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Palmstreet Selling Fees

Apr 18, 2024
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Palmstreet Official

Dear Palmstreet sellers, thank you for being core members of our community, by selling on the platform and servicing our customers.

As a platform, we invested heavily to make plant buying & selling more fun and simpler:

  • Building a smooth and non-lag LIVE experience; comments are also instant
  • Removing the need to invoice customers after LIVE
  • Blocking scammers, handling chargebacks, supporting customer questions
  • Handling sales taxes for sellers

Palmstreet wants to continue to be the best partner for your plant business. We are going to introduce changes in the following areas: Selling Fees, Trust & Safety, and Auctions.

Off-Hour Live Streams Selling Adjustments

Enjoy 1% Selling Fees for Off-Hour Live Streams

From Feb 1st to Mar 31st, we're thrilled to offer a special deal: selling fees reduced to just 1% for off-hour live streams—before 11 am EST or after 11 pm EST.

  • Off-Hour Definition: Before 11 am or after 11 pm EST.
  • Effective Time: Feb 1st to Mar 31st
  • Transaction Time Matters: Fees reduced to 1%, based on the transaction time. It doesn't matter when the stream starts or ends—what matters is when the item is paid for. Applicable to all subscription levels!
  • Off-Hour Live Quota: LIVE shows scheduled and started before 11 am or after 11 pm EST won't be deducted from your total LIVE show quota.

Selling Fee Waiver for Seller Referred Buyers

As part of our ongoing commitment to supporting our sellers and fostering stronger connections with buyers, we are thrilled to introduce a new initiative: a complete waiver of selling fees, with a 0% rate, for purchases made by buyers referred by you.

  • Target Audience: LIVE Sellers only
  • Time Window: The fee waiver applies for the first 90 days since the referred buyer joined the app.
  • Scope: The fee waiver applies exclusively to purchases made by referred buyers from your store or LIVE sales.

All Day Monday - 1% Live Selling Fee

1% Selling fee rate for all LIVE orders every Monday.

  • Time Window: All day Monday, Feb 1st to Mar 31st
  • Scope: The selling fee rate is reduced to 1% for all LIVE sales on Mondays

Selling Fees

The goal is to keep the community more sustainable for everyone.

  • The platform can continue to work on fun and smooth LIVE experiences, trust & safety, and features that save time for your business
  • The fees will be very reasonable in order to help support the growth of plant businesses
  • The fees will be transparent, with no surprises, and communicated ahead of time
  • Everyone gets fee deductions for an extensive period of time, all the way until the end of Feb 2024

Effective Oct 16, 2023, we will offer three seller plans: Hobby, Full-time, and Business; each has been designed to meet your specific needs.

Hobby Plan

  • Monthly fee: $0
  • Selling Fee:
    LIVE: 5.9%
    Non-LIVE: 2.9%
  • Number of LIVEs: 4 per month
  • 3rd-party payment processing fee:
    Regular orders: 2.9% + $0.3
    Installment orders: 6% or 5.99% + $0.3

Full-Time Plan

  • Monthly fee: $99
  • Selling Fee:
    LIVE: 4.9%
    Non-LIVE: 2.9%
  • Number of LIVEs: 8 per month
  • 3rd-party payment processing fee:
    Regular orders: 2.9% + $0.3
    Installment orders: 6% or 5.99% + $0.3

Business Plan

  • Monthly fee: $399
  • Selling Fee:
    LIVE: 3.9%
    Non-LIVE: 2.9%
  • Number of LIVEs: 14 per month
  • 3rd-party payment processing fee:
    Regular orders: 2.9% + $0.3
    Installment orders: 6% or 5.99% + $0.3

When you upgrade your plan, the start date matches your upgrade date and lasts until the same date in the following month. For example, if you upgrade to the Full-time plan on October 15, 2023, at 22:12:15, your plan's initial month will run from October 15, 2023, to November 15, 2023, at 22:12:15.

Deductions for Sellers

Early Sellers Deduction: We value our long-term sellers and appreciate your support to the community. Depending on when you started selling on Palmstreet, you may be eligible for the following deductions:

OG Sellers (Started selling before July 1, 2023):

  • 2% deduction before November 15, 2023
  • 1% deduction between November 16, 2023, and February 28, 2024

Early Bird Sellers (Started selling between July 1 - July 31, 2023):

  • 1.5% deduction before November 15, 2023
  • 0.5% deduction between November 16, 2023, and February 28, 2024

Sellers who started selling between August 1 - Oct 15, 2023:

  • 1% deduction before November 15, 2023
  • 0.5% deduction between November 16, 2023, and February 28, 2024

  

Trendy LIVE Deduction: If a LIVE event you host becomes Trendy, sales in that specific LIVE will enjoy a 0.5% selling rate reduction. A Trendy LIVE is a LIVE that has 100 or more bookmarks by the scheduled time.

New Sellers Deduction: Sellers who start selling after October 16, 2023, will receive a 3% selling fee deduction for the first 14 days and a 1% selling fee deduction for days 15-30 as a welcome offer.

Selling Fee: A % Palmstreet charges to cover operational costs. It applies to both the product price and the shipping cost.

Stripe payment fee: a fee charged by Stripe, a 3rd party company that handles all customer payments. It applies to the product price, the shipping cost, and sales tax. Palmstreet does not take any part of that.

If the buyer does not use installment payment, processing fees that the seller will pay include:

  • Stripe payment fee: $0.3+2.9% of the sold price (item price and shipping fee).

If the buyer uses installment payment via Affirm and AfterPay, processing fees that the seller will pay include:

  • stripe&payment plan fee: $0.3 + 6% of the sold price (item price and shipping fee).

If the buyer applies the installment via Klarna, the seller will pay:

  • stripe&payment plan fee: $0.3 + 5.99% of the sold price (item price and shipping fee).

Monthly Fee: charged monthly, offers lower selling fee + more LIVEs + longer LIVEs

Seller's starting date: defined as the first date they list a plant for sale in our Shop or the first date they actually go LIVE

Trust & Safety

Trust and safety are core to a plant buy and sell community. Besides the work we have already been doing (blocking scammers, handling chargebacks, and supporting customer questions), Palmstreet is upgrading this layer by

  • Committing to answer all support questions within 24 hours
  • Extending the review time window to 10 days after receiving the product
  • Tracking down buyers who repeatedly don’t pay for their auctions

Picture-In-Picture

Palmstreet is awesome because its LIVE sales are smooth, with no lag, no comment-filtering, and auto-invoiced. But we are not stopping here. We are going to make LIVE sales more fun.

Picture-in-Picture: features are coming soon: The viewers will be able to put Palmstreet LIVE in the background without stopping LIVE, and keep using their phones for other tasks. If they hear about an interesting product, they can easily jump back to Palmstreet for purchases.

If you have any questions or need further clarification regarding these updates, please do not hesitate to contact our support team. We appreciate your contributions to the Palmstreet community, and we look forward to continuing our journey together and witnessing your businesses flourish.

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