Instant Refunds

If a Payment Service Provider communicates to PayYantra the receipt of a Chargeback Request, Merchant will be notified of the Chargeback. Merchants shall remain liable for all the Chargebacks. Subject to availability of funds, PayYantra upon receipt of a Chargeback Request shall forthwith deduct gross transaction amount (i.e Chargeback amount) from the Customer Payment Amounts which may be used, based on the decision of the Payment Service Provider, either to a) process Chargeback in favour of the customer or b) credit to the Merchant. For the avoidance of doubt, PayYantra shall be entitled to deduct the Chargeback Amount upon receiving a Chargeback claim. Merchant shall be entitled to furnish to PayYantra documents and information pertaining to the Transaction associated with the Chargeback Request in order to substantiate (i) the completion of the aforesaid Transaction; and /or; (ii) delivery of goods/services sought by the customer pursuant to the said Transaction. The merchant shall furnish the Chargeback documents within three (3) calendar days inclusive of the date of receipt of chargeback (or such other period specified by the Payment Service Provider) of receiving notification of the Chargeback request.

You agree that (i) if You are unable to furnish Chargeback documents; and /or; (ii) the Payment Service Provider is not satisfied with the Chargeback documents furnished by the Merchant, then the Payment Service Provider shall be entitled to order PayYantra to effect a reversal of the debit of the Chargeback Amount associated with the Chargeback such that the said Chargeback Amount is credited to the Customer’s payment instrument.

On the issuance of notice of termination of the Terms, PayYantra reserves the right to withhold from each settlement made during the notice period, a sum computed based on a stipulated percentage for a period of one hundred and eighty (180) days (“Withholding Term”) from the date of termination of these Terms. The sums so withheld shall be utilized towards settlement of Chargebacks. After processing such Chargebacks, PayYantra shall transfer the unutilized amounts, if any, to the Merchant forthwith upon completion of the Withholding Term. The stipulated percentage is the proportion of the Chargeback Amounts out of the total Transaction Amounts settled during the subsistence of these Terms.

Notwithstanding anything in this Specific Terms, if the amount withheld, as specified above is insufficient to settle Chargebacks Amounts received during the Withholding Term, then PayYantra is entitled to issue a debit note seeking reimbursement of the Chargeback Amount. You shall reimburse the Chargeback Amount within seven (7) days of receipt of the debit note.

Merchant agrees and acknowledges that subject to availability of funds received in the Escrow Account, Merchant is entitled to effect Refunds at Merchant’s sole discretion.

Merchant further agrees and acknowledges that initiation of Refunds is at Merchant’s discretion and PayYantra shall process a Refund only upon initiation of the same via software application provided by PayYantra.

All Refunds initiated by the Merchant shall be routed to the same payment method through which the Transaction was processed.

Merchant agrees that PayYantra fees shall always be applicable and payable by the Merchant on each Transaction, irrespective of the Refunds.