Loot Market Vendor Policy
Effective Date: 16th November, 2024
Welcome to Loot Market! We are excited to have you join our marketplace as a vendor. As a vendor on Loot Market, you are agreeing to the following policies and terms. Please read through this Vendor Policy carefully to understand your rights, responsibilities, and obligations when using the Loot Market platform.
1. Vendor Registration and Account Setup
Eligibility: To register as a vendor on Loot Market, you must be a legitimate business or individual with the legal authority to sell products. You must be able to provide valid business or personal details as requested by Loot Market during the registration process.
Account Approval: After completing the registration, your account will be reviewed by Loot Market’s team. If your account meets our platform’s criteria, you will receive approval and can start selling. We may ask for additional documentation to verify your business details or identity.
Account Responsibility: As a registered vendor, you are responsible for maintaining the accuracy and security of your account information, including but not limited to product listings, pricing, descriptions, and contact details.
2. Product Listings and Inventory Management
Product Listings: Vendors are responsible for creating their own product listings on Loot Market. This includes providing accurate product descriptions, pricing, images, and other relevant information. Products must comply with our platform’s policies and be legal for sale in the jurisdictions where we operate.
Inventory Management: It is the vendor’s responsibility to ensure their product inventory is up to date. You must promptly update your product listings if an item is out of stock, discontinued, or no longer available. Failure to update inventory may result in cancellations or delays in orders.
Inventory Limits: Vendors should maintain a reasonable inventory level to fulfill orders in a timely manner. Loot Market reserves the right to remove products from the marketplace if inventory is consistently unavailable or inaccurate.
3. Pricing, Fees, and Commissions Pricing: As a vendor, you are responsible for setting your own product prices. However, your pricing must be competitive and aligned with current market standards.
Loot Market Commission: Loot Market charges a 2% commission on each successful transaction made through our platform. This commission is deducted from the total sale amount before payment is issued to the vendor. The commission covers the use of our platform, marketing services, and transaction processing fees.
Payment Processing Fees: In addition to Loot Market’s commission, payment processing fees (charged by third-party payment providers such as PayPal, Stripe, etc.) will be deducted from your payouts.
Fees for Services: Loot Market may charge additional fees for premium services, such as advertising, featured product listings, or promotions. These fees will be clearly outlined on our platform, and vendors will have the option to opt in or out of these services.
4. Order Processing and Fulfillment
Order Confirmation: Once an order is placed, you will receive a notification via email or your vendor dashboard. You must fulfill the order within the time frame specified in your settings.
Shipping and Handling: As a vendor, you are responsible for shipping your products to customers in a timely and professional manner. You must provide accurate shipping information, including tracking numbers, to customers once the product has shipped.
Shipping Costs: Vendors have the option to either set a fixed shipping rate or offer free shipping based on their preferences. The shipping fees will be passed on to the customer, unless you choose to cover the shipping costs yourself.
Delayed or Canceled Orders: If you cannot fulfill an order within the specified time frame, you must notify the customer and Loot Market as soon as possible. In the event of a delayed shipment, Loot Market may step in to handle customer inquiries or refunds.
5. Returns and Refunds
Return Policy: Vendors must offer a return window of at least 15 days for customers to return products (unless specified otherwise). Returned products must be in new, unused condition with all original packaging.
Return Handling: In the case of a return, the vendor will be responsible for issuing a refund to the customer once the returned item is received. If the product is damaged or defective, the vendor must cover the cost of return shipping.
Defective or Damaged Products: If a product is returned due to being defective or damaged, the vendor is responsible for covering return shipping costs. Refunds or replacements must be issued to the customer within a reasonable timeframe.
Customer Complaints: If a customer disputes an order or return, the vendor must respond to the complaint within 48 hours. Loot Market may intervene if the dispute is unresolved after 7 days.
6. Payouts and Withdrawal
Payment Schedule: Vendors will be paid on a monthly basis, or as agreed upon, depending on your account settings. Payments will be made via your preferred payment method (e.g., bank transfer, PayPal, etc.).
Withdrawal Request: To withdraw funds, vendors must ensure their payout details are correctly set up in their Loot Market account. Withdrawals can be requested once the minimum payout threshold has been reached, if applicable.
Commission Deduction: A 2% commission will be deducted from your total sales before payouts are issued. Additionally, any payment processing fees incurred during transactions will also be deducted.
7. Vendor Responsibilities
Compliance with Laws: Vendors must comply with all applicable laws and regulations related to their business, including consumer protection, intellectual property, and tax laws.
Customer Service: Vendors are responsible for handling customer inquiries, issues, and support requests related to their products. Maintaining a high level of customer satisfaction is critical for retaining good standing on the platform.
Marketing and Promotion: Loot Market may promote your products through various marketing channels. Vendors are encouraged to participate in special promotions, sales events, and advertising options offered by the platform.
8. Termination and Account Suspension
Account Termination: Loot Market reserves the right to suspend or terminate a vendor’s account if they are found to be in violation of our policies, engage in fraudulent activities, or fail to meet performance standards (e.g., excessive complaints, delays, or returns).
Vendor Withdrawal: Vendors wishing to withdraw from the platform can deactivate their accounts through the vendor dashboard. Please note that any pending orders must be fulfilled before account deactivation. All commissions and fees owed must be paid before account cancellation.
Refund of Pending Balances: Any outstanding balance owed to the vendor at the time of account termination will be paid according to the standard payout schedule, minus any applicable fees or charges.
9. Liability and Indemnification
Vendor Liability: Vendors are responsible for the products they sell, including product quality, safety, and compliance with applicable regulations. Loot Market is not liable for any damages, losses, or legal issues resulting from vendor products.
Indemnification: Vendors agree to indemnify and hold harmless Loot Market and its affiliates from any claims, damages, or losses arising from their products, services, or actions on the platform.
10. Changes to Vendor Policy
Loot Market reserves the right to modify or update this Vendor Policy at any time. Vendors will be notified of any significant changes, and it is the vendor’s responsibility to review the policy periodically.
Contact Information
For any questions or concerns regarding the Vendor Policy, please contact us at info@lootmkt.com.
