Payment Policy

Effective Date: 1 Jan 2025

This Payment Policy outlines how financial transactions are processed on MODCART.CO, including the disbursement of payments to sellers, deduction of fees, and settlement timelines. By using the platform, sellers agree to the terms described herein.

1. Payment Cycle

Payments to sellers are processed on a weekly settlement cycle, subject to the following conditions:

  • The order must be successfully delivered and confirmed by the buyer.
  • There should be no pending return or refund request on the transaction.
  • All KYC and GST documents must be verified and approved by Modcart.

2. Settlement Timeline

  • Payment will be initiated within 7 business days from the date of successful order delivery.
  • National holidays and bank working hours may affect the disbursal timelines.

3. Payment Method

All payments are made via NEFT/IMPS/RTGS to the bank account provided by the seller during registration.

⚠️ Sellers must ensure that the bank details provided are correct. Modcart will not be liable for payments sent to incorrect accounts due to erroneous information.

4. Deductions

Before disbursing the payment, the following charges (if applicable) will be deducted:

  • Commission Fee
  • Payment Gateway Charges
  • Shipping and Logistics Charges
  • TCS (Tax Collected at Source) as per GST norms
  • Any promotional or discount contribution (if agreed)

Each transaction breakdown will be available in the seller dashboard under “Payment Reports”.

5. Delayed or Failed Payments

Modcart will not be liable for delays caused due to:

  • Banking network issues
  • Incorrect bank account details
  • Regulatory or tax compliance holds
  • Force majeure events

For any payment issues, sellers can raise a support request through their dashboard or contact the Seller Support team.

6. Dispute Resolution

If a seller disputes the payment amount or deductions:

  • A ticket must be raised within 7 working days of payment receipt.
  • Our finance team will review the dispute and provide resolution within 10 working days.

7. Taxes and Invoices

  • Sellers will receive a Tax Invoice for commissions and platform fees.
  • TCS will be deducted and filed as per Section 52 of the CGST Act.
  • Sellers are responsible for filing their GST returns accordingly.

8. Changes to Payment Policy

Modcart reserves the right to revise this Payment Policy with prior notice to registered sellers. Continued use of the platform implies acceptance of any changes.

9. Contact Information

Modcart Ecom Private Limited
Email: info@modcart.co | modcartpvtltd@gmail.com
Phone: +91-9711369320
Address: 55,Third floor Western, marg Lane-2,saidulajab, Gadaipur, India, 110030