Flipkart today announced the reduction of minimum threshold for Electronic Fund Transfer(EFT) payments for its affiliate partners. Here by the minimum threshold of payments through EFT is reduced from Rs.2,500 to Rs.1,000.
This option will not take effect on your earnings of this month and will be from August. From August, all your earnings will be directly deposited into your bank account.
Affiliate partners who already set their payment option to EFT need not to change anything but to know about the minimized payment threshold. If the partners who have set their payment option to ‘gift voucher’ wanted to avail the benefit must change the payment option to EFT. When changing to EFT, you must take care giving details like correct PAN number, valid IFSC code along with your bank account number in order to receive payments without any problem.
If you want to get paid in August through EFT, you must change your payment option before 31st of July.
Flipkart notifies about the minimizing of threshold for EFT payments through email and here is what it says:
“Dear Affiliate Partner,
Greetings from Flipkart.com !
We are glad to announce that we have reduced the Minimum Threshold Limit for EFT (Electronic Funds Transfer) payments to Rs 1000 (from earlier Rs 2500). Please note that the first batch of EFT payments with this new minimum threshold limit will be effective mid-August 2014 when referral fees for June'14 approved orders will become due.
All affiliate partners who have selected 'EFT' as payment mode need not do anything. If their earnings exceed Rs 1000 when affiliate payments become due in August'14 month, it'll be deposited directly into their bank accounts.
In case you had selected 'Gift Voucher' as payment mode and now want to switch to 'EFT', please Login to your affiliate account before 31-July-2014 and on the My Account page (Affiliate Payment Information section), please select "EFT" from the Payment Mode drop-down menu and complete all the mandatory details including your bank details (EFT payments are subject to all the necessary documents like scanned copy of cancelled cheque, PAN card and/or any other requisite docs having been submitted by the affiliate to Flipkart for processing payments through EFT).
In case of any queries or assistance, feel free to get in touch with us on affiliate@flipkart.com
Thanks & Regards,
Flipkart Affiliate Team.
NOTE-1) As per applicable Indian tax law, we deduct 10% TDS on all payments made through Electronic Fund Transfer (EFT). Our payments to you are referral fees in the form of commission and we consider the same squarely covered under Sec 194H of the Income Tax Act and deduct TDS at the rate of 10%.
2) The referral fee payable to you is inclusive of all taxes including service tax or other tax or levy that you may be required to remit in connection with such services. For more details, refer www.flipkart.com/s/affiliate/terms”
Flipkart seems like has got into competition with fellow ecommerce businesses. It is known that Amazon.in have recently introduced EFT payment option to its affiliate partners with the minimum payment threshold of Rs.1,000.
Anyhow the competition benefited the affiliate marketers get paid quickly than before. So what are you waiting for? Go flood the web with affiliate links(terms & conditions apply ;)).
This option will not take effect on your earnings of this month and will be from August. From August, all your earnings will be directly deposited into your bank account.
Affiliate partners who already set their payment option to EFT need not to change anything but to know about the minimized payment threshold. If the partners who have set their payment option to ‘gift voucher’ wanted to avail the benefit must change the payment option to EFT. When changing to EFT, you must take care giving details like correct PAN number, valid IFSC code along with your bank account number in order to receive payments without any problem.
If you want to get paid in August through EFT, you must change your payment option before 31st of July.
Flipkart notifies about the minimizing of threshold for EFT payments through email and here is what it says:
“Dear Affiliate Partner,
Greetings from Flipkart.com !
We are glad to announce that we have reduced the Minimum Threshold Limit for EFT (Electronic Funds Transfer) payments to Rs 1000 (from earlier Rs 2500). Please note that the first batch of EFT payments with this new minimum threshold limit will be effective mid-August 2014 when referral fees for June'14 approved orders will become due.
All affiliate partners who have selected 'EFT' as payment mode need not do anything. If their earnings exceed Rs 1000 when affiliate payments become due in August'14 month, it'll be deposited directly into their bank accounts.
In case you had selected 'Gift Voucher' as payment mode and now want to switch to 'EFT', please Login to your affiliate account before 31-July-2014 and on the My Account page (Affiliate Payment Information section), please select "EFT" from the Payment Mode drop-down menu and complete all the mandatory details including your bank details (EFT payments are subject to all the necessary documents like scanned copy of cancelled cheque, PAN card and/or any other requisite docs having been submitted by the affiliate to Flipkart for processing payments through EFT).
In case of any queries or assistance, feel free to get in touch with us on affiliate@flipkart.com
Thanks & Regards,
Flipkart Affiliate Team.
NOTE-1) As per applicable Indian tax law, we deduct 10% TDS on all payments made through Electronic Fund Transfer (EFT). Our payments to you are referral fees in the form of commission and we consider the same squarely covered under Sec 194H of the Income Tax Act and deduct TDS at the rate of 10%.
2) The referral fee payable to you is inclusive of all taxes including service tax or other tax or levy that you may be required to remit in connection with such services. For more details, refer www.flipkart.com/s/affiliate/terms”
Flipkart seems like has got into competition with fellow ecommerce businesses. It is known that Amazon.in have recently introduced EFT payment option to its affiliate partners with the minimum payment threshold of Rs.1,000.
Anyhow the competition benefited the affiliate marketers get paid quickly than before. So what are you waiting for? Go flood the web with affiliate links(terms & conditions apply ;)).
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