Greedbag Payments and Reporting

Greedbag Payments and Reporting

Greedbag revenue share passes 85% to the store owner and 15% to The state51 Conspiracy. There are no transaction fees and no warehouse fees. If we fulfil your orders, we charge a £1 per order fulfilment fee and recoup the net postage costs.

Commission is complicated by VAT regulations, postage and fulfilment, so here’s how it is all broken down:

  • Commission = 15% on net product value.
  • Net product value = total transaction minus total fulfilment and postage cost minus any VAT on the product.

Examples

A customer buys a vinyl LP, total transaction = £20.00:

  • – £14.20 vinyl (excl. VAT)
  • – £2.80 VAT on the vinyl
  • – £3.00 postage cost (incl. £0.50 VAT on postage)
  • Commission = 15% of £14.20 = £2.13
  • Picking and packing = £1 fulfilment fee for the order + £2.5 for the postage = £3.5

If the store owner is VAT registered in the UK, this is what we will report:

  • Total sales = £20.00
  • – Commission = £2.13 + VAT = £2.56
  • – Fulfilment fee + postage = £3.5 + VAT = £4.20
  • = £13.24

If the label is not VAT registered in the UK:

  • Total sales = £20.00
  • – Commission = £2.13
  • – Picking/Packing/Postage = £3.50
  • = £14.37

VAT on digital products

We take care of the VAT on digital products on behalf of all Greedbag store owners. This means less work for you. Any VAT that we will pay on your behalf will be deducted from the remittance and shown in your report.


Payment and Reporting

We send reports in the first week of the month following the sales period. We pay reports in full within 3 working days of sending reports. We are continually developing and improving sales reporting  features.

Remember that many reports can be pulled from your Greedbag content mangement system, including full product reports, transaction reports and sales snapshots. Contact us if you want a tour of the Greedbag CMS.

Download a Sample Report