If you're a new Vinted seller or on the fence about selling on this platform, you might be relieved to know that its payment system works similar to other online marketplaces.
It has Vinted Wallet, where all earnings from your sold listings are stored. You can transfer your payout to your linked bank account or use the credits to buy items from other Vinted sellers from this Wallet.
Here we'll work you through the entire process, from setting up your Wallet to dealing with common payout problems.
How to set up and activate our Vinted Wallet
Prepare for your first sale and payout by ensuring you have already entered your bank details. Simply tap your profile icon and locate "Payments" under "Settings." Within "Payout options," add your bank account, provide the requested information, and hit save within "Payout options.
Go back to your profile icon and locate "Wallet" this time. You will then see the option to activate your Wallet. Do it right away, or at least within five days of making your first sale. Because if not, Vinted might have to cancel the order.
Sometimes, Vinted's payment partner Adyen would request additional steps to verify the account user's identity. This may happen early on when setting up the Wallet (e.g., the user entered bank details already existing in their system, as previously provided by another user) or anytime during the seller's journey (e.g., when the user exceeded the sale limits.)
Providing a valid ID, and in some instances, a bank statement or a proof of billing address, is enough to pass the identity check and clear the air. Incompliance may result in immediate and permanent account blocking to protect the Vinted community from any possible fraudulent or malicious activities.
How sellers get paid
Every time a buyer checks out an item of yours for payment, the amount will appear in your Vinted Wallet as a pending balance. This is a standard procedure among all sale transactions – within Vinted and other reselling platforms – to ensure that buyers get what they paid for before the sellers access the money from the sold items. The money for the refund will also be taken out on this balance when a dispute is filed against the seller, and they are proven to be at fault.
The amount will then appear as an available balance upon confirmation of delivery or order completion. The buyer can do this by tapping "Everything's OK," or it will happen automatically two days after delivery if the buyer raises no issue during the hold period.
The available balance can stay in your Vinted Wallet for as long as you want until you decide to purchase any item from within the platform or direct your earnings to your registered bank account.
When doing a payout to your bank, it wouldn't hurt to double-check the saved bank details to make sure you're transferring to the right account. It is also advisable to do the transfer only if you're in a place with a reliable internet connection, as you'll never know when a spotty connection could lead to technical errors and hassles.
If your payout is successful, expect to see your transferred funds in your bank account within a few days to as long as two weeks, depending on how easily your bank recognizes the payout as coming from your Vinted account.
What to do when the payout fails to reach your bank account
A payout can get rejected if your account is in trouble. Perhaps you have not passed the identity verification step mentioned earlier or have not settled a technical issue. It is best to contact Vinted directly to inquire about the matter and fix it immediately. Another reason for the payout failure is insufficient funds. Make sure you are transferring an amount that can be readily be covered by your available balance because the pending balance doesn't count yet.
Again, it's important to be certain that you have entered the correct bank information. Vinted will not be able to help you out once you're confirmed the transfer to your bank account; You'd have to get in touch with your bank as soon as you realize the mistake. Provide them with the date and amount of the payout for easier tracking.
Receiving payments and processing payouts should be easy in Vinted, especially if you already have experience selling on other marketplaces. We hope everything goes well in your first – and every – sale and payout!
As a seasoned e-commerce enthusiast with extensive experience in selling on various online platforms, I understand the intricacies of payment systems and the challenges that sellers may face. Having actively participated in the Vinted community, I can confidently provide insights into the platform's payment processes, drawing from first-hand expertise.
The article discusses key concepts related to Vinted's payment system, and I'll break down each component:
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Vinted Wallet:
- The Vinted Wallet is where earnings from sold listings are stored.
- Sellers can transfer payouts to a linked bank account or use credits to buy items from other Vinted sellers.
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Setting Up and Activating Vinted Wallet:
- Sellers need to enter bank details in the "Payments" section under "Settings."
- Adding a bank account involves providing necessary information and saving it within "Payout options."
- Activating the Vinted Wallet is crucial within five days of the first sale to avoid order cancellation.
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Identity Verification:
- Vinted's payment partner, Adyen, may request additional steps to verify the account user's identity.
- Valid ID, and in some cases, a bank statement or proof of billing address, may be required to pass identity checks.
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Payment Process:
- When a buyer checks out an item, the amount appears as a pending balance in the Vinted Wallet.
- Pending balance ensures that buyers receive their items before sellers access the money.
- Refunds are deducted from the pending balance in case of a dispute.
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Available Balance and Payouts:
- The available balance can be used to purchase items or transferred to a registered bank account.
- Sellers should double-check bank details before initiating a transfer.
- It's advisable to transfer funds in a location with a reliable internet connection to avoid technical errors.
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Payout Duration:
- Successful payouts may take a few days to as long as two weeks, depending on the bank's processing time.
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Payout Failures:
- Payouts may fail due to identity verification issues or technical problems.
- Insufficient funds can also lead to payout failure.
- Correct bank information is crucial, as Vinted cannot assist once the transfer is confirmed.
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Troubleshooting Payout Issues:
- If a payout fails, sellers should contact Vinted directly to resolve the issue.
- Insufficient funds and incorrect bank information are common reasons for payout failure.
In conclusion, navigating Vinted's payment system involves careful setup, identity verification, and understanding the flow of funds in the Vinted Wallet. Following these steps diligently can ensure a smooth selling experience on the platform.
