GearSource

GearSource Payment/Payout

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, ACH payments and wire transfers. For wire details, go to Payments & Security page

**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 US states where GearSource.com meets the current thresholds set by those states. Taxes are applied based on the destination address. 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 and VAT in Europe. These taxes are calculated and collected at time of order and remitted to the appropriate authority using Avatax.

How Long Do I Have to Pay For My Purchase?

Once your order is placed in the shopping cart and/or your offer is accepted and a shipping quote has been provided for the order, you are expected to pay within 24-48 hours or your order may expire. As long as an order is active, the Seller of that item is no longer able to sell the item to someone else. It’s important to complete the payment quickly so the order can be shipped before the quotes expire. 

As soon as payment has been made, the Seller is required to supply a tracking number to the order, at which point you’ll receive a notification with a link to track your package. This information is also visible on your Dashboard/Order page

Upon receipt of the order, it is very important you inspect your delivery carefully for freight damage before signing for the item. In addition, you have 48 hours to inspect the item(s) and to report any issues to GearSource and to the seller.  See our Return Policy for more information.

 

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 directly from within the platform. It is called GearSource Payments and our payment partner is Stripe. 

Avoid payment delays… every Seller must Connect 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 and timeline has expired. 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 secure.

Unfortunately, not every country in the world can receive payouts directly through GearSource Payments at this time. Here are the countries currently supported: 

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
  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 can start listing gear for sale!

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

How does it work?

When you receive an order on your item, you will be asked to provide a shipping quote. The Buyer will accept it and move forward with paying for the order. Once payment is made, you (the Seller) will be notified to prepare the item for shipping.

Payout thresholds are:

  • Once an order has been paid by the Buyer, the Seller is required to enter a valid tracking number to the order to indicate the item is cleared for shipping.
    • A verifiable tracking number is one of the thresholds that must be met to trigger your payout
  • For your first transaction with GearSource, your payout will be released to you 5 days after the shipment is confirmed “delivered” to the Buyer
  • After your first successful transaction, subsequent Payouts will be released to you 48 hours after the shipment is confirmed “delivered” to the Buyer.


Why the extra 48 hours, you ask?

48-hours is the mandatory “warranty” period on all listings. GearSource requires all Sellers to provide Buyers with this time period to inspect the gear upon delivery.

What do I receive?

You will receive whatever price you sold your item for less the fees associated with selling (see Tier fees below), the payment processing fee of 3% and any extra fees that might be related to your payout method. Payouts are automatically triggered when the thresholds have been met, meaning the item is confirmed delivered and the 48 warranty expires.

GearSource orders payout 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.

Reminder: should you choose not to connect to GearSource payments, Manual Payout fees are $45  

How will this affect my sales?

GearSource Payments allows buyers around the world to pay for your items quickly and securely, in their preferred local currency method, without leaving our site, This makes it easier 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.) This does require currency conversions and there are fees associated with this, generally around 1%.

How long does it take to receive my Payout?

Once an order has met the required thresholds and triggers the release of the funds, payouts may take up to 5 business days to appear in your bank account (it varies depending on the bank). North American sellers will generally see payouts within 2-4 business days – international sellers, it can be 5-7 days.

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

Reminder: should you choose not to connect to GearSource payments, manual payouts WILL take longer and there is a payout processing fee associated with Manual payouts. Manual payouts are not processed until 7-10 business days after delivery.   

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: Payout times may vary based on existing feedback ratings, sales volume, Seller status, price of the item, and shipping destinations.

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): (requires a GearSource Payments account be connected – logistics services not included) – a 10% selling fee applies to the item(s), excluding shipping and taxes, plus a 3% Payment Processing fee on the total order amount
  • Tier 2 Sellers: (requires a higher sales/listing volume – ask your Customer Service team for details; GearSource Payments account must be connected – logistics services not included)a 7% selling fee applies to the item(s), excluding shipping and taxes, plus a 3% Payment Processing fee on the total order amount
  • Custom Shipping: (requires a GearSource Payments account be connected – GearSource logistics services included) – 12% selling fee applies to the item(s), excluding shipping and taxes, plus a 3% Payment Processing fee on the total order amount
  • MDR/SOR Agreement (manufacturers, distributors & representatives / seller of record) – contact our Seller Program team for details on qualifying

 

For more information on how to move up a Tier in the Seller Program, contact our Seller Program team.

Important: Should you choose NOT to connect to GearSource payments, Manual Payouts take up to 10 business days after delivery to the buyer to be released for payout and incur the Manual Payout fee, no exceptions.  We “strongly” encourage sellers to connect to GearSource Payments (Stripe) – there are no fees, it’s very secure and payouts are released much quicker. 

Sellers can only be paid out in the currency of their bank location. Sellers can not be paid out to a US dollar account in a non-US based bank – this is a limitation of the Stripe system.

All transactions requiring manual payment, outside of the recommended GearSource Payments processing, are charged the Manual Payment service charge of “minimum” $45 per transaction. In addition, your payouts will be delayed up to 10 business days after delivery to the buyer. 

Be prepared to provide the following information if you have been approved to receive a wire payout:

  • For Domestic (within the US) wires:– Bank routing number– Bank account number and account type, like checking, savings, etc

    – Recipient Name and complete address

  • For International wires:

– Currency of recipient’s account

– Account number or International Bank Account Number (IBAN) – for select international wire transfers only

– Recipient’s name and address

– Recipient’s bank name, address, country, routing code and account number (you may need to contact your financial institution to obtain the necessary SWIFT Code, National ID, IBAN, etc.)

When deciding whether to receive foreign currency or U.S. Dollars, you should consider factors such as the differences in exchange rates and added fees that may be associated. GearSource is not responsible for additional service charges or fees related to incoming or outgoing wire transactions, currency exchange fees or currency fluctuations. 

GearSource Seller Payments Q&A

  1. What if I don’t have a bank account set-up?
    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 accounting department to discuss your concerns…we may be able to work with you. We can manage Manual Payouts but please understand, Sellers without a GearSource Payments account may incur a higher Seller fee, are subject to an additional Payout fee that is not covered by the existing Payment fees and payout is delayed. Setting up your GearSource Payments account is highly 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 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 is generally 5-7 days.
  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.