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.
Once you’re ready to buy an item, without “making an offer” just click the “Add to Cart” button to get started! This will direct you to the checkout page, where you can select your payment method. GearSource.com® accepts all major credit cards and ACH payments.
**GearSource does not accept checks or payments over the phone**
Are state taxes applicable?
GearSource.com® is a Marketplace, therefore, the USA Marketplace Facilitator laws do apply. Basically, GearSource is required to collect and remit taxes in the 32 states where GearSource.com meets the current thresholds set by those states. Taxes are applied based on the where the items(s) shipping to – the destination address. If GearSource does not meet the threshold in that 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.
How Long Do I Have to Pay For My Purchase?
Once your order is placed in the shopping cart or your offer is accepted, GearSource.com® asks that you submit payment within 72 hours. Once an order is placed on the item, the Seller is no longer able to sell it to someone else, therefore, it’s important to complete the payment quickly. Orders that are not paid within 72 hours may be cancelled.
As soon as payment has been made, the Seller is required to supply a tracking number to the order within 3 business days, at which point you’ll receive an email notification with a link to track your package.
Seller Payment Process
How do I get paid?
The first step is to register for GearSource Payments… as a Seller, this allows you to safely accept the most popular payment methods and receive funds directly into your bank account. It leads to higher sales, saves you money, and provides an overall better experience. For the most part, you will manage the payouts in your own Dashboard. Sellers first need to set-up their bank information, provide applicable tax certificates and schedule their own payouts.
- Head to your Account Center/Seller Dashboard/GearSource Payments Page
- Click on Connect with Stripe
- Complete the required information in the secure Stripe Connect
- Enter your bank account information, then select Save Changes
- You must also ensure you have a billing card on file as well
Your first transaction with GearSource, your Payouts will be released to you for withdrawal 5 days after the shipment is confirmed delivered. After your first successful transaction, your Payouts will be released to you for withdrawal 48 hours after the shipment is confirmed delivered.
All Payouts will be less the fees associated with selling, payment processing and your payout method. You do not need to withdraw payments every transaction if you wish to save on fees… you can choose to have payments automatically withdrawn once a week, once a month or manually, that’s up to you. Your funds are safe and secure and can be moved to your bank account only by you, anytime after release.
How will this affect my sales?
GearSource Payments allows buyers around the world to pay quickly and securely, in their preferred local method, without leaving our site, leading 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.)
How long does it take to receive my Payout?
Depending on your bank, payouts may take up to 5 business days to appear in your bank account after being released by GearSource. North American sellers will generally see payouts within 1-3 business days after initiating a withdrawal – for international sellers, in can be up to 5 days.
If a deposit falls on a weekend or holiday, the payout should be sent on the next business day.
What if I am a New Seller?
As a new seller, you will receive a notification of your first payout being approved within 5 business days following 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 initiated 48 hours after the item has been delivered to the Buyer.
Note: Payout times may vary based on existing feedback ratings, sales volume, Seller status, price of the item, and shipping destination.
How much does it cost?
It doesn’t cost anything to opt into GearSource Payments. Fees are only charged as a percentage of the total sale after it’s made. Because of local processing regulations, fees may vary by country.
- Tier 1 Sellers (default): (GearSource logistics services not included) – 10% selling fee plus 3% Payment Processing fees
- Tier 2 Sellers: (GearSource logistics services not included) – 7% selling fee plus 3% Payment Processing fees
- Custom Shipping: GearSource logistics services included – 12% selling fee plus 3% Payment Processing fees
For more information on how to qualify for the Tier Seller Program, contact our Seller Program team.
International transactions that require payout in a different currency will incur a 2% additional cross-border/foreign exchange fee.
GearSource Seller Payments Q&A
- What if I don’t have a bank account?
Your money will simply stay in your Payout Balance until you add a bank account.
- Is there any other way to get my money?
No. Payout to your bank account is the only way to get paid out on GearSource.
- What if a buyer wants to pay me via PayPal?
Buyers will be able to pay via PayPal, but you will only be able to be paid out to your bank account.
- How long will it take after I sell something to get my money in my bank account?
Depending on your specific bank and location, payouts may take anywhere from 1-5 business days to appear in your bank account after being initiated on GearSource.com. North American sellers will see payouts, generally within 1-3 – international is generally 3-5 days.
- Can I use my payout balance to buy items on GearSource.com?
Unfortunately, no. You’ll need to withdraw your payout balance to your bank account before spending it on GearSource.com.