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Trade-In Payout Process for Vendors

At Foxway, we strive to make the payout process as seamless and transparent as possible for our vendors. This article provides an overview of how we settle with vendors for devices that have been purchased from them. 

Process Overview 

The payout process begins when you send devices to Foxway. To ensure a smooth transaction, we recommend shipping devices at least bi-weekly. This helps maintain healthy cash flow and prevents losses due to device value depreciation.

The price of the device is fixed for 30 days from the date when it is registered by the vendor or consumer in Foxway systems. Therefore, it's crucial to send the devices within this period to receive the assigned price. 

Instore Trade-in: grading and financial impact 

In the case of in-store trade-in, to protect you from financial impact due to potential grading errors at the store, we set up a buffer which acts as protection to cover cases of wrongly graded devices. This means we will pay you a certain percentage more than what your customer received in-store, if the grading is performed correctly. In cases where the actual grade of the device is lower than the store grade, the buffer will be used to cover the difference in price. 

Additionally, we always pay you what the device is worth, so there can be situations where the device's value increases or decreases after Foxway re-grades it. You can read more about the Foxway grading process in the grading article. 

Instore Trade-in: reporting 

To ensure transparency, we provide detailed reports on your trade-in transactions once per month (if not agreed differently in the service agreement). These reports, accompanied by corresponding invoices or settlement documents form the basis for payouts. For more detailed information on the reporting process, please refer to the reporting article.

Instore Trade-in: invoicing 

Based on the regular reports detailing trade-in transactions, we expect invoices or settlement documents from the vendor which will be the basis for payment to the vendor. Settlement documents are used when Foxway purchases the devices directly from the trade-in end consumers and these can also be prepared by Foxway team and sent to the vendor. 

Invoices are used when ownership of the devices moves from the private customer to the vendor and then from the vendor to Foxway. The transfer of ownership is determined in the service agreement with Foxway

We expect an invoice for each export (shipment) to Foxway to perform customs clearance for non-EU purchases, such as those from the UK and Norway. 

Instore Trade-In: Quicker Payments Using Self-Billing 

We offer the option of signing a self-billing agreement with Foxway, which can expedite the payment process. By signing this agreement, Foxway can invoice itself on your behalf, reducing the time you need to issue final or additional invoices. Payment is made within the period stated in the service agreement. 

Online Trade-in: Grading and Payout o End Customers

In the case of online trade-in, we also offer the option to make direct payments to the end consumers. After the customer has graded the device online, received a price offer and shipped the device to us, our technicians regrade it and in case the grade matches with the initial grade, we execute the payment directly to the private customer.

In case there is a grade mismatch, we will send a counteroffer to the customer. If the customer accepts the offer, we will make the payment. In case the customer does not accept the offer, we will send the device back. 

Currency

All financial data in the Foxway system is recorded in a specific currency, which is pre-determined during onboarding, with live exchange rates between EUR and other currencies. We prefer transactions in EUR, as this currency allows us to offer the best prices, but we can also accept:

  • Swedish Krona (SEK)
  • Norwegian Krone (NOK)
  • Polish Zloty (PLN)
  • Danish Krone (DKK)
  • British Pound (GBP)
  • US Dollar (USD)
  • United Arab Emirates Dirham (AED)
  • Hungarian Forint (HUF)
  • Swiss Franc (CHF)
  • Czech Koruna (CZK)
  • Romanian Leu (RON)

Conclusion

By following these steps and understanding the payout process, you can ensure timely and accurate settlements with Foxway. If you have any questions or need further clarification, please reach out to your account manager.