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More and more people in Pakistan are trying to enter in the business world and WaooMart has made this dream of individuals come true by offering a vendor system at our website. We have offered a vendor selling option at our website in which anyone can start a small business by adding their branded products. You will sell on WaooMart and we would only have a certain commission that will be fixed.
A supplier return agreement is the registration of a contract with a supplier in which the terms and conditions under which the company opts for a monetary reward are specified in exchange for achieving pre-established purchase objectives.
There might be many situations in which customers return the involved product. It is due to the reason that the product might be defective.
WaooMart is committed to offering a guaranteed satisfaction in all the purchases of its users, for this reason the product change or refund of the amount paid will be made only in case the products are defective. All requests will be received and attended by our Customer Service team at WaooMart.
If the product is defective, the customers will contact only the customers service department of WaooMart. We’ll verify that the involved product is actually damaged. Product Failure (Damaged, defective product, packaging in poor condition or broken, product with signs of use, missing accessories, product with characteristics different from those offered, non-compliance in the delivery days).
Before the application of the guarantee, the representatives of the brand (authorized technical personnel) will determine, after evaluating the product, if the warranty service is appropriate and will deliver a technical report to the customer as a sign of conformity. Technical assistance will be carried out within the term established by the provider, which will be subject to the complexity of the failure that presents the problem. In case the fault or factory defect is verified, the Manufacturer must repair the product, replace the product (subject to the availability of current stock). If the warranty does not apply, the product will be sent back to the customer.
If you are a seller on WaooMart, then you don’t have to be worried about the return of the product in a safe way. After receiving it from the customer, we will return back to you for replacements or repairs in the same safe manner as it was delivered by you. When purchase orders correspond to a supplier with whom the company has a return contract, the program identifies any future supplier credit payments. If a return can be made with purchase orders, a return claim is created for each order line as soon as a purchase invoice is posted. This is an automatic process. Later, you can review the expected returns and check their impact on product cost and profit margin.
Review and approve claims: The return claims that are created represent the future payments that you can expect from the vendor. Before issuing a credit note to the vendor, the contract owner often wants to review claims for approval. However, keep in mind that the status of a claim determines whether it is ready to go through the approval process.
When a claim is created, its status is set to To calculate if the refund is granted cumulatively, or it is set to Calculated if the refund is granted according to the invoice. If the status of a claim To calculate, the claim must go through a calculation process that is handled by the Cumulate function. Only those claims that have the status Calculated can be included in the approval process.
Initially, WaooMart will receive all the payments from the customers and the vendor will be provided with the payment on the 1st of next month after deducting its commission.
The process for managing vendor returns involves performing several manual follow-up tasks that are quite tedious. By automating these tasks, the Vendor Returns Management feature can help you perform the following processes:
* Create accurate return claims
* Accumulate expected collection and interim earnings in the general ledger
* Update vendor balance and income statement with pending grants