Is there a way to track how much money our website has made from commission fees? As vendors can have specific commission rates set in the settings, it doesn’t work to just keep in mind that x% of the total sales is what we’ve made in fees.
Maybe you already implemented a tracker somewhere and I haven’t been able to find it. If this is the case, please direct me to the location, as this is extremely important. Without knowing how much we’ve made as a business, it’s not safe to withdraw from our accounts. If we overdraw, we’ll end up having to transfer money back, which could take days, and delay vendor payouts.
There’s no such analytics in the back-end dashboard at the moment, but we plan to add the Marketplace specific metrics in addition to the WooCommerce ones. Currently you can just check the difference between the received payments and payouts processed for vendors in the current month.
Vendors can see the monthly revenue chart and a few metrics in their front-end dashboard.
When will this update be rolling out, if you know?
This creates an unnecessary room for error and could result in not having the necessary funds to pay people out of mistakes are made.
There’s no ETA for this feature yet, but it’s not possible to accidentally pay out more than received - vendors can request a payout of their current balance and it’s always based on the commission rate. For example, if there’s a payment of $100 made via PayPal to your account (if someone pays for a listing), and the commission rate is 10% then vendors will see $90 on their balance - they can’t request a payout of more than $90.
I meant more in the sense of my employees. People can withdraw money from our accounts for our business expenses meanwhile the money should not have been withdrawn since it was for a vendor’s payout. This is just a human error issue and will require strict guidelines to be followed. Thank you for answering my questions.
Thanks for the details, predicting the total monthly payout makes sense for planning the company expenses, we’ll try to find a solution for this. We’re already working on the split payments and automatic payouts solutions via Stripe Connect, I’m sure it provides fully-featured analytics for the marketplace payments.
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