion: 15%
* Men Fashion: 15%
* Kids Fashion: 15%
* Cell Phone Accessories: 14%
* Smart Phones: 5%
* Toys and games: 12%
* Health & Professional Care: 15%
* Home & Living: 12%
* Home & Kitchen: 10%
* Sports & Fitness: 14%
* Computing & Hardware: 14%
* Appliances: 9%
* Office & School Supplies: 10%
* Arts, Crafts & Sewing: 10%
* Books: 10%
* Pets: 9%
* Others: 10%

 

Average Payment Schedule

Average Payment to Suppliers reflects how long it takes as a company to pay our invoices to suppliers on average. The payment schedule for the vendors will be once in a month. That means WaooMart will have a monthly payment method with all the vendors. WaooMart will pay all the liabilities to the vendors on the first of every month. No additional payments will be made throughout the month. The payments of products sold at our website will be made on the first of the next month. So, all the pending payments of a month will be dispatched in the next month. The number of days in which the payment is received by the vendor depends upon the payment method that our vendors choose.

We set a day of the month which is 1st on which we make all payments to our providers. It doesn't matter how many products by a particular vendor have been sold, the payment will be made according to the schedule. In this way we know on what day of the month you have to have our financial resources available to be able to pay your suppliers. All the payment terms and conditions are predefined so that it doesn’t take much time to clear all the liabilities. We take into account certain details from our clients to start negotiating the payment period to your suppliers.

Payment Methods

Bank transfers: If payment to suppliers is made through bank transfer, this will be the safest and the most reliable payment method that we can make use of. We will have control to make the payment and in the event of a possible cash tension we will be able to play with these payments to suppliers.

Jazz Cash: For the convenience of Pakistani customers, we give an opportunity to the vendors to receive payments through jazz cash. All you have to do is give us the account details of your jazz cash number. The cash flow schedule will be the same regardless of the payment method chosen.

Easy Paisa: We offer payments to the vendors through Easy paisa mobile account. This method is also reliable where payments can be received within minutes to the vendors. We never deduct any additional fees regardless of the payment methods that our vendors have chosen.

No Claim for Payments

The payment methods, schedule and commissions on each product category are predefined. Taking into account this, our vendors will not be making any kind of claims for early payments. It is due to the fact that we are an organized company who work diligently according to the predefined terms and conditions. Any fluctuations in the payment methods can put each party in a legal trouble. So, to avoid any kind of legal problem we aim to work with our vendors according to the set terms that are always predefined at the time of registration.

In Case of Return

If you haven’t check our Vendor Return Policy, go have a look at that.

In case a product by a particular vendor is returned by the customers, no payment will be made to the vendor initially. If the product has to be replaced, we will send it to the vendor, the vendor will be given a certain amount of time to replace the product. If the product is irreplaceable, then no payment will be released to the vendor.

WaooMart will be responsible to pay back the money to the customer after deducting its commission. In this way, the vendor cannot claim the money in case of a return. That is how we assure the customer satisfaction of the people coming on our website and making purchase.

Actually, from all the above it is deduced that an active management of each and every one of our suppliers is necessary, taking into account that behind each supplier there are people and therefore speaking and presenting very reasonable arguments we can win days in the payment of our invoice or obtain discounts that improve sales margins. Although, everything has to be managed with head and without abuse because we are risking that due to a bad decision or due to adjusting the payment terms too much, the provider decides not to continue working with us.

In any case, we keep our provider informed so, as we said before, not to lose that confidence that allows us to do things like this - just like when you know that you are going to be home late and someone is waiting for you, you avoid fights unnecessary if you make a call and explain.