- Overview:
- Definition: Finance in the context of PhenixBox refers to the financial transactions and management related to sales made through the platform. This includes payments, refunds, and any other monetary transactions between sellers and buyers.
- Payment Management:
- Receiving Payments: Sellers will receive payments for their products directly from buyers via the PhenixBox platform. Payments will be processed through the provided bank account.
- Payment Schedules: PhenixBox will disburse funds to sellers twice a month, based on a predetermined schedule, which may vary depending on the volume of sales and other factors.
- Payment Methods: Sellers must provide accurate banking details to receive payments. Accepted methods may include bank transfers, digital wallets, or other approved financial instruments.
- Invoicing:
- Issuing Invoices: Sellers are responsible for issuing invoices to buyers for each transaction. Invoices must comply with local regulations and include all necessary details such as item description, quantity, price, taxes, and total amount.
- Record Keeping: Sellers should maintain accurate records of all invoices and payments received for accounting and tax purposes.
- Refunds and Adjustments:
- Processing Refunds: In the event of a return or cancellation, sellers are responsible for processing refunds in accordance with their return policy. Refunds should be issued promptly once the returned item is received and inspected.
- Adjustments: Any price adjustments or discounts offered post-sale must be clearly communicated to the buyer and accurately reflected in the financial records.
- Financial Reporting:
- Sales Reports: PhenixBox provides sellers with detailed sales reports to help them track their performance, revenue, and other key financial metrics.
- Compliance: Sellers must ensure that all financial transactions comply with local laws and regulations, including tax obligations.
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