Question: What is Instant COD by Shiprocket and how does it work?
Answer: Instant COD is an advanced payout plan by Shiprocket that allows you to receive up to 70% of your COD amount as Instant COD the next day after your orders are shipped. The remaining amount is remitted according to your current COD remittance plan. This service is exclusively available for a limited set of sellers.
Example - If your current COD remittance plan is Early COD(D+2) and the COD amount of your shipment shipped on 23rd September is ₹1,00,000, you could receive up to ₹66,500 (up to 70% of the total COD amount after deducting a 5% fee of Instant COD) as Instant COD on 24th September (the day after shipping). The remaining ₹29,703 (30% of the total COD amount after deducting a 0.99% fee of Early COD) will be remitted 2 days after delivery.
If you’re on the Standard plan, the remaining ₹30,000 (30% of the total COD amount) will follow the standard D+8 process and will not attract any charges.
Question: How can I get started with Instant COD?
Answer: To enable Instant COD on your account, log in to your Shiprocket account → Settings → Seller Remittance → Instant COD → Enable Instant COD.
Question: How is Instant COD different from Early COD - D+2, D+3 and D+4 plans?
Answer: Instant COD: With Instant COD, sellers receive up to 70% of their COD amount as Instant COD the next day after shipping their orders. The remaining amount is remitted as per their current COD remittance plan.
Early COD - D+2, D+3 & D+4 Plans: Under these plans, the entire COD amount is transferred after two, three, or four days respectively from the delivery date, depending on the specific plan chosen.
Question: What is the pricing for Instant COD?
Answer: A standard fee of up to 5% will be charged on the total cash on delivery (COD) amount remitted one day after shipment (S+1 day) under the Instant COD plan.
Example: If the COD amount remitted on the next day after your orders get shipped is 3500, ₹175 (5% of ₹3500) will be charged as Instant COD fee.
Question: Will I be getting Instant COD on a daily basis?
Answer: Instant COD will be processed and credited to your account on a daily basis, but only on working days. Please note that weekends and public holidays are excluded from the Instant COD schedule. If a shipment is eligible for Instant COD and is processed on a non-working day, the remittance will be carried out on the next working day.
Question: How will my business benefit from Instant COD?
Answer: With Instant COD , you can maintain a continuous cash flow for your business. Receiving remittances sooner allows you to plan ahead for your shipments and improves your overall cash flow.
Question: Will Early COD still remain enabled if I disable Instant COD?
Answer: Yes, if you disable Instant COD, your Early COD plan will remain active, and you will continue to receive remittances according to that plan.
Once Instant COD is enabled on my Shiprocket account, how will it affect the remittance process for shipments made prior to enabling Instant COD?
Answer: After Instant COD is enabled on your account, it will apply to all open shipments moving forward.