GearSource

GearSource Payment/Payout FAQ

 

Buyer payment process

How Do I Buy an Item on GearSource.com®?

When you’re buying an item on GearSource.com®, you’re buying that item from an individual Seller who has listed their item for sale on our site. While GearSource works diligently to review the integrity and quality of the listings on our platform, GearSource is not the Seller of the item.

It’s essential to ask good questions and review all the details of the item, in terms of shipping and condition of the gear, before making your purchase. If unsure, feel free to request additional pictures and/or videos of the item until you feel comfortable moving forward.

You will be asked for a Need By Date. If this is a MUST have date, check the box accordingly and email our Customer Experience (CX) team immediately to make sure they are aware. If this is a flexible date, select that check box. Please be very fair and reasonable with what you request. If that seller cannot meet your need by, we may be able to find an alternate seller.

When you’re ready to purchase the item, just click the “Add to Cart” button to get started! This will send you to the checkout page where you will be prompted to Request a Shipping Quote from the Seller. Once the Seller adds the shipping cost to the order, you will receive an automated email prompting you to submit your payment. If you are self-shipping (scheduling your own shipping) email our CX team ASAP and they will move your order to the next stage so you can complete your payment and get your order prepped for shipping more quickly.

GearSource.com® accepts all major credit cards, ACH payments and wire transfers. Note: ACH payments take a lot longer to clear, usually 5-7 days, which will hold-up shipping times (orders can not move until all funds have cleared). For Bank Transfers/Wire details, contact our Finance Department – [email protected].  GearSource does not accept checks or payments over the phone.

Are state taxes applicable?

GearSource.com® is a Marketplace, therefore, the USA Marketplace Facilitator Tax laws do apply. Basically, GearSource is required to collect and remit taxes in the 38 US states where GearSource.com meets the current thresholds set by those states. Taxes are applied based on the destination address (where the item is shipping to). If GearSource does not meet the threshold in a state, no taxes are charged.

A Marketplace Facilitator is defined as an online marketplace that contracts with third party sellers to promote their sale of goods and services through the marketplace. Marketplace Facilitator legislation is a set of laws that shifts the sales tax collection and remittance obligations from a seller to the marketplace facilitator, which in this case is GearSource.

Click here for more details on the Marketplace Facilitator tax.

Note: GearSource is also required to collect applicable provincial, GST and/or harmonized sales taxes in Canada. These taxes are calculated and collected at time of order and remitted to the appropriate authority using Avatax. In the near future, GearSource will also be collecting and remitting VAT in Europe.

How quickly do I have to pay for my purchase?

Once your order is moved to pending-payment status, meaning the shipping quote has been provided for the order and all fees and taxes have been applied, you are expected to pay immediately.  It’s important to note shipping quotes do expire, usually within 5 days. Also, Sellers are not obligated to hold the items if the order has not yet been paid.

What happens if there are additional charges?

Additional costs, such as: shipping cost increases due to delay in payment and/or incorrect destination or delivery information, taxes or processing fees are the sole responsibility of the Buyer. If you are unwilling to cover such costs and the order has to be cancelled. you will be refunded, less our administration fee of 10% of the order amount.

How quickly will my order ship?

As soon as payment has been made, the Seller will start prepping the order for shipment (this can take 1-7 days*) and will apply the tracking number to the order as soon as shipment is booked. At this point you will receive a notification with a link to track your shipment. This information is also visible on your GearSource Dashboard/Order page.

How much time do I have to inspect it?

Step 1. When you accept the delivery, inspect it carefully for freight damage before signing for the item. If there is visible damage, please make sure you take pictures and document it in detail on the carrier’s paperwork. Retain a copy of the paperwork for yourself.

Step 2: you have 2 business days to inspect & test the gear for physical or operational issues that were not stated on the original listing. Remember, this is used gear you have purchased so standard wear and tear should be expected, therefore minor dings or scratches should not be considered a reason to not accept the gear.  See our Return Policy for more information.

Buyers choosing to arrange their own transport are accepting delivery/receipt of the items at time of pick-up and the inspection period starts at that time. If you have concerns or questions, contact the Customer Experience team or call +1-561-296-9555.

*Important note: Due to Pandemic-related delays, shutdowns and staff shortages, Sellers are requiring extra time to get orders out their doors. In addition, shipping delays AND costs have increased as much as 100% in some cases.

 

Seller Payment Process

How do I get paid?

GearSource.com has built a very secure Payment platform that allows Buyers to pay securely and Sellers to be paid out more quickly and directly from within the platform. It is called GearSource Payments and our payment partner is Stripe. As part of the GearSource Onboarding process, our Customer Experience team are available to walk you through the processes involved in setting up and managing your GearSource Payments account. Please email Customer Experience to schedule your Onboarding Call.

Avoid payment delays… every Seller must Connect their Listings to their GearSource Payments account. As a Seller on GearSource.com, this allows you to safely accept the most popular payment methods for your gear sales, from anywhere in the world, and to receive funds directly into your bank account after the appropriate status thresholds and timelines have been met. All related fees associated with receiving payments and transfers to your bank are covered by the one 3% payment fee. This not only leads to higher sales because it is quick and simple, but it saves you money, it’s reliable and, most importantly, it is extremely secure.

Unfortunately, not every country in the world can receive payouts directly through GearSource Payments at this time, however, many new countries are activated each year so. Here are the countries currently supported:

What is the GearSource Payments fee structure?

How do I activate Payments/Payouts?

    1. Most important… you must start this process from your account that contains the listed items you are selling – this is what links your listings to the payments/payouts process
    2. Head to your Account Center/Seller Dashboard/GearSource Payments Page
    3. Click on OnBoard – it starts a 5 minute timer – click on it again and it will send a code to your phone (you may have to do this twice)
    4. Once you enter the code, you can proceed
    5. Complete the required contact information
    6. Enter your bank account details – double-check that the routing and account details are accurate
    7. Select Save Changes… and you are done!

Once you have set-up your GearSource Payments account, you are classified as a Standard Seller Account and you can start listing gear for sale!

For step-by-step instructions on how to set-up your GearSource Payments account, click here >>  GearSource Payments

Once again, do not hesitate to reach out to the Customer Experience team to schedule an Onboarding Call if you need assistance or have questions.

How does the process work?

When you receive an order on your item, you will be asked to provide a shipping quote. Please respond promptly to ensure the order moves quickly. The Buyer will accept it and move forward with paying for the order. Once payment is made, and the funds are cleared through the normal banking holds, you (the Seller) will be notified to prepare the item for shipping.

Payout terms and thresholds:

    • Once an order has been paid by the Buyer, and the funds have cleared the normal banking holds, the Seller is notified to enter a valid tracking number to the order to indicate the item is cleared for shipping.
      • A verifiable tracking number is a required threshold a Seller must meet to trigger their payout
    • For your first transaction with GearSource, as long as you have a Standard Seller Account, your payout will be released to you 5 days after the shipment is confirmed “delivered” to the Buyer
    • After your first two successful transactions, as long as you maintain your Standard Seller Account, subsequent Payouts will be released to you 48 hours after the shipment is confirmed “delivered” to the Buyer.
    • Additional benefits, with lower thresholds are available for Standard Seller Accounts in good standing and with higher volumes
    • Should you choose not to connect to GearSource Payments, your account is a flagged as a Non-Standard Seller Account and will not be eligible for the enhanced payout options or lower seller fees. See below for further details on the Non-Standard Account.

Why the extra 48 hours, you ask?

GearSource requires that all Sellers provide Buyers with a 48-hour (business hours) “warranty” inspection period on all listings, to start upon delivery. As long as issues are reported within that time frame, it is expected that the Seller will support the Buyer in resolving any issues in a reasonable and mutually agreeable manner as quickly as possible OR accept a return with a FULL refund.

How much will I receive?

Your items were listed according to GearSource Terms and Conditions. You will receive the price you listed your item for less the fees associated with selling (the seller fee), the payment processing fee of 3% and any extra fees that might be associated to your account (see the fee structure below). GearSource will not reimburse for bank fees, currency conversion fees or any other external fees that were not agreed to in writing prior to your items being listed for sale.

Payouts are automatically triggered when the appropriate thresholds have been met according to your account terms — most Standard payout triggers are tied to  confirmed delivery and the 48-hour inspection period expiring.

GearSource payouts are in the currency of your bank/account location. If your bank account is located in Canada, you will be paid out in Canadian dollars – if located in Germany, you will be paid in Euros.

IMPORTANT NOTE:

    • GearSource is not responsible for currency conversion fees, currency fluctuations or any other external fees related to the sale of your items. Sellers are paid the amount shown in the account center once the order settles and is finalized. In terms of currency, you will be paid out based on the currency rate of the date of payout.

 

How will GearSource Payments affect my sales?

GearSource Payments allows buyers around the world to purchase and pay for your items quickly and securely, in their preferred local currency, without leaving our site. This makes it faster, simpler and safer for buyers and leads to more sales! Most buyers prefer having the convenience and ease of paying by credit/debit card or ACH and by using GearSource Payments, they receive the added security of Stripe Connect’s strong fraud protection services. (Sellers are paid out by direct deposit to your bank account.) This may require currency conversions and there are fees associated with this.

Note: GearSource is not responsible for currency conversion fees or currency fluctuations. You will be paid-out based on the conversion rate on the date of payout.

How long does it take to receive my Payout?

As long as you have a Standard Seller Account and are connected to GearSource Payments, once an order has met the required thresholds and triggers the release of your payout, funds take a maximum of 5 business days to appear in your bank account (it varies depending on the bank and location). North American sellers will generally see payouts within 1-3 business days – international sellers can be longer.

If a trigger falls on a weekend or holiday, the payout will be sent on the next business day.

What happens if I do not connect to GearSource Payments?

Should you choose not to connect your account to GearSource Payments, your account is considered a Non-Standard Seller Account (NSA) and is subject to the following:

    • you will have to complete and sign the NSA Agreement
    • NSA accounts are NOT eligible for reduced seller fees
    • NSA payouts are handled by wire transfer. Wires are “initiated” (this means when the wire is scheduled, not when the Seller should expect to receive it) ten business days post-inspection (after delivery or pick-up by Buyer and the 48-hour inspection period has expired)
    • NSA payouts are issued in US Dollars – GearSource is not responsible for fluctuations in currency or any related fees
    • the manual transaction fee of “minimum” $75 USD per order will be deducted from every payout.

A Standard Seller Account requires Sellers be connected to GearSource Payments. If you change your mind and decide to comply with the Standard Seller Account, we applaud you!! Feel free to contact our Customer Experience team and they will assist you in getting set-up.

What if I am a New Seller?

As a new seller, your first payout will be released 5 business days after the delivery of the item, according to the tracking information you’ve provided to GearSource. It may take your bank an additional 1-3 business days to process that deposit.

After your first successful sale, your payouts will be triggered 48 hours after the item has been delivered to the Buyer.

Note: It’s important to note that banks and Stripe do not trigger payouts on weekends. Also, payout times may vary based on existing feedback ratings, sales volume, Seller status, price of the item, and shipping destinations.

 

GearSource Seller Payments Q&A

    1. What if I don’t have a bank account set-up in my GearSource Payments account?
      Your money will simply sit in your Payout Balance until you add a bank account.
    2. Is there any other way to get my money?
      Not really… you can contact our Finance department to discuss your concerns…we may be able to work with you. However, Sellers without a GearSource Payments account will incur a higher Seller rate, are subject to an additional fee on every payout that is not covered by the existing Payment fees and will experience delayed payouts. Setting up the GearSource Payments account is recommended.
    3. What if a buyer wants to pay via PayPal?
      Buyers are not currently able to pay via PayPal.
    4. How long will it take after I sell something, to get my money in my bank account?
      As long as you have your GearSource Payments account connected, payouts take anywhere from 1-5 business days to appear in your bank account after the incoming funds have cleared and the order has met the threshold for release on GearSource.com. North American sellers will see payouts, generally within 1-3 business days – international in generally 5-7 days. Non-standard accounts will experience 7-10 delays in payouts.
    5. Can I use my payout balance to buy items on GearSource.com?
      Unfortunately, no. You will have to be paid out and then you can place an order.

* GMV = Gross Merchandise Value

** GearSource Payments is powered by Stripe, a global provider of payment processing software and application programming interfaces (APIs) for e-commerce marketplaces, such as GearSource.com, DoorDash, Booking.com, Instacart and MANY more.

*** If you choose not to connect your GearSource Payments account, your account is considered a Non-Standard Seller Account and is not eligible for any of the seller fee reductions or quicker payout triggers. GearSource is not responsible for additional service charges, fees or currency fluctuations. If you decide to opt out and disconnect your Standard account, please be aware that this will not affect orders already in progress. Accounts can only be adjusted once per quarter.