Why paisapay is keeping sellers money for 15 days?

[vikasintl_in1]

We have been asking baazee.com since last year why paisapay keep money for 15 days?
why pay out is not instant and its only twice monthly?

And also why dont they make online transfer to the sellers who already have ICICI or HDFC bank accounts?

is there any logial explaination to this ?
or money is kept on hold for 15 days to earn interest on sellers money?we can assume it must be in crores.

[pkay1_in1]

Dear Vikas,

We have noted your suggestion and are working on reducing the disbursement cycle in future. We will keep the community informed of the progress.

We make the payment through demand draft as it is preferred by most of the sellers.

To clarify, we do not earn any interest on the money held by us.

Regards
Prashant Kumar
Baazee.com

[nubknacker]

I'd really appreciate it if you'd look into transferring money directly into Sellers accounts through online transfer. It'd save us a lot of time. Plus the instant crediting would only make delivery of goods faster.

[bestdeals_alwayz]

I am confident that bazee will quite accept that .. bazee platform had become very saturated market place atleast for computer peripherals seller as the same product is sold by 100 sellers, unlike off line market , a buyer within few click can find out the cheapest seller for a similar product .. thus seller land up competiting over 5 rupees.. the reality is many seller have to invest over 4000 to earn a margin of 75 or even less sometime, if seller have to earn 25,000 in 15 days you can imagine how much seller need to invest and now that the surcharge on credit card payment and online transaction have been pass on to seller resulting in more of online/credit card payment as mode of payment by buyer..

see i don’t think competition is bad in fact i feel competition is good for buyer and for bazee’s popularity but we seller should be affordable for the kind of competition . if we have to earn just rs 50 on a product of Rs4000 we would still sell if we received the amount in our account before dispatching it..

my conclusion is if we have the money in our account before dispatching the product or at least within 72 hrs, we seller can work at lesser margin which means we can be more competitive then offline market resulting in sifting of consumer from offline to online, because price is also one reason why many customer still prefer offline then online...

considering the Indian consumer behavior where price plays a vital role in decision making, if bazee want to make it popular and compete with offline market... bazee should provide a favorable condition to seller to enable us to compete with offline seller by:
Directly transferring the money to seller account or at least within in 72 hrs..and
2 % and 4% for online and credit card payment is just too much.. this is one of the biggest blow to all seller community …

hoping bazee is listening …………..

[superstores_tech]

hELLO everyone !!

Yes this indeed is a problem
Still the good news is on ebay the payment is sent every 7 days for online payments (atleast thsi is what i read).


ANd still one big issue is -- Why not transfer the amount directly on to the sellers account who have ICICI or HDFc accounts. ?? --


Yes agreed as Prashant Said "that most sellers prefer DD" -- but many would appreciate this direct transfer as well !!

Y not give the sellers a option to get thier paisapay payments directly in their Inobx -- oops .. i mean bank account !!

[muzercorp]

Mr. Prashant Kumar,

You have gone on record to state that you do not earn any interest on the money held by you during the 15 day period.

Online payments are supposed to instantly transfer the money from the buyer to the seller.

Most online payment gateways in the world work on this principle, including PayPal, also owned by Ebay.

Why is it that in PaisaPay, even when the buyer pays using Direct Debit, the seller has to wait for 15 days to recieve the money? Why does the payment stay with Ebay.IN for 15 days? This does not make any sense.

Online payment is supposed to be fast, but here it seems that even if the buyer sends a cheque through snail mail and sellers wait for it to clear, it will be faster than PaisaPay direct debit.

You are charging fees for using PaisaPay of 2-4%. On top of this, you are earning interest for 15 days. I really think this is unfair.

You say that sellers preder Demand Drafts over direct deposit into their accounts?

I am not so sure. I request even one seller on Ebay who uses PaisaPay to come on this board and confirm that they prefer Demand Drafts over Ebay directly depositing money into their bank accounts! If you like, you could ask sellers for feedback.

I hope you realize that when you send crossed Demand Drafts the seller has no option but to deposit the draft into the bank account speciied in PaisaPay. Why then would any seller not prefer getting the money directly credited into their account?

[vikasintl_in1]

We are thankful for all feedback received by other sellers on this post..most say they agree with us but there is no action from ebay management team ...we feel that actually no one bothers about our feedback or our voice they just force us to obey their descision and why not till now there is no other auction site to compete with them in India so .....
All these community posts etc. are just time pass and nothing seems professional.
we have stopped receiving payment through paisapay we feel other sellers also do the same as there is no sense or logic accpeting money thruogh paisapay if we have to wait for our money and than deposit a cheque...instead accepting money directly from buyers account to our acconts is much convenient and we dont have to pay any fees as well to paisapay team.
really hopeless....
expecting more comments from other sellers.