Payment and Commission Policy

Shopy 101 ensures that all financial transactions on the platform are conducted securely and transparently. This policy outlines the payment methods, the commission structure, and other important details related to payments between buyers, sellers, and the platform.

1. Payment Methods

Shopy 101 accepts a variety of secure payment methods, including credit/debit cards, PayPal, and other trusted payment gateways.
Payments are processed through encrypted channels to ensure the security and privacy of financial data.
Buyers must complete the payment process to finalize their purchase. Transactions will be confirmed only once the payment is successfully processed.

2. Seller Commission

Shopy 101 charges a commission on each sale made through the platform. The commission percentage will be clearly stated to sellers during the onboarding process.
The commission rate may vary depending on the type of product or service sold.
The commission is automatically deducted from the total sale amount before transferring the funds to the seller's account.
Sellers will be notified of the commission deduction in their monthly or per-transaction report.

3. Payouts to Sellers

Payments to sellers will be made via bank transfer or another supported method (e.g., PayPal) after the commission has been deducted.
Sellers are required to provide their payment details (such as bank account or PayPal information) to ensure smooth and timely payouts.
Payments are typically processed on a weekly or bi-weekly basis, depending on the seller's preference and platform policies.
The payout for each transaction will be made once the product is delivered to the buyer and the sale is considered final.

4. Payment Fraud Prevention

Shopy 101 employs advanced fraud prevention mechanisms to detect and prevent fraudulent transactions.
In the case of suspicious activity, Shopy 101 reserves the right to hold payments or suspend transactions until the issue is resolved.
Sellers and buyers must provide accurate payment details and ensure their accounts are secure to avoid fraud-related complications.

5. Refunds and Chargebacks

If a refund is requested (as per the Return and Refund Policy), the refund will be processed using the same payment method originally used.
In the event of a chargeback (where a buyer disputes a payment), the platform will investigate the case and may take action such as withholding the payment to the seller until the dispute is resolved.
Shopy 101 may charge a fee for processing chargebacks, which will be deducted from the seller's balance.

6. Transaction Fees

In addition to the commission fee, a small transaction fee may be applied depending on the payment method used. This fee will be visible during the checkout process.
Transaction fees are used to cover the cost of payment gateway services and are non-refundable.

7. Currency and Taxes

Shopy 101 supports payments in various currencies based on the buyer's and seller's location.
Sellers are responsible for complying with their local tax regulations and ensuring that taxes are applied to their sales where applicable.
All payments will include any relevant taxes (e.g., VAT, sales tax) as required by law. Buyers and sellers must ensure they follow the applicable tax laws in their respective countries.

8. Security and Data Protection

Shopy 101 uses industry-standard encryption and security measures to protect sensitive payment information.
Personal and financial data is handled by secure systems that comply with international data protection regulations (e.g., GDPR, PCI DSS).
Buyers and sellers are advised to use strong passwords and enable two-factor authentication (2FA) for added account security.

9. Dispute Resolution

If there is a dispute over a payment (e.g., an issue with a transaction or a refund), Shopy 101’s customer support team will investigate and resolve the issue in a fair and timely manner.
In case of unresolved issues, the platform may request further documentation from the buyer or seller to help resolve the dispute.

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