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In the event that a merchant requests a refund for services rendered, contests a fee, or issues a complaint in regards to the issuance of charges, Bankful provides a limited refund policy. The purpose of this document is to outline the specific criteria by which merchants should be refunded, outline policies for customer service and operations team members, and define internal procedures for the issuance of reimbursements. Scope

The scope of this policy covers all current and future merchants that apply for and retain our services.

I. Key Points

Requests for refunds must be made in writing, or by phone, and must be accompanied by a statement that outlines the nature of the refund request, along with any supporting documentation that provides proof of the validity of the request.

The limitation of this policy includes fees, such as deposits and other non-refundable or protected assets, that are not eligible for reimbursement and will be deducted from the total refund amount. Policies regarding deposits and protected assets will be communicated to merchants either verbally or through the terms and conditions of service contracts.

Bankful retains funds to enable continuance through to the cancellation, voluntary ending, or disruption of merchant services as a result of merchant intervention, Bankful policy change, or revisions in banking regulations disrupting the continued processing within the merchants’ respective industry. Approved refunds will be paid within 30 days of approval, and not from the date of request.

II. Refund Criteria

While any complaint should be taken seriously, specific criteria should be met in order to consider refunding a merchant for services rendered. The criteria listed below does not exclude use-cases which may require further consideration, and thus is a guideline for refund criteria and not an explicit list of all criteria Bankful will consider during the refund process.

Non-service Specific

  • Merchant was charged for services that were not explicitly requested, or was charged for services without being informed of the charges related to that service (all fees must be communicated, either verbally, and/or through service contracts)
  • Merchant’s signed agreement contains pricing which is not conducive with charges being billed to that merchant; e.g., signed agreement lists fees which are lower than fees being charged
  • Merchant has cancels their services with Bankful and has paid fees without being provided services (this does not include deposits or protected assets which are generally outlined within merchant contracts, and thus are not available for refund consideration in any circumstances)

Service Related

Gateway Fees:

Monthly Fee Reimbursements

Refunds may be considered if a merchant requests account closure, and the account was not closed before the billing date

Chargeback Shield:

Mismatched Alerts

Refunds will be issued if alerts are billed to a merchant incorrectly due to an error in the alert system, causing an alert to be issued for a merchant that should not have received that alert

Monthly Fee

Refunds will be considered if a merchant requests account closure, and the account was not closed before the billing date

Merchant Processing Account Fees:

Good Faith Credits are issued in instances wherein a processing account has been approved and billed, then subsequently closed by processor due to risk or other potential issues. When the processing provider fails/refuses to issue a refund, we will entertain reimbursement in Good Faith.

III. Issuance of Complaints

If a merchant communicates displeasure or challenges the refund decision or process, they can submit an appeal via normal support channels. If the merchant communicates legal action, or engaging with consumer protection bureaus, all subsequent communications should be managed by the head of operations, or be escalated further depending on the size/value of the account. Enterprise-level merchant complaints, for example, should be managed by the Compliance Officer.

IV. Appealing Refund Decisions

All refund claim requests should be processed within 30 days of the approval of that request. In the event that a merchant wishes to dispute the decision of a refund request, he or she should contact the branch of customer service overseeing merchant refund appeals by emailing Bankful. This refund policy, and the availability of complaints and appeals processes, does not remove the right to take further action under consumer protection laws within the country of the merchants’ operating location; Bankful’s dispute resolution processes also does not circumscribe the merchant’s’ right to pursue other legal remedies.