Some sellers on Qoo10 unable to withdraw earnings from platform

Sellers on Qoo10 said they are still able to click “withdraw” on their account now, but the funds have yet to be reflected in their bank accounts. ST PHOTO: KUA CHEE SIONG

SINGAPORE - Some sellers on e-commerce platform Qoo10 have not been able to withdraw their earnings since as far back as a month ago, The Straits Times has learnt.

Mr Jeffrey Quek, who sells construction and household items on Qoo10, said he has more than $12,000 in earnings stuck with the platform since Feb 1.

“This is the longest I have waited for the sum to be reflected in my bank account, and it is quite a big amount,” said the 27-year-old, who last made a successful withdrawal on Jan 25.

Founded in 2010, Qoo10 is run by South Korean e-tailer Giosis Group, in partnership with e-Bay. It offers a variety of products, with notable brands such as SK-II, Coach and Kate Spade.

Earnings on the platform are released into the sellers’ accounts every Wednesday after the platform takes a cut of 10 per cent to 12 per cent.

Sellers can manually request withdrawals of their earnings, and the money is typically transferred to the sellers’ bank accounts within two business days, sellers tell ST.

The sellers said they are still able to click “withdraw” on their account, but the funds are yet to be reflected in their bank accounts.

Mr Quek has sent seven e-mails to Qoo10, and was initially given specific dates by when the money would be reflected in his bank account, with the delay explained as due to a “technical issue”. He has been selling on Qoo10 since 2017 and said this is the first time he has experienced this issue.

Mr Jeffrey Quek’s transaction history on Qoo10 wallet. He has over $12,000 worth of earnings tied up on the platform. PHOTO: JEFFREY QUEK

Another seller, who wanted to be known only as Ms Shan, said she has almost $8,000 tied up in her Qoo10 wallet since Feb 28.

Ms Shan, who has been selling beauty products and household items on the platform since 2011, also experienced a payment delay in January. That month, Qoo10 updated her regularly and attributed the delay to a technical issue.

The 39-year-old received her payment a week later.

When she did not receive her earnings after making a withdrawal request on Feb 28, she contacted Qoo10 via its hotline and e-mail, but was also told that it was because of a technical issue.

“This is my full-time job, and Qoo10 is not providing any proper updates or reasons for the delay. People like me became sellers on this platform as we thought it was a credible platform,” she said.

“It is very frustrating to not receive funds for your items sold, when customers have already received them.”

Ms Shan’s transaction history in Qoo10’s wallet, where she has manually withdrawn the funds but has yet to receive it in her bank account. PHOTO: SHAN

The Straits Times also spoke to two other sellers who have not received their money since the start of this year, and has seen the amounts in their Qoo10 wallets and their correspondence with the platform.

Mr Quek said some of the sellers who have yet to receive their funds have created a group chat to update one another if anyone gets a response from the platform. There are currently nine people in the group, with some waiting for around $3,000 to $4,000 each to be deposited.

In response to ST’s queries, Qoo10 said: “Technical issues causing transfer delays began recently as a result of global expansion and transformation towards creating a Pan-Asia marketplace.

“Part of the transformation involves the integration of payment systems among the company’s group of cross-border partners.”

The firm added that it is working to resume normal operations.

Ms Shan said: “I just want a proper explanation... and I want my hard-earned money back. We sellers have waited long enough, and the uncertainty of not receiving our money is affecting our business too.”

  • Additional reporting by Aqil Hamzah

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