Payout challenges

Last update, November the 11th 2022

We are a young company and in the last 3 years – from start-up till now – we witnessed exceptional growth, which makes us extremely proud. But besides great joy and pleasure, exceptional growth also comes with challenges. We have always shared and celebrated our highs with you. Now it is time to be transparent about a challenge that we are facing.

Challenge

The payment setup with our current payment provider no longer fits the size and needs of our organization and sellers. Unfortunately, that means that the payment term cannot be met in this setup. Therefore, we temporarily need to adjust our payment terms to 40 business days. Please note that these payout days are an indication.

This is a temporary adjustment as we are working intensively to implement the solution. The current situation is of huge concern to us because we would like to provide our loyal sellers with the service they deserve.

We have been working on the new payment setup for some time now, but to complete this properly we have to go through a very time-consuming (technical) onboarding, on which we have no influence. But the solution is coming!

Solution

We are in the process of setting up a new payment process with our new payment provider: HyperWallet. This payment setup enables automatic payouts for our sellers and will reduce the payment term to 15 business days. Our technical team is working around the clock to implement the new payment system. In addition, we are also extending our customer service team so that we can respond quickly to your requests.

Payouts Consign and Resell 

Resell: If you sold with Resell, you will receive your payout within 40 business days, after your sales are verified. Please note that these payout days are an indication.

Consign: If you sold with Consign, you will receive your payout within 40 business days, after your sales are sold. Please note that these payout days are an indication.

Please note: The kick-off of our first testing phase with HyperWallet, will be live in a few weeks for the Netherlands and Belgium sellers, you will be payout within 15 business days if your sneakers are sold (consign) or verified (resell). So, the rest of Europe will follow later.

This all being said, we want to genuinely apologize for the inconvenience this has caused you and for the promises, we could not keep. We are aware that this is a serious challenge, and we are addressing it company-wide with the highest priority. Therefore, we would like to ask you for your patience and understanding of our situation.

We will tackle this challenge and hope to continue our collaboration in the future.

 

Please note that this article is overriding all other FAQ’s/articles related to payouts procedures and lead time of payments.

 

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