Dear Sellers , Hope you all are well and doing great . I am Tapas behera , E-Commerce finance analyst , Today I would like to explain about Myntra’s payment Reconciliation , related to various module.
Myntra is a leading E-Commerce company for Fashion, each and every seller wants to on board at Myntra , But Myntra chose selected seller as per performance and Listing capacity to on board at his portal, How ever In India Myntra currently running by 3 modules ,
1-JIT (Just in time)
2-SOR/SJIT ( Sales or Return)
3-FBM (Fulfillment by Merchant)
Where JIT & SJIT both are B2B module and FBM & PPMP are B2C module ,let’s discuss about it briefly .
JIT known as Just in time , in this module Sellers were getting 1-2 po’s per day and need to send Tax invoice along with goods to nearest Myntra Hub , Payment process is next month 20th . At the time payment calculation looks like below ,
|Sales Invoice value||xxxxxxx||Credit|
|Return Gate pass||xxxxxxx||Debit|
|Net balance payable||xxxxxxx||(Credit-Debit)|
SJIT module was a famous module at that time , cause there was 1-2 bulk po in a month and need to ship those goods to along with tax Invoice , payment will happen next month by 15th for all successful sales less return and less all deductions like JIT.
FBM also known as fulfillment by merchant, it’s actually 2 types FBM CC ( Fixed commission ) FBM C+L (Commission & Logistic (Both forward & reverse) Payment is D+15 after deductions off charges, Point is that we need to monitor all payment received or not with correct deductions , we have designed our module to track all the payments, 6 payments in a week , FBM module payment reconciliation is discussed in detail at another blog , please click below to redirect to that page, http://msfinance.in/Blog/index.php/2019/11/10/hello-world/
PPMP module is a self ship module , it’s b2c , seller need prepare packet for all single orders and send to customers directly, Payment is D+15 after deductions of all fees like commission , PG fee, fixed fee , Logistic -Forward /Reverse , etc , weekly 6 payment e.g Monday 2 payments (1 for cod / 1 for prepaid ) same Wednesday & Friday. Important thing is that we need to monitor all payment received or not with correct deductions , we have designed our module to track all the payments .
Finance Analyst (E-commerce)
mail : firstname.lastname@example.org
Web : http://www.msfinance.in/