Why Your Payout Doesn't Match Your Revenue
Product GMV is what buyers paid for your products. Seller Payout is what the marketplace actually transfers to you, after its fees, any refunds it issued, and shipping costs it covered. They're usually different numbers, and the gap is exactly what the marketplace kept. Recent payout figures also look low or missing because marketplaces settle orders on their own schedule, not the moment a buyer pays.
Applies to: Product GMV and the other sales metrics are on the Analytics Overview tab, available on every plan. Seller Payout, fees, and profit figures are on the Financials page, which needs Pro or Scale. See Your Financials Page for a tour.
What's the difference between Product GMV and Seller Payout?
- Product GMV is the merchandise value of your sales: the amount buyers paid for your products, excluding shipping on every channel so stores compare like for like, and excluding cancelled, returned, and failed orders.
- Seller Payout is what the marketplace actually sends you, after deducting its fees, netting in any refunds it issued on your behalf, and netting in any shipping costs it covered. It's usually less than Product GMV, though shipping and refunds are signed figures rather than pure deductions: a shipping payment that exceeds what the marketplace passed to the courier, or an adjustment applied as a credit, can occasionally add a small amount instead of subtracting one.
- You may also see Net Payout in KPI tooltips. It's the same figure as Seller Payout, just the formula-text label.
- Shopee sellers: Seller Payout matches your Released Amount in Shopee's own seller centre, not the pending To Release balance. An unreleased Shopee figure isn't counted here yet either.
Example: a $100 order on Shopee with a $9 platform fee, $5 transaction fee, and a $4 shipping cost the marketplace covered results in an $82 payout. Product GMV counts the full $100; Seller Payout shows the $82 you actually received.
Why does today's payout look incomplete?
Marketplaces don't pay you instantly. Each platform settles on its own schedule, typically one to two weeks after delivery. Until an order settles, Indexync doesn't know what fees and refunds the marketplace will deduct, so that order is left out of Seller Payout, Total Fees, Effective Fee Rate, Effective Margin, and Avg Payout per Order.
- Today's Product GMV can show $500 while today's Seller Payout shows $0: those orders simply haven't settled.
- Last 7 days typically has partial payout data.
- Last 30 days is mostly settled.
- Older than about two weeks is fully settled.
An order the marketplace has flagged as settled but hasn't reported a payout figure for yet is treated the same way: excluded until Indexync has the number, never shown as a confident $0.00. A genuine zero payout is a real measurement and still counts. Reloading the page picks up newly settled transactions.
The Financials page's Count by toggle (Payout date / Order date) controls which date an order is counted on. Payout date, the default, counts an order when its payout landed, which is what settlement lag affects; Order date counts it when it was placed, regardless of settlement. See Your Financials Page for when to use each.
Where else can I see my payout?
The same money surfaces in three places, and each one covers a different slice:
- Analytics Overview shows Product GMV and the other sales metrics, always by order date, on every plan.
- Financials shows Seller Payout, fees, and profit, following its own Count by setting. Needs Pro or Scale.
- Dashboard's "Yesterday's payout" tile is a third, narrower view: yesterday's settled payout only, refreshed each time you load the dashboard. It shows "Pending settlement" instead of a figure when nothing has settled yet, and a "Settled across N channels" note once it has data. See Dashboard Overview for the rest of that page.
If you sell on TikTok, Analytics reads only the orders for products you manage in Indexync, the same order-by-order basis every other channel uses. TikTok doesn't provide that per-order detail for your whole shop, so if you also sell products on TikTok that Indexync doesn't manage, your Analytics Product GMV covers a narrower set of orders than your full TikTok shop. The full-shop settlement money, including unmanaged products, is what shows on the Financials page.
Example: a seller has 60 live listings on their TikTok shop but only manages 40 of them in Indexync. Analytics Product GMV counts only the 40 managed products' orders. Financials' TikTok settlement total covers the money TikTok actually paid out for all 60.
Neither page is wrong: each states plainly, on screen, which set of orders it's counting, so you don't have to reconcile them by hand.
What orders count toward these numbers?
The following are excluded from Product GMV, Orders, Units Sold, and every derived metric:
- Cancelled orders: not counted in revenue or payout.
- Returned orders: handling depends on the marketplace.
- Shopee and Lazada reduce revenue by the amount actually refunded or reversed; a part-returned order still counts for the part the buyer kept.
- Shopify reduces revenue by any refund recorded against the order, including a goodwill refund on an order that was never formally returned.
- Elsewhere, a returned order is simply left out.
- Failed orders: payment failures aren't counted at all.
These still count toward Return Rate and Cancellation Rate, so you can spot problem products; both rates use total orders (including cancelled and returned) as their denominator.
KPI definitions
Sales metrics (Analytics Overview)
Based on valid orders only (excludes cancelled, returned, and failed).
Finance metrics (Financials page)
Based on settled orders only. See Why does today's payout look incomplete? for what settlement means.
"Gross Revenue" is the marketplace's own reference revenue figure for each order: the order price for Shopify, Shopee, and Lazada; the statement revenue figure for TikTok.
- Fee-basis qualifier. Some marketplaces itemize fees by type; others report a single lump sum, which Indexync shows as an unclassified amount rather than guessing at a breakdown. When a period blends both kinds of channel, Total Fees and Effective Fee Rate carry a short note about how much detail to expect.
- Third-party gateway caveat. Shopify orders paid through a gateway other than Shopify Payments don't report a processing fee to Indexync, so Total Fees and Effective Fee Rate read lower, and Seller Payout reads higher, than the amount actually deposited. This only affects Shopify orders paid outside Shopify Payments.
Profit metrics (Financials page)
Also settled orders only, and additionally require a cost price on the SKU. See Set Your Cost Prices for how to set one.
TikTok caveat. TikTok pays out at the shop level, not per order or per product. On the Financials statement, a TikTok store's Net Profit carries a trailing asterisk because its payout can cover a different set of orders than the costs beside it. On Product Performance and Product Analysis, TikTok sales are left out of the payout-based columns entirely, with an asterisk explaining why; Product GMV, Orders, and Units Sold always include TikTok.
Order-quality metrics
- Return Rate = (Returned orders ÷ Total orders) × 100.
- Cancellation Rate = (Cancelled orders ÷ Total orders) × 100.
Both use total orders (including cancelled and returned) as the denominator, so small order counts still produce meaningful rates.
Why doesn't Effective Margin divide evenly into Product GMV?
Effective Margin is the share of your revenue you actually keep after marketplace fees: an 80% margin means for every $100 in sales, you received $80 as payout.
It divides by settled revenue, meaning the sales behind the payouts released in the period, not by everything you sold. Both the top and bottom of the fraction come from the same settled orders, which is what keeps the percentage honest while orders are still settling. The card shows a dash instead of a percentage when nothing in the period has settled yet, since there's no settled revenue to divide by.
This is also why you can't check it by hand against the Product GMV card: that card counts by order date and covers every valid order, so dividing Seller Payout by it gives a different, lower figure. The card's own tooltip says the same thing.
Example: 10 orders worth $1,000 in total, of which 5 have settled. Those 5 were worth $500 and paid out $400. Effective Margin reads 80%, because it divides $400 by the $500 those same orders produced. Dividing $400 by the full $1,000 would read 40%, which measures settlement progress rather than how much of your revenue you keep.
How does currency get combined?
Aggregate KPIs (the headline cards at the top of every tab) are converted to your main currency at the time you view the page. Each order is recorded in its own source currency first.
Set your main currency in Settings → Account → Display Preferences. See Managing Your Account for instructions.
Where can I see a single order's exact breakdown?
Open that order from the Orders page. The Order Details view shows the per-order fee, refund, and shipping breakdown: exactly what the marketplace deducted to arrive at your Seller Payout for that order.
Troubleshooting
My Seller Payout shows $0 but Product GMV shows real sales. This is settlement lag, not a bug. Your orders haven't settled yet, so Indexync doesn't know the fees and refunds the marketplace will deduct. Reload the page after a few days, or pick a date range that ends a couple of weeks back for fully settled numbers.
Effective Margin doesn't match what I get from dividing Seller Payout by Product GMV. That's expected: Effective Margin divides by settled revenue only, while Product GMV covers every valid order regardless of settlement. See Why doesn't Effective Margin divide evenly into Product GMV? above.
My TikTok numbers look different on Analytics than on Financials. Analytics counts only the orders for products you manage in Indexync; Financials shows your whole TikTok shop's settlement, including products Indexync doesn't manage. If you sell TikTok products outside Indexync, this gap is expected. See Where else can I see my payout? above.
A KPI card shows a dash instead of a number. Either nothing in the period has settled yet, or a store's currency couldn't be converted to your main currency. Check your date range first, then Managing Your Account for your currency setting.
FAQ
Why is my Seller Payout $0 for today?
Marketplaces settle orders one to two weeks after delivery, so today's orders haven't paid out yet. Product GMV still counts them; Seller Payout waits until settlement.
What's the difference between Seller Payout and Net Payout?
None. Seller Payout is the primary label; Net Payout is the same figure, used in some KPI tooltips.
Why does my TikTok payout look different in Analytics than on the Financials page?
Analytics counts only orders for products you manage in Indexync. Financials shows your whole TikTok shop's settlement, including products Indexync doesn't manage. If your TikTok shop has listings Indexync doesn't track, this difference is expected.
Why doesn't Effective Margin divide evenly into Product GMV?
Effective Margin uses settled revenue as its denominator; Product GMV covers every valid order regardless of settlement. Dividing Seller Payout by Product GMV by hand gives a different, lower number because the two totals cover different sets of orders.
Where else can I see my payout besides Analytics and Financials?
The Dashboard's "Yesterday's payout" tile shows yesterday's settled payout at a glance. It's narrower than Financials (one day only) and reads "Pending settlement" until something has settled.
Related Articles
- See Which Marketplace Actually Makes You Money
- See What Each Marketplace Paid You After Fees and Costs
- Set Your Cost Prices
- See Your Best and Worst Performing Products
- See How a Single Product Performs Across Every Store
- Dashboard Overview
- Managing Your Account
Need More Help?
Visit our Feedback page, WhatsApp us, or email hello@indexync.com with your account details and any questions about Analytics calculations.