Refund Policy
Effective Date: October 20, 2024. We ensure that every transaction reversal is handled with precision and speed, respecting both merchant and customer interests.
01Overview
UPITranzact facilitates digital payments between Merchants and Customers through its various payment modes. This Refund and Cancellation Policy governs the terms of any transaction reversals initiated via our gateway. Our primary objective is to maintain financial fluidity while ensuring no stakeholder is unfairly disadvantaged.
02Eligibility Criteria
Non-Refundable Scenarios
- Successful transactions where services have been delivered.
- Subscription fees paid for gateway access/maintenance.
- GST or other statutory taxes levied during processing.
- Convenience fees or platform charges, once processed.
04Refund Escalation Process
Initiation
Merchant initiates a refund from the UPITranzact Dashboard or via API trigger.
Log Verification
Our switch verifies the availability of sufficient funds in the merchant ledger.
Bank Transmission
The reversal instruction is sent to the Nodal Bank and UPI switch.
05Refund Timelines
Processing in our switch
Standard bank settlement
Available for select partners
Merchant Settlement Desk
"Ensuring zero friction in transaction reversals."