Refund and Cancellation Policy

1. Introduction

VaultPay Solutions Private Limited ("VaultPay," "we," "us," or "our") is committed to providing transparent, fair, and customer-friendly refund and cancellation policies. This Refund and Cancellation Policy applies to all transactions processed through our payment gateway services, BBPS utility bill payment services, POS systems, payout APIs, QR code payment solutions, and related fintech services (collectively, the "Services").

This policy outlines the circumstances under which refunds are issued, the refund process, timeframes, responsibilities of merchants and customers, and procedures for handling failed transactions, cancellations, and disputes.

By using our Services, you agree to the terms of this Refund and Cancellation Policy. This policy should be read in conjunction with our Terms and Conditions and Privacy Policy.

2. Refund Eligibility

2.1 Eligible Transactions

Refunds may be issued for:

• Failed Transactions: Transactions where payment was debited from customer's account but not credited to the merchant due to technical errors, gateway failures, or bank processing issues.
• Duplicate Transactions: Multiple charges for the same transaction due to technical glitches or system errors.
• Unauthorized Transactions: Fraudulent or unauthorized payments reported by customers with valid proof.
• Service Not Delivered: Merchant fails to deliver goods/services as promised, and customer requests refund as per merchant's refund policy.
• Cancelled Orders: Orders cancelled by customer before shipment/service delivery as per merchant's cancellation policy.
• Wrong Amount Charged: Incorrect transaction amounts charged due to pricing errors or system failures.
• BBPS Bill Payment Failures: Utility bill payments failed or not reflected in biller's system within the stipulated time.

2.2 Non-Refundable Transactions

Refunds will NOT be issued for:

• Successful Transactions: Payments successfully processed and credited to the merchant with goods/services delivered as promised.
• Transaction Fees: Payment gateway fees, convenience fees, and service charges are non-refundable unless the transaction was fraudulent or processed in error by VaultPay.
• Change of Mind: Customer decides not to proceed with the purchase after successful payment (subject to merchant's refund policy).
• Incorrect Beneficiary Details: Payout API transactions sent to wrong account due to incorrect details provided by merchant/customer.
• Service Subscriptions: Subscription fees, API access fees, POS terminal rental fees, and annual maintenance charges (unless service was not provided).
• Merchant Disputes: Disputes related to product quality, service delivery, or merchant terms (to be resolved directly with merchant).

2.3 Partial Refunds

Partial refunds may be issued in cases where only a portion of the transaction amount is eligible for refund (e.g., return of some items in an order, partial service cancellation). The refund amount will be calculated based on the merchant's pricing and refund policy.

3. Refund Initiation Process

3.1 Customer-Initiated Refunds

To request a refund, customers must:

• Contact the merchant directly within the merchant's specified refund window (typically 7-30 days from transaction date).
• Provide transaction details including transaction ID, order number, date, amount, and payment method.
• State the reason for refund request with ing evidence (screenshots, emails, invoices).
• If merchant is unresponsive or disputes the refund, contact VaultPay at support@vaultpaysolutions.com with all relevant documentation.

3.2 Merchant-Initiated Refunds

Merchants can process refunds through:

• Merchant Dashboard: Log in to your VaultPay merchant account, navigate to Transactions, select the transaction, and click "Initiate Refund."
• Refund API: Use VaultPay's Refund API to programmatically process refunds for bulk or automated refund workflows.
• Ticket: Contact VaultPay team with transaction details for manual refund processing.

3.3 Automatic Refunds

VaultPay automatically processes refunds for:

• Failed Transactions: Payment debited but not credited to merchant within 24 hours.
• Duplicate Charges: System-detected duplicate transactions are auto-reversed within 48 hours.
• Technical Errors: Gateway failures, timeout errors, or system malfunctions resulting in incomplete transactions.

3.4 Refund Verification

VaultPay reserves the right to verify refund requests by requesting additional information, transaction logs, customer communication records, and proof of service/product delivery. Refunds may be delayed or rejected if verification is not satisfactory.

4. Refund Processing Timeframes

4.1 Refund Initiation Time

• Failed Transactions: Auto-refunded within 24-48 hours of transaction failure.
• Merchant-Approved Refunds: Initiated within 24 hours of merchant approval.
• Disputed Refunds: Reviewed and processed within 7-10 business days of receiving complete documentation.

4.2 Credit to Customer Account

Refund credit times depend on the payment method:

• UPI: 1-3 business days
• Credit/Debit Cards: 5-7 business days (subject to bank processing times)
• Net Banking: 5-7 business days
• Wallets (Paytm, PhonePe, Google Pay): 1-3 business days
• NEFT/RTGS/IMPS: 1-2 business days

4.3 Total Refund Timeline

The total time from refund request to credit in customer's account is typically 5-10 business days for most payment methods. In exceptional cases involving bank delays, holidays, or verification issues, refunds may take up to 15-21 business days.

4.4 Refund Status Tracking

Customers and merchants can track refund status through:

• VaultPay merchant dashboard (for merchants)
• Refund confirmation email with tracking reference number
• Customer portal
• SMS notifications at each refund stage

5. BBPS Bill Payment Refunds

5.1 Failed BBPS Payments

Refunds for failed BBPS utility bill payments are processed as follows:

• If payment is debited but not reflected in biller's system within 24 hours, an automatic refund is initiated.
• Customers receive SMS/email confirmation of refund initiation.
• Refund is credited to the source account within 5-7 business days.

5.2 Duplicate BBPS Payments

If the same bill is paid multiple times, duplicate payments are automatically refunded within 7 business days after verification with the biller.

5.3 Incorrect BBPS Bill Amount

If a customer pays an incorrect amount due to system error or data mismatch, the excess amount will be refunded after verification with the biller. If the amount paid is less than the bill amount, the balance must be paid separately.

5.4 BBPS Biller Disputes

For disputes related to biller charges, service quality, or billing errors, customers must contact the biller directly. VaultPay facilitates payment processing only and is not responsible for biller service issues.

6. Payout API Refunds and Reversals

6.1 Failed Payouts

Payout transactions may fail due to:

• Incorrect beneficiary account details (account number, IFSC code, name mismatch)
• Beneficiary account closed, frozen, or inactive
• Bank server downtime or technical issues
• Insufficient balance in merchant's payout wallet

Failed payout amounts are automatically credited back to the merchant's VaultPay wallet within 24-48 hours. Merchants can retry the payout with corrected details.

6.2 Payout Reversals

Once a payout is successfully credited to the beneficiary's account, it cannot be reversed or recalled. Merchants must request the beneficiary to return the funds via a new transaction. VaultPay is not responsible for recovering erroneously sent payouts.

6.3 Payout Fee Refunds

Payout transaction fees are non-refundable unless the payout failure was due to VaultPay system error or technical fault. In such cases, the transaction fee will be credited back to the merchant's account.

7. Cancellation Policy

7.1 Transaction Cancellations

Once a payment transaction is initiated and authorized by the customer, it cannot be cancelled during processing. Cancellations are only possible before payment authorization is completed. After successful payment, customers must request a refund from the merchant.

7.2 Order Cancellations

Order cancellations are subject to the merchant's cancellation policy. Customers must contact the merchant directly to cancel orders. Refunds for cancelled orders will be processed as per the merchant's refund timelines and VaultPay's refund processing schedule.

7.3 Service Cancellations

• Merchant Account Cancellation: Merchants may cancel their VaultPay account with 30 days' notice. Pending settlements and refunds will be processed before account closure.
• API Service Cancellation: API subscriptions can be cancelled anytime. Fees paid for the current billing period are non-refundable.
• POS Terminal Return: POS terminals must be returned within 15 days of cancellation in original condition. Refunds for terminal deposits (if applicable) will be processed within 21 days.

8. Chargebacks

8.1 Chargeback Definition

A chargeback is a reversal of a card transaction initiated by the customer's bank or card issuer when the customer disputes the charge. Chargebacks are different from refunds and are governed by card network rules (Visa, Mastercard, RuPay).

8.2 Chargeback Process

• Customer disputes a transaction with their bank/card issuer.
• Bank/card issuer initiates a chargeback and notifies VaultPay.
• VaultPay notifies the merchant and debits the chargeback amount (plus chargeback fee of ₹500-₹1,000) from merchant settlements.
• Merchant has 7-10 days to provide ing documents (invoices, shipping proof, customer communication) to contest the chargeback.
• VaultPay submits the evidence to the bank/card issuer.
• Bank/card issuer makes the final decision (typically within 30-90 days).
• If merchant wins, the chargeback amount is credited back (minus chargeback fee).

8.3 Chargeback Prevention

Merchants can reduce chargebacks by:

• Providing clear product descriptions, pricing, and refund policies
• Displaying recognizable business name on customer statements
• Sending order confirmations and shipping notifications
• Responding promptly to customer inquiries and complaints
• Maintaining detailed transaction records and customer communication logs

9. Merchant Responsibilities

9.1 Refund Policy Display

Merchants must clearly display their refund and cancellation policies on their website, checkout pages, and terms of service. Policies must specify refund eligibility, timeframes, conditions, and process.

9.2 Timely Refund Processing

Merchants must process approved refunds within 24-48 hours of approval. Delays in refund processing may result in customer complaints, chargebacks, and account penalties.

9.3 Refund Communication

Merchants must communicate refund status to customers via email or SMS, including refund approval, initiation date, expected credit date, and refund reference number.

9.4 Refund Records

Merchants must maintain accurate records of all refund requests, approvals, rejections, and processing dates for audit and dispute resolution purposes.

10. Customer Responsibilities

10.1 Accurate Information

Customers must provide accurate transaction details, contact information, and ing documentation when requesting refunds. Incomplete or inaccurate information may delay refund processing.

10.2 Timely Refund Requests

Customers must initiate refund requests within the merchant's specified refund window (typically 7-30 days from transaction date). Late requests may be rejected.

10.3 Account Verification

Customers must ensure that the bank account or payment method used for the original transaction is active and accessible to receive refunds. VaultPay is not responsible for refunds credited to closed or inactive accounts.

10.4 Refund Abuse

Customers who repeatedly abuse the refund system by making fraudulent claims, filing excessive chargebacks, or exploiting refund policies may be blacklisted and barred from using VaultPay Services.

11. Refund Disputes and Escalation

11.1 Merchant-Customer Disputes

Refund disputes between merchants and customers must first be resolved directly between both parties. VaultPay acts as a facilitator and may mediate disputes upon request.

11.2 Escalation to VaultPay

If disputes cannot be resolved, customers may escalate to VaultPay by:

• Emailing support@vaultpaysolutions.com with transaction details, merchant communication records, and evidence
• Submitting a ticket through the VaultPay merchant portal
• Calling VaultPay customer (details provided separately)

11.3 Dispute Resolution Timeline

VaultPay will review escalated disputes within 7-10 business days and make a final decision based on available evidence, transaction records, and applicable policies.

11.4 Final Decision

VaultPay's decision on refund disputes is final and binding. If either party is dissatisfied, they may pursue legal recourse as per Indian law.

12. Contact Information

For refund requests, cancellations, disputes, or questions regarding this policy, please contact us:

13. Policy Updates

VaultPay reserves the right to modify this Refund and Cancellation Policy at any time. Changes will be effective immediately upon posting on our website. We will notify merchants of material changes via email or dashboard notification. Continued use of our Services after changes constitutes acceptance of the updated policy.