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Brand Remittance

Updated

STANDARD REMITTANCE PROCEDURE

GENERAL INQUIRY

  • For any remittance or accounting related questions, please reach out to Accounting@nabis.com. If the inquiry is related to a specific order, please provide the following information to simplify the internal review timelines:
    • Nabis Order ID #
    • Retailer
    • $ Amount

REPORTING FORMAT

  • Nabis will provide recurring remittance reports in Excel format detailing collections that occurred during the relevant time period.
    • Reports will contain information regarding Order Paid and Applied Date, Retailer Name, Order Number, Order Total, Invoice and Transaction Type, Invoice Total, Credits and Discounts, Total Collected Amount, Nabis Distribution Fees, Remittance Value for each order and Outstanding Balances (if any)

REPORTING CADENCE

  • Remittance reports will be sent out on a recurring cadence based on the remittance frequency agreed to in the Master Distribution Agreement.
    • Typically, reports will be sent out before Thursday EOD and funds transferred by the end of week. Weeks impacted by bank holidays may delay transfers to the following week.
    • If a brand works with multiple manufacturers and would like to have payment split between them, the brand must provide how much they’d like to split by manufacturer.
      • Note that this breakdown can be calculated using the detailed orders export at the SKU level available in the portal.
  • Remittance reports will be sent out to the desired Brand email contacts.
    • Brand contacts are requested during onboarding.

FUNDS TRANSFER

  • Funds will be transferred electronically based on the format agreed to during onboarding.

SAMPLE ORDERS

  • Nabis will close out sample orders or orders with a net GMV value of <$2 as self-collected invoices
    • Nabis team will make every effort to close out these orders within 30 days of delivery
  • These orders will show up on the brand remittance report like any other self-collected invoice, although the invoice dollar value will be nominal

"BUNDLED" ORDERS

  • If you have multiple orders scheduled to be delivered to the same retailer on the same date, Nabis will auto "bundle" the delivery fee. This means, we will charge you based on the total value of the orders, rather than assessing fees to each order individually. The fee will be adjusted on the delivery date.
  • If the orders being requested to bundle are not scheduled to the same retailer on the same date from the same brand, we will not be able to approve the request.

BRAND PAYMENTS FAQS

  • REMITTANCE REPORT TIMING
    • Once a new brand passes a positive amount (net any fees), the Brand Payments team will begin preparing their first report. Reports will be sent at the brand’s agreed upon cadence thereafter. Note: each subsequent remittance report must be at least $1,000, otherwise funds will be held and the balance will be rolled forward to the next period.
  • PAYMENT METHOD OPTIONS
    • Brands may receive remittances in the form of an ACH payment.
    • If you would like to receive remittances via ACH, please include banking details when filling out the brand compliance form here
  • BRAND REQUESTS A FEE ADJUSTMENT
    • All proposed fee adjustments will be reviewed internally by our accounting and customer experience teams and if approved, reimbursements will be included in the following period's remittance report. Please submit any fee adjustment requests within the form linked here.
  • EXPEDITED REMITTANCE TRANSFERS
    • At this time we are unable to accommodate expedited remittance requests. However, if you are looking for short-term financing solutions, please reach out to Nabis Capital capital@nabis.com for any inquiries regarding our factoring services.
  • UPDATING BANK DETAILS
    • For new brands that have not yet submitted any information, please complete the ‘New Brand Compliance Form’ https://airtable.com/shrRIbODx5xM86o8x
    • For existing brands that only need to update banking information, please email your primary remittance point of contact and accounting@nabis.com to notify the change. An update of the ‘Current Brand Compliance Form’ will be necessary https://airtable.com/shr9jbO8uFqOzixgY - brands may also use this form to update any information already on file (banking, license, W-9, etc.)

       
  • REMITTANCE REPORT
    • You can expect to receive a remittance report during the designated period as specified in the brand agreement, typically occurring between Monday and Wednesday. This report contains order details, including the subtotal of the order, percentage fees, credits, discounts, surcharges, and other applicable fees.

       
  • QUESTIONS AND SUPPORT
    • If you have any questions or concerns regarding the remittance report, don't hesitate to reach out to your assigned associate. We will be happy to assist you and resolve any inquiries.

       
  • FUNDS DISBURSEMENT
    • If no questions are received, the funds will be disbursed no later than that Friday, ensuring timely payments for your brand.

       
  • ADDITIONAL INFORMATION
    • Cash on Hand
      • The cash-on-hand metric includes completed deliveries and is calculated as follows: cashOnHand = (sum of netGmv) - (sum of distroFees) - (sum of extraFees).
        • netGmv represents the net Gross Merchandise Volume, which is the total value of all completed deliveries after deducting any refunds or cancellations.
        • distroFees refer to distribution fees or any other relevant costs associated with the delivery process.
        • extraFees include any additional fees that might be applicable.
          • Please note that the Cash on Hand figure serves as a general estimate based on the provided formula.

Please note that the Cash on Hand does not include other invoices, such as Software Fees or Storage Fees. However, these fees will appear in the remittance report, which may cause discrepancies between Cash on Hand and the Remittance Value. Additionally, Cash on Hand does not account for partial payments—the formula reflects the total amount on hand for the brand, even if only a partial amount was collected.

  • 45-Day Past Due Deductions
    • The 45-day deductions are not additional fees. We collect our outstanding distribution fees for services provided on invoices that are more than 45 days past due.
    • Once the overdue invoice is collected, you will see reimbursement of the fees deducted previously. This process is not a double charge.

Thank you for choosing Nabis as your platform for distribution. We look forward to a successful partnership. If you have any further questions or need assistance during the onboarding process, please do not hesitate to contact us.

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