What is Negative Account Balance?

Negative Account balance is when the Seller owes money to Namshi due to a negative statement i.e. the money from sales (net of returns) is lower than fees due to Namshi. Sellers will be informed of the negative account balance via an email from Namshi, and the same can also be viewed at the home page of the Seller Lab.

What must Sellers do in case of a Negative Account Balance?

Sellers must take immediate action to clear any negative account balance within not more than 30 days of the date on which the account balance turned negative. Sellers must transfer the requisite amount into Namshi’s bank account, details of which are mentioned below.

Namshi UAE Bank Details

Beneficiary Name :    Namshi General Trading LLC

IBAN                     :    AE380330000019000042475

Account Number  :    019000042475

Bank Name            :   MASHREQ BANK 

Swift Code             :   BOMLAEAD

Namshi KSA Bank Details

Beneficiary Name :   AZIAEY ALJAMILA TRADING CO

IBAN                      :  SA0245000000262233299003

Account Number  :    262-233299-003

Bank Name           :   The Saudi British Bank

Swift Code            :   SABBSARI

Penal actions

Failure to clear any negative account balance within the timelines mentioned above will result in appropriate penal actions against the Seller including but not limited to Namshi inventory confiscation , pursuing legal proceedings wherein all recovery related expenses borne by Namshi will also be charged to the Seller, levying appropriate financial penalties among other penal actions.

That's It!