Frequently Asked Questions - Seller
What are the requirements for being registered on ThingPark Market?
The following will be required for Sellers to enroll:
- Acknowledge and agree to Seller Agreement including the ThingPark Guidelines;
- Valid business license from the area where your business is located;
- Certification of company liability insurance and product insurance;
- Valid Bank information (account in Euro preferably) to receive wire transfer in Euros. Bank information must align with the business license and merchant invoices.
- Agree to our policies & use English as the basic business language
How and when do I get paid?
All sellers are remitted their sale proceeds when ThingPark has received final payment from the Buyer and has reported that the products are delivered within Seller interface.Available payment option is Bank-to-Bank Wire Transfer. Seller needs to have a local bank account in the country their business is registered in order to receive Bank Wire Transfer in Euros from ThingPark Market:
- The full name and address of the local bank (international bank) seller is using to receive wire transfer funds from ThingPark Market;
- The beneficiary name of the international bank account with which the wire transfer funds are sent to. Important: the beneficiary name of the international bank account MUST match the business name in the seller profile with ThingPark Market. In other words, ThingPark Market only sends funds to the international bank account owned by the seller;
- The beneficiary name/company information of your international bank account must match with information from the business license seller uploads to ThingPark Market (i.e., certificate of incorporation, tax certificate, etc.) and other legal documentation required by ThingPark at time of registration;
- The accurate SWIFT/BIC (or local equivalent) code and international bank account number to which the wire transfer funds are transfered.
Who is eligible to join the ThingPark Market as Seller?
Any seller that has a Place of Business located in a ThingPark Market supported territory. Please refer to related FAQ.
What seller registration country origin is currently not authorized to sell on ThingPark Market?
Sellers from any country origin can sell on ThingPark Market, except the following countries excluded for payment transactions reasons and Money Laundering exclusions:
Afghanistan, Anguilla, Antarctica, Aruba, Azerbaijan, Bangladesh, Belarus, Benin, Bermuda, Bhutan, Bosnia and Herzegovina, Botswana, Bouvet Island, Burkina Faso, Burundi, Central African Republic, Chad, Christmas Island, Comoros, Congo, Democratic Republic of the Congo, Costa Rica, Côte d'Ivoire, Cuba, Djibouti, Dominica, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guam, Guinea, Guinea-Bissau, Guyana, Iran, Islamic Republic of, Iraq, Kazakhstan, Kenya, Kiribati, Korea, Democratic People's Republic of, Kuwait, Kyrgyzstan, Lao People's Democratic Republic, Lebanon, Lesotho, Liberia, Libya, Mali, Myanmar, Namibia, Nauru, Nepal, Niger, Nigeria, Niue, Pakistan, Palau, Palestine, State of, Papua New Guinea, Pitcairn, Russian Federation, Rwanda, Western Sahara, Somalia, Sudan, Swaziland, Syrian Arab Republic, Tajikistan, United Republic of Tanzania, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United States Minor Outlying Islands, Uzbekistan, Vanuatu, Yemen, Zambia, Zimbabwe.
Which payment method do you support?
ThingPark Market supports Credit Card (Visa & MasterCard) payments everywhere in Europe and other specific local bank transfers, such as i) Banco Contact, Mister cash, ING Home'Pay, KBC/CBC, Belfius in Belgium; ii) Multibanco, Payshop (in Portugal) iii) Sofort and GiroPay (in Germany) iii) Ideal (in the Netherlands), iv) Sisalpay (Italy) and v) Przelewy24 (in Poland). Buyers can also process large bank transfers directly to ThingPark Market, in countries with little electronic bank transfers penetration. This payment method will be preferred option for large Purchase Orders to avoid any fraud tentative.
When are we paid?
ThingPark Marketplace remit monthly in EUR, on day 30th. Settlement calculations are processed on day 26th which implies that Seller is paid End of Month + 30 days. Products need to be in “Delivered” status. As a concrete example, if purchase order is sent on day August 27th, settlement occurs September 5th, Payment is processed on September 30th. Additionally, note ThingPark Market will wait until the minimum threshold of 300 euros is reached to process payments, in order to reduce financial costs related to international transfers.
Do I receive payment settlements?
We will email you a statement every time we pay you.
How does ThingPark verify payment is being sent to the right bank account?
ThingPark takes seller payment and seller identity very seriously, it is our top priority to ensure payment is remitted to the correct seller bank account in a timely manner. In order to do this, we have established strict internal verification processes to ensure the bank account information of the payment option matches the seller's information.
Why am I not receiving payments for my recent orders?
Below are several reasons why you may not be receiving payment:
- The account holder name we have on file for your bank records may be incorrect, please double check in the Seller interface;
- The bank account information you have entered may be incorrect or outdated. In order to receive payment from ThingPark, SWIFT code, bank name and bank account number are required. Please double check this information and update it with any changes to process your wire transfer payments.
Who is collecting?
ThingPark Marketplace is collecting payments on a specific Global Escrow account, on which ThingPark Marketplace will deduct commission fees to process the sale (15%). ThingPark may also deduct additional charges when applicable. Remainder will be frozen until Seller is paid. ThingPark Market cannot access these funds nor reuse it to finance its own activities.
Can I choose to ship to certain countries only?
You can choose to exclude shipping in some countries. You just need to place no shipping conditions in your seller interface for these countries. Please refer to related FAQ on how to configure your shipping rate.
Should I send an invoice with the package I sent to the buyer?
You need to provide an invoice to any buyer that will purchase through ThingPark Market. This invoice must strictly follow amounts, currency and other details provided on the Purchase Order you will receive from ThingPark Market. As a Seller you will be responsible to provide invoices and corrections requested by buyers.
What should I do when I receive an order?
Upon receival of a new Purchase Order, you need to immediately acknowledge you received it. Please update status connecting to your seller account / Orders / Status (change directly Shipping status there). Please refer to the following FAQ: “What status should I choose to validate my shipment” to understand which status you should use.
What status should I choose to validate my shipment status?
- Pending: it means that you have not noticed there is a Purchase Order.
- Acknowledged: it means that you have noticed there is a Purchase Order and you already acted upon it, but you need internal clarifications.
- Backorder: it means you don’t have the merchandise yet but you ordered it. You must communicate with “Add PO comment” functionality the estimated delivery date. If you don’t communicate, we will not be able to communicate with the buyer about when he can expect to receive its merchandise
- On hold: it means there is an issue internally that you need to solve. You must communicate with “Add PO comment” functionality there is an issue and regularly update him regarding the issue.
- Ready to ship: it means that you have prepared the merchandise and you’re waiting for the carrier to take the merchandise to end buyer.
- Partially Shipped: it means you have shipped only a part of the order and that you will follow-up on the rest of the order at a later stage. You must communicate this to the end buyer.
- Returned: it means you have agreed to a merchandise return with the buyer and you have received the merchandise back from him.
- Canceled: it means the PO has been canceled by buyer before merchandise shipped. You receive notification for this cancellation by email and you must cease shipping immediately.
Please do not use Exported status.
Can I use ThingPark Market to address various distribution channels?
ThingPark Market caters to any type of buyers globally, our offer being multi-channel: buyers and Wholesale buyers. However, you can choose to adapt your offer to certain type of buyers, modulating your prices accross these two different channels. Your prices will show only when buyer is logged under his profile, namely buyer or Wholesale buyer.
What is the 15% commission paying for? Why is the Marketplace retaining a commission fee?
ThingPark Market deducts 15% of every sale completed within the marketplace. This amount compensates ThingPark Market for the services we offer, namely i) seller interface & service, ii) seller onboarding & support, iii) shipping & tax configurations, iv) Product & Service exposure and catalogue management, v) order capture & management support, vi) compliance, vii) payment collection, commission, payout management & seller remittance vii) traffic generation costs viii) securing your payment.
What is ThingPark Market commission not including?
ThingPark Market commission does not cover for the following fees (list below is not exhaustive):
- Returns fees and associated expenses.
- Exchange rates to convert EUR transactions to other currencies upon remittance to Seller.
- Financial fee upon remittance to Seller, which amount to 1 euro per transfer in Europe and 10 Euros per international transfer (outside Europe or foreign currency different from EUR).
- Financial fee upon exchange rate to convert in the Buyer choice currency.
My seller account status is showing as inactive. How do I get it activated?
Your seller account may be inactive because it was recently created. As part of our quality assurance procedure, we ask sellers to begin the process by uploading product under their Seller Interface. Once a few products have been uploaded, we will review your listings and help correct any potential mishaps in the process. This quality assurance procedure has effectively helped many sellers start off on the right foot and helps produce more sales. Once you have created your items, they will appear as inactive until your seller account has been activated. Our Category Manager will verify your items and then activate your account so that you can begin selling in our Marketplace platform
Where can I find the shipping address for my buyer?
On the Seller Account page, under the Manage Your Orders heading, click the "View your orders" link. From the Manage Orders page locate the order and click the Order ID number to access the order details. These include the buyer's shipping address.
Is there a webinar where learn more about the seller onboarding process?
If you need further help on how to set-up your account, we hold weekly webinars - with screen sharing functionality - every other wednesday from 10 am to 11 am CET. 2. Please register for the event here.