What is the alternative payment method to sellers via BDO online fund transfer?

Kristina

Benefit of BDO Online Payment:

1) Get a real -time crediting of your payout.

2) Avoid the long queue at ITC when claiming for checks.

3) No more waiting for bank clearing days in order to utilize funds.

4) Get a real -time e time e-mail notification once the fund transfer is completed.

5) Fund transfer is free, with no beneficiary bank charges.

 

Steps to Sign-Up for BDO Online Payment:

Step 1. Re-upload your BIR Certificate of Registration (COR) a.k.a BIR Form 2303 in your SC Profile.

     – You may try to download the document uploaded in your seller center profile. Make sure that error shown       below does not appear, and that you are successful in downloading the document:

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  • Few reminders:Few reminders: Few reminders:Few reminders: Few reminders: Few reminders:  

     – Kindly make sure the copy you uploaded is clear and readable (esp. T.I.N Business Name)

     – Please use a file type acceptable for the upload (jpeg, pdf, png)

cor.PNG

Step 2. Make sure your bank details section reflects BDO Account.

     - Ensure your bank details are that of BDO account: 

bdo.PNG

Few reminders: 
– Account Name : make sure your account/payee name is aligned with registered business name:

-  Account Number : please input 12 digit BDO account number (include 0s if necessary) 

– Bank : it should be Banco De Oro (BDO)

Step 3. Sign up through the seller survey to notify finance your request to be paid online.

Click link below to fill out the survey: https://goo.gl/forms/TuaaGlUVLFqqAJDA3 

Few reminders:

– Please make sure you are already done with Steps 1 and 2 before furnishing the survey.
– Filling out the survey doesn’t automatically change your payment method to BDO online payment, your seller profile will still be subject to validationyour seller profile will still be subject to validation.
– If you have multiple accounts/shops in Lazada, you must perform all steps for each account.

Step 4. Wait for notification from finance team if your account has been successfully enrolled.

  • Once received, finance will validate your request by verifying the following:

    – Your BIR COR/2303 is downloadable from your seller center profile.
    – Your seller profile reflects your BDO Bank Account details.
    – Ensure all accounts under the same merchant (if there are more than 1) have been updated.
    – Match your bank account name (a. k.payee name) with registered business per COR.
    – Validate BDO account number to check if indicated is valid, not closed and matching with the stated bank            account name.

  • After validation, the finance team will notify sellers who signed up for BDO online transfer of the result validation (approved or rejected).
  • Please take note that only sellers who filled out the survey before SOA cut -off (14 off and 30 th /31 st ) will be subject to validation and have the ) will be subject to validation and have the ) will be subject to validation and have the chance to be changed BDO online payment starting the payout for that cut -off. All responses recorded after will be considered for the next off. All responses recorded after will be considered for the next off. All responses recorded after will be considered for the next off. All responses recorded after will be considered for the next scheduled pay out.

 

*Frequently Asked Questions:

1) I don't have a BDO account, how will I get paid now?

  • If you don't have a BDO account now, you can keep on collecting via Check payout at ITC, in Pasong Tamo (for metro manila merchants). And if you decide to open a BDO account, you may sign up for the electronic payout in the future once the BDO account has been opened.

2) I have a BDO account, but it's not under my business documents' name, can I use it?

  • No. Same rule still applies when enrolling a BDO account, it should be named under the business or proprietor's name.

3) We don't have a BDO account, can we use accounts from other banks?

  • Currently, our only option is BDO-to-BDO transfer. Although inter-bank transfer to banks other than BDO is being explored at the moment, but we can only accept BDO account for now for the electronic fund transfer payout method.

4) What will be the deposit schedule if we move to BDO online fund transfer payout?

  • Same schedule applies. Payout will be made every 7th and 22nd, but this time there will be no need to wait for bank clearing days in order to utilize the funds as it will be available once transferred. An option to perform the fund transfer even if 7th and 22nd falls on weekend is now available as well, meaning, there will be no need to move the collection to the next working day.

5) Can we send the collection receipt/BIR Form 2307 via mail or courier?

  • Yes. You can transmit collection receipt and/or BIR Form 2307 via mail, a 3rd paty courier or via your messenger to our BGC office. Just make sure the documents are transmitted before the next scheduled payout to avoid your that payout from being put on hold.

6) Can we still received a deposit slip?

  • No. Since this is a bank transfer there is no deposit slip. Seller must check in transaction history through online.
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