Withdrawals & Payment

At Cool Orca, we are committed to ensuring the safety and satisfaction of our customers and sellers. To facilitate a secure and transparent marketplace environment, we have established the following Withdrawals Policy. Please read this policy carefully to understand how the withdrawal process works on our platform.

Fees and Simplified Listing Process:

• 1. Dispute Fees Included in Product Cost: We understand that handling disputes can be cumbersome, so we've made it easier for you. You won't need to pay separate fees for listing and transaction disputes. Instead, these dispute fees will be automatically included in the total cost of your product. This means that the buyer will cover these dispute-related fees when they place an order for your product.
• 2. Category-Based Listing and Transaction Fees: Cool Orca charges fees based on product categories and per transaction. When you create a listing in your account, you will be informed of the applicable fees for that specific category. These fees will be transparently displayed and added to the product's listing price.
• For example, if you initially set the price for your product at $10, Cool Orca's listing and transaction fees will be added to this base price. Let's say the total fees amount to $2. Therefore, the product card displayed to the buyer will show a total cost of $12, which includes your $10 base price and the $2 in fees.
• 3. Withdrawal of Your Earnings: You can withdraw the funds you've earned from selling your products. In the example, if your product is listed for $10 and the fees amount to $2, you will have $10 in your wallet as earnings from the sale. You can withdraw this $10 to your bank account or chosen payment method, provided there are no disputes with the buyer regarding the return or refund of the purchase price.

This streamlined approach aims to make the selling process more convenient for you as a seller. By including dispute fees in the product cost and clearly presenting category-based fees, we ensure transparency and ease of use for both sellers and buyers on our platform.

If you have any further questions or require additional information about our fee structure or any other aspect of selling on Cool Orca, please feel free to contact our customer support team. We are here to support your successful selling experience. Thank you for choosing Cool Orca as your preferred marketplace.

1. Goods Status and Withdrawals:

Cool Orca freezes payment for goods for a short duration until the Items receive the status of "completed.

" Here's how it works:

• Completed Goods Status: The status of "completed" is achieved when the seller has Shipped  the Items to the client. Please note that delivery times may vary and could range from 2 days to 2 months. Once the goods are delivered,  will receive the status of "delivered."
• Dispute Period: After the goods are marked as "delivered," Cool Orca provides the client with a 15-day window to open a dispute and return the goods if necessary.
• Automatic Completion: If the client does not open a dispute within the specified 15-day period, our system will automatically change the status of the product to "completed." This signifies that the transaction is considered final, and the funds for the product will be made available in your wallet.
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• Minimum payout amounts:
• The minimum payout amount depends on the lowest amount we can support with our banking partners. For example, in the US, the minimum payout is  (or 0.05 US dollar), whereas in Singapore the minimum payout is one Singapore dollar. The following table highlights exceptions to this rule. If your available account balance is less than the minimum payout amount, it remains in your Cool Orca Wallet until your balance increases.

2. Currency Options for Withdrawals:

Upon registering a seller account on Cool Orca, you have the option to choose one settlement currency from the following: Euro (EUR), US Dollar (USD), or British Pound (GBP). However, please be aware that all transactions on our platform are primarily denominated in US Dollars, and conversions will be based on the USD exchange rate.

Multiple bank accounts for different settlement currencies

In some countries, Cool Orca Sellers can add one bank accounts to enable settlements and payouts in additional currencies. You can add one bank account per supported settlement currency. If you use multiple bank accounts, you must select a default settlement currency, which you can not change .

Charges that are presented in any enabled settlement currency settle without currency conversion. However, payments presented in a currency that you haven’t an additional bank account for automatically convert to your default currency.

For example, consider a Cool Orca Seller in the United Kingdom who has added  GBP bank accounts, with GBP selected as the default settlement currency. USD payments (where USD is the presentment currency) are automatically conversion out to the GBP bank account, whereas payments in all other currencies are converted into USD.

3. Currency Conversion:

• Frequency: Currency conversions occur several times a day, following the conclusion of trading sessions in the American and European stock exchanges.
• Constant Rate Fluctuations: The exchange rate is subject to continuous change. At the time when payments are processed, the exchange rate may differ from the rate the seller expects. Therefore, it is advisable for the seller to withdraw funds in US Dollars to minimize the impact of rate fluctuations.
• Fees: When withdrawing money to a bank account, Cool Orca charges a 5.9% fee for the transaction. Additionally, please be aware that the seller's bank may also impose fees for transactions. Cool Orca is not responsible for any fees imposed by the seller's bank.

4. Withdrawal Process:                                                                                                                                                                                           Available for businesses in 47 countries

• Initiating a Withdrawal: To initiate a withdrawal, sellers must log in to their Cool Orca account, navigate to the "Withdrawals" section, and select the desired withdrawal currency. Sellers should ensure that their account information, including bank details, is accurate and up to date.
• Processing Time: The processing time for withdrawals may vary based on the seller's bank and the chosen withdrawal method. Sellers should allow for some processing time, which can range from a few business days to longer periods depending on the involved financial institutions.

• Payout speed by country

  COUNTRY	PAYOUT SPEED
  Australia	2 business days
  Austria	3 business days
  Belgium	3 business days
  Brazil	30 calendar days; 5 calendar days for international charges; 2 business days for Boleto and Pix payments
  Bulgaria	3 business days
  Canada	3 business days
  Croatia	3 business days
  Cyprus	3 business days
  Czech Republic	3 business days
  Denmark	3 business days
  Estonia	3 business days
  Finland	3 business days
  France	3 business days
  Germany	3 business days
  Gibraltar	3 business days
  Greece	3 business days
  Hong Kong	7 calendar days
  Hungary	3 business days
  India	5 business days
  Ireland	3 business days
  Italy	3 business days
  Japan	Payouts are made once per week (on a day of your choosing) and include payments processed up to 4 business days prior.
  Latvia	3 business days
  Liechtenstein	3 business days
  Lithuania	3 business days
  Luxembourg	3 business days
  Malaysia	7 calendar days
  Malta	3 business days
  Mexico	3 business days, if and when eligibility criteria has been met. During eligibility period, 7 calendar days.
  Netherlands	3 business days
  New Zealand	4 business days
  Norway	3 business days
  Poland	3 business days
  Portugal	3 business days
  Romania	3 business days
  Singapore	7 calendar days
  Slovakia	3 business days
  Slovenia	3 business days
  Spain	3 business days
  Sweden	3 business days
  Switzerland	3 business days
  Thailand	7 business days
  United Arab Emirates	5 business days
  United Kingdom	3 business days
  United States	2 business days

  High-risk businesses have a payout speed of 14 calendar days.

   

5. Currency Rate Disclaimer:

• Rate Confirmation: Sellers should be aware that the exchange rate used for currency conversions is confirmed at the time of payment processing. As such, the rate may differ from the rate displayed at the time of initiating the withdrawal. This fluctuation is a result of market dynamics and is beyond Cool Orca's control.
• Withdraw in USD: To mitigate the impact of rate fluctuations, it is recommended that sellers withdraw their funds in US Dollars if possible, as this is the base currency on our platform.

6. Withdrawal Transaction Fees:

• Cool Orca Fee: Cool Orca levies a 5.9% fee on the total transaction amount when withdrawing funds to a bank account. This fee is applied to cover transaction processing costs and platform maintenance.
• Bank Charges: Sellers should be aware that their bank may also charge fees for receiving international transactions or currency conversions. These bank charges are separate from Cool Orca's fees and are the responsibility of the seller.

7. Policy Updates:

Cool Orca reserves the right to update or modify this Withdrawals Policy at any time to adapt to changes in the marketplace or regulatory requirements. Any policy updates will be communicated to sellers through their registered email addresses or notifications on the platform.

We value your trust and aim to provide a secure and transparent platform for all our users. If you have any questions or require further clarification on our Withdrawals Policy, please do not hesitate to reach out to our customer support team for assistance.

Thank you for choosing Cool Orca as your trusted marketplace. We look forward to helping you succeed in your business endeavors.

  8. Currency Conversion Timing:

• Market Timing: Please note that currency conversions are tied to the timings of the financial markets in the United States and Europe. These conversions are executed shortly after the closing of these markets. As a result, the conversion rate may be influenced by market events and economic factors.
• Intraday Rate Variations: Currency exchange rates can fluctuate throughout the trading day. Therefore, the rate at which funds are converted may not necessarily match the rate observed at the time of the withdrawal request.

9. Minimum Withdrawal Amount:

• Minimum Requirement: Cool Orca may impose a minimum withdrawal amount for each supported currency. Sellers should ensure that their available balance meets or exceeds this minimum requirement to initiate a withdrawal.

10. Withdrawal Currency Selection:

• Permanent Choice: Sellers should be aware that the choice of withdrawal currency is permanent and cannot be changed once selected during account setup. Therefore, it is crucial to choose the currency that aligns best with your financial preferences.

11. Customer Support:

• Assistance: Our customer support team is available to assist you with any withdrawal-related queries or concerns. If you encounter any issues during the withdrawal process or require guidance, please don't hesitate to reach out for assistance.

12. Legal Compliance:

• Taxation and Regulatory Compliance: Sellers are responsible for complying with their local tax laws and regulations related to income earned on the Cool Orca platform. Cool Orca does not provide tax advice and recommends that sellers consult with a tax professional for guidance on tax implications.

13. Currency Conversion Transparency:

• Rate Transparency: Cool Orca is committed to transparency in currency conversion. Sellers can access historical exchange rates for reference and track the rate used for their specific transaction in their account transaction history.

14. Security Measures:

• Security Protocols: We prioritize the security of all transactions on our platform. We employ state-of-the-art encryption and security measures to protect your financial information during the withdrawal process.
• Two-Factor Authentication: To enhance security, we strongly encourage sellers to enable two-factor authentication (2FA) for their Cool Orca accounts. This adds an extra layer of protection to their financial transactions.

15. Withdrawal Notifications:

• Withdrawal Confirmation: Once a withdrawal request has been processed, sellers will receive a confirmation notification via email or within their Cool Orca account dashboard. This notification will include details such as the withdrawal amount, date, and estimated arrival time.

16. Currency Conversion Rate Alerts:

• Rate Alert Options: To help sellers make informed decisions, Cool Orca offers rate alert notifications. Sellers can set rate alerts to be notified when the exchange rate reaches a predefined level, allowing them to choose the most favorable time for their withdrawals.

17. Multiple Withdrawal Methods:

• Payment Options: In addition to bank account withdrawals, Cool Orca may offer multiple withdrawal methods in the future, such as electronic wallets or other financial services. Sellers will be notified of any new withdrawal options as they become available.

18. Communication Channels:

• Customer Communications: Cool Orca may send important updates and policy changes to sellers through various communication channels, including email, in-platform notifications, and official announcements on our website. It is essential to stay informed about any policy revisions or platform improvements.

19. Currency Exchange Rate Resources:

• External Sources: To stay updated on current exchange rates, sellers can access reputable financial news sources, currency converter websites, or government financial institutions. This information can be valuable when planning your withdrawals.

We are dedicated to providing you with a safe, transparent, and user-friendly platform. If you have further questions or require additional information regarding our Withdrawals Policy or any other aspect of using Cool Orca, please do not hesitate to contact our customer support team. Your success and satisfaction are our top priorities.

Note Regarding Disputes and Potential Impact on Earnings:

It's important to understand that in the event of a dispute being opened by the buyer, the seller's earnings may be affected.

 Here's an explanation of this scenario:

• Dispute Resolution: If a dispute is unexpectedly opened by the buyer, it could lead to a resolution that differs from the initial sale amount. Depending on the nature of the dispute and its outcome, the seller may receive less than the originally earned amount, or in some cases, they may be required to issue a refund to the buyer.
• Impact on Earnings: As a result, the final earnings for the seller may be adjusted to account for any refunds or adjustments necessary to resolve the dispute. Therefore, it's essential for sellers to be prepared for potential changes in their earnings if a dispute arises.

We encourage sellers to provide excellent customer service, clear product descriptions, and timely communication to minimize the likelihood of disputes. Our goal is to create a fair and trusted marketplace for all users, and we're here to assist in resolving disputes in a fair and impartial manner.