Refund Policy

We understand that financial transactions may sometimes require adjustments, and we aim to provide a clear and fair process for refund requests. This Refund Policy outlines the terms and conditions governing refunds processed through our payment gateway. By using our services, you agree to abide by the provisions outlined herein. It is important to familiarize yourself with this policy to understand the circumstances under which refunds may be issued and the steps to follow in the event you require a refund. Please note that this policy applies exclusively to transactions processed through our payment gateway, and any other refund policies of merchants or service providers will govern transactions made with them directly.

Refund Eligibility

We strive to ensure that refund requests are handled efficiently and fairly. To be eligible for a refund, a transaction must meet specific criteria outlined in this section. Refund eligibility is determined based on factors such as the type of transaction, the nature of the payment, and the time elapsed since the transaction occurred. It's important to note that certain transactions may be classified as non-refundable, and we will clearly specify these cases. Additionally, refund requests must be submitted within a specified time frame from the date of the original transaction. Failure to adhere to the outlined eligibility criteria and time limits may result in the denial of a refund request. Our goal is to maintain transparency and fairness in our refund processes while ensuring that eligible users receive their refunds promptly.

The Reasons for Refunds

Refunds are typically issued under specific circumstances defined in this section of our Refund Policy. Common reasons for refunds include unauthorized transactions, failed transactions, and overcharges. Unauthorized transactions refer to transactions initiated without the account holder's consent, and we take such cases seriously, promptly investigating and issuing refunds when necessary. Failed transactions pertain to instances where payment processing fails, resulting in an unsuccessful transaction. In such cases, we are committed to ensuring that your funds are promptly returned. Overcharges occur when a transaction is processed for an incorrect or higher amount than intended. As soon as the error is detected, we will refund the excess amount and rectify the error. Our policy is to consider all valid reasons for refunds on a case-by-case basis, not just these.

Refund Process

We aim to make the refund process as straightforward as possible for our users. If you believe you are eligible for a refund, please follow the steps outlined in this section to initiate a refund request. Typically, the process begins with submitting a refund request through your user account or by contacting our customer support team. We will review your request and assess its eligibility based on the criteria specified in our policy. Upon approval, we will initiate the refund using the same payment method you used for the original transaction, unless otherwise indicated. Refunds will typically be processed within a specified timeframe (5-7 business days), depending on various factors such as the payment method used and the currency of the original transaction. Throughout the process, we will maintain clear communication with you, providing updates on the status of your refund. We understand the importance of timely and transparent communication in refund matters and strive to make the process as efficient as possible.

Methods of Refund

When we determine that a refund is due, we will initiate the refund using the method specified in this section. Typically, refunds will be processed using the same payment method you used for the original transaction. For instance, if you made a payment via credit card, the refund will generally be credited back to the same card. In cases where the original payment method is not feasible for processing a refund, or at your request, we may explore alternative refund methods, such as issuing store credit or transferring the refund amount to a different account. The currency of the refund will generally match the currency of the original transaction. In cases where currency conversion is involved, exchange rates will be determined based on our policies and current market conditions. We aim to make the refund process as convenient and user-friendly as possible, while ensuring compliance with applicable regulations.

Refund Fees And Charges

We are committed to maintaining transparency in our refund processes, and this section outlines any fees or charges associated with refunds. Depending on the circumstances and the type of transaction, there may be deductions or charges applicable to the refund amount. For example, some financial institutions or payment processors may impose fees for processing refunds to credit cards or bank accounts. Additionally, currency conversion may incur fees or result in variations in the refund amount due to exchange rate fluctuations. We will clearly specify any applicable fees or charges during the refund process to ensure that you have a clear understanding of the final refund amount. Our goal is to provide a fair and equitable refund experience for our users while transparently communicating any associated costs.

Chargebacks

Notification of Chargeback

In the event that a Facility Provider communicates a Chargeback Request to Minnal Fintech, you will promptly be informed of the chargeback. You accept responsibility for chargebacks, whether they are domestic or international, as outlined in the General Terms of Use or any relevant Specific Terms of Use. Upon receiving a Chargeback Request and subject to the availability of funds, Minnal Fintech will immediately deduct the Chargeback Amount from the Transaction Amounts. This amount may be used, based on the Facility Provider's decision, either to process the chargeback in favor of the customer or credit it to you. It should be noted that Minnal Fintech is authorized to deduct the Chargeback Amount upon receiving a chargeback claim. You are entitled to provide Minnal Fintech with documents and information ("Chargeback Documents") related to the Transaction associated with the Chargeback Request to confirm (i) the completion of the mentioned Transaction and/or (ii) the delivery of goods or services requested by the customer in connection with the Transaction. You must furnish the Chargeback Documents within three (3) calendar days (or within the period specified by the Facility Provider) after receiving notice of the Chargeback Request.

If you are unable to provide the Chargeback Documents or if the Facility Provider is not satisfied with the documents you have submitted, the Facility Provider may instruct Minnal Fintech to reverse the debit of the Chargeback Amount, crediting it back to the customer's Payment Instrument.

Regardless of the terms herein, if the Facility Providers charge the Chargeback Amount to Minnal Fintech, you agree and acknowledge that Minnal Fintech is entitled to recover this Chargeback Amount from you by deducting it from (i) the Transaction Amounts due to you and (ii) any other funds held by Minnal Fintech while providing the Services. If the available Transaction Amounts or other funds are insufficient to cover the Chargeback Amount, Minnal Fintech is authorized to issue a debit note requesting reimbursement of the Chargeback Amount, which you must reimburse within seven (7) days of receiving the debit note.

Upon issuance of a notice of termination for this Specific Terms of Use for Payment Aggregation Services or the General Terms of Use, Minnal Fintech reserves the right to withhold a portion, calculated based on a defined Stipulated Percentage, from each settlement made during the notice period, for a duration of one hundred and twenty (120) days ("Withholding Term") from the date of termination. The withheld sums will be used to settle Chargebacks. Once these Chargebacks are resolved, any unutilized amounts will be promptly transferred to you upon the completion of the Withholding Term. The "Stipulated Percentage" is the proportion of Chargeback Amounts relative to the total Transaction Amounts settled during the term of these Terms.

It is authorized by Minnal Fintech to issue a debit note seeking reimbursement of Chargeback Amounts received during the Withholding Term if the amount withheld is insufficient to cover Chargeback Amounts received during the Withholding Term. You must reimburse the debit note within seven (7) days of receiving it.

For Chargebacks associated with EMI products supported by Facility Providers, you are required to respond to Minnal Fintech within 7 working days with an appropriate response to loan cancellation requests. If a loan is to be canceled, you must inform Minnal Fintech. If the cancellation request is declined, you must provide proof of delivery and justification. For loans canceled based on your confirmation, the amount will be deducted from the daily settlement.

Dispute Resolution

In cases where a refund request is not resolved to your satisfaction or disputes arise regarding refund eligibility or the refund amount, this section outlines the dispute resolution mechanisms. We encourage users to first contact our customer support team to attempt to resolve refund-related issues informally. Our dedicated support staff will work diligently to address your concerns and provide a timely resolution. If a dispute remains unresolved, we offer mediation and arbitration as alternative methods to resolve the matter. Mediation involves a neutral third party who assists in facilitating communication and finding a mutually acceptable solution. Arbitration entails a formal process where an independent arbitrator reviews the dispute and makes a binding decision. By using our services, you agree to engage in these dispute resolution processes as outlined in our policy.

Refund Policy Updates

We may periodically update this Refund Policy to ensure that it accurately reflects our refund practices and any changes in applicable laws or regulations. When modifications are made to the Refund Policy, we will communicate these changes through our website or other appropriate means. It is your responsibility to review this policy regularly to stay informed about your rights and obligations. By continuing to use our payment gateway services after any changes to this policy, you signify your agreement with the updated terms. We are committed to transparency and will make every effort to inform our users of any policy updates.