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What is Instant COD?
With Instant COD, sellers will now receive their cash on delivery (COD) remittance the next day after shipping their orders. This means that sellers will have the ability to access a portion of their COD amount as soon as the next day after shipping their orders, significantly improving their liquidity. The service is designed to provide instant remittance options that enable sellers to reinvest in their businesses more effectively and promptly.
Components of Shiprocket Instant COD:
Instant COD (Initial Remittance): Upto 70% of the total COD amount will be remitted on S+1 (one day after shipment is shipped). The initial Remittance percentage may vary in every COD remittance cycle based on the seller's performance.
Remaining Remittance: The remaining COD amount will be remitted to the seller as per their ongoing COD remittance cycle upon confirmation of the shipment’s final status.
A service fee of 2.99% will apply to the COD amount remitted through Instant COD. The commission on the remaining COD balance will be as per their ongoing COD remittance cycle Plan.
Let's understand this better with the help of an example:-
For instance, if a seller's current COD remittance plan is Early COD(D+2) and the COD amount of his shipment shipped on 23rd September is ₹1,00,000, he could receive up to ₹67,907 (up to 70% of the total COD amount after deducting a 2.99% fee of Instant COD) as Instant COD on 24th September (the day after shipping). The remaining ₹29,703 (pending 30% of the total COD amount after deducting a 0.99% fee of Early COD) will be remitted 2 days after delivery.
If the seller is not an Early COD user and is on the Standard plan, the remaining ₹30,000 (pending 30% of the total COD amount) will follow the standard D+8 process and will not attract any charges.
How is Instant COD Different from Early COD (D+2, D+3, D+4) Plans?
Instant COD will act as a wrapper for Early COD which means if a seller already uses Early COD plan for faster COD remittance, they can still opt for Instant COD. If sellers decide to disable Instant COD, their Early COD plan will remain active, and they will continue to receive remittances according to that plan.
Instant COD: Sellers receive up to 70% of their COD amount the day after their orders get shipped. The remaining amount is processed according to their current COD remittance plan (ECOD/Standard Remittance plan).
Early COD (D+2, D+3, D+4 Plans): Under these remittance plans, the entire COD amount is transferred 2, 3, or 4 days after the delivery date, depending on the specific plan selected.
How can Instant COD be enabled from the Seller panel?
- For the phase 1 launch of "Instant COD" selected sellers will go through direct activation of the service from the Shiprocket seller panel. A new option of "Instant COD" is added in the Seller Remittance of the Settings of the Seller panel.
- Upon clicking on the "Instant COD" option in the Seller Remittance, the seller will land on the landing page of "Instant COD".
- To enable Instant COD, sellers can Navigate to Settings → Seller Remittance → Instant COD → Click on "Enable Instant COD" cta.
Upon accepting T&C and clicking ‘‘Enable Instant COD’, the seller will receive a 6-digit OTP on their registered email address (of the primary user).
Additionally, the seller will receive a confirmation email from Shiprocket acknowledging successful registration for Instant COD services keeping their respective KAM in cc.
Once registered, all remittances of COD amounts will be processed on an instant COD remittance basis starting from that day.
When and for whom is it going Live?
This has gone live today for 150 sellers (Gold - 118 and Platinum - 32) in phase-1 and we will open this for all Shiprocket sellers gradually in the next few weeks. These 150 sellers will be able to see the Instant COD components in the seller panel and would be able to enable it from their respective Shiprocket panels.
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