1. Payment Model
Zoop facilitates payment from the winning dealer to the seller. The dealer makes payment to a Zoop-designated account; Zoop deducts the agreed service fee and disburses the remaining amount to the seller's verified bank account. Zoop does not hold seller funds for longer than required to complete this disbursement.
2. Payment Timeline
2.1 Standard Timeline
- T+0: Vehicle physically handed over to the dealer and pickup confirmed
- T+1 to T+2 business days: Dealer payment received by Zoop
- T+3 to T+5 business days: Net amount disbursed to seller's bank account
Business days exclude Sundays and public holidays. Actual credit timing depends on your bank's processing schedule.
2.2 Delays
If payment has not been received within 7 business days of vehicle handover, please contact your Sales Consultant or email support@sellwithzoop.com with your Lead Reference ID and bank details.
3. Bank Account Verification (KYC)
To receive payment, you must provide:
- Account holder name (must match PAN card)
- Bank account number
- IFSC code
- A cancelled cheque or bank passbook front page (for verification)
We conduct a penny-drop verification before the first disbursement. Payment will only be made to accounts in the seller's own name as per PAN records. We cannot process payment to joint accounts or third-party accounts.
4. Tax and GST
The sale of a used personal vehicle by an individual is generally not subject to GST in India. However, Zoop's service fee attracts GST at the applicable rate, which will be reflected in your invoice. Zoop will issue a GST invoice for its service fee upon request. Sellers are responsible for any income tax obligations arising from the sale of their vehicle.
5. TDS Deduction
TDS (Tax Deducted at Source) may apply to certain transactions as required under the Income Tax Act. Where applicable, TDS will be deducted before disbursement and a certificate will be issued. Please consult a tax advisor if you have specific questions about your tax liability.
6. Failed Disbursements
If payment fails due to incorrect bank details provided by the seller, we will attempt re-disbursement once corrected details are provided. We are not liable for delays caused by incorrect account information. Funds returned due to failed disbursement will be held for up to 30 days pending resolution.
7. Payment Disputes
If you believe an incorrect amount has been disbursed, contact us within 15 days of the disbursement date with your Lead Reference ID and a detailed description of the discrepancy. We will investigate and respond within 10 business days.