Droom settles payment with sellers/dealers on weekly basis. All the eligible orders by Monday night are eligible for weekly payment in the upcoming cycle. The eligible orders are the ones that are marked as complete and seller KYC & Bank Info are completed until Monday and are not disputed or cancelled.
Droom follows a weekly payment cycle for first fortnight and bi-weekly in second fortnight that means a seller’s orders that are completed on first fortnight get settled on weekly basis and orders that are settled in second fortnight will be settled on bi-weekly basis. Droom follows a Wednesday cycle in first fortnight and Wednesday and Friday cycle in second fortnight i.e. Droom releases payment instructions to the bank on each Wednesday and Friday (second fortnight) for orders completed on or before Monday of that week. In the Wednesday payment cycle, seller will get paid for the items sold a week prior which have been marked as complete. Please note that seller will get paid only for those orders that have been marked as complete.
Droom makes payments via NEFT/RTGS. Droom requires following banking information to settle the outstanding payment to a seller -- seller name on bank account, bank account number, name of the bank, and IFSC Code. Droom must have verifiable email and phone number for each seller to make the payment. In short, seller must have verified KYC and Bank details to get payments from Droom.
Payments are made only for those items that have been successful marked as complete without any disputes. Orders that have not been marked as complete or have been cancelled or disputed before the current payment cycles are not paid during the current Wednesday payment cycle.
The adjustments caused by returned items, cancelled orders or wrong orders etc. will be done twice a month and your weekly payments will be adjusted downward for those adjustments.
In case a seller sold an item at Droom and after Droom received the commitment fee (Token Amount), the seller informs Droom or the buyer that the item is no longer available then cancellation fee, which starts 1.5% (depending upon the category) + GST is levied.
In case a buyer has paid commitment fee (Token Amount) to Droom and the order does not get completed due to any fault of the buyer, Droom may not do the full refund of the commitment fee (Token Amount) to the buyer and will keep Rs. 500 for a motorcycle (plus GST) and Rs. 1,000 for a car (plus GST) as its administrative and service cost recovery.
