What is a credit card charge-back? What is TECHPRO INSTANT PAY™'s credit card charge-back policy?

A refund that is initiated by a customer's credit card company is known as charge-back. This occurs when a customer decides to formally dispute a charge on his credit card bill, usually due to fraudulent usage of the card. Charge-backs are permitted as per VISA & MASTERCARD rules. This is normally allowed for a period of up to 6 months from the date of transaction. However, in some cases the period may extend even beyond 6 months, depending on policies of the card issuing banks. An online transaction may be revoked or refuted by a customer to a merchant via the card-issuing bank for the following reasons:

1. Merchant has not shipped the goods or delivered the promised service
2. Merchant has taken back the goods /cancelled the services but not yet issued a refund on customer’s credit card.
3. Customer’s credit card has been fraudulently used

If a charge-back is reported by the customer, the merchant will be liable to refund the amount to TECHPRO INSTANT PAY™ or it will be adjusted with the current balance of merchant’s account.
A charge-back can only be reversed if the credit card holder formally informs his card issuing entity that he will accept the disputed charge
This practice is universal and is followed by all payment gateway service providers across the world. Charge-back disputes are normally less than 1% of the total transactions in a year.

Fraudulent use of a credit card on the internet is always at the risk of the merchant. As a safety measure, they could keep an internal benchmark for the transaction value that will be allowed without additional documentation from their customer.

What is TECHPRO INSTANT PAY™’s refund and dispute policy?

TECHPRO INSTANT PAY™ maintains a customer-friendly refund policy. In most situations when customers ask for a refund, we try our best to grant that.

1. Merchants are required to decide & set the refund time limit on their site depending on the goods sold.
2. If customers are dissatisfied with a product that they have ordered, merchants are requested to accept the product back and grant a refund. If desired, they may specify that shipping charges are not refundable; however it is preferable to refund the shipping charges also.