Merchant-Buyer Policies

Why should I have Terms and conditions and Policies?

The Guidelines on Regulation of Payment Aggregators and Payment Gateways require the payment aggregator to ensure that every merchant onboarded by it has clearly indicated the terms and conditions of the service and timeline for processing returns and refunds on their website.  Further, having policies mentioned on your website is standard practice. This also increases trust amongst your buyers.

We understand it is difficult to hire a legal professional for this purpose - So we have come up with draft sample policies for you. You can customize these samples if you want from here.

Is it mandatory to have all the policies?

It is mandatory to have the following Policies:

  • Terms and conditions of the service
  • Cancellation and refund policy (clearly indicating the timelines for processing of returns and refunds)
  • Privacy policy 

It is not mandatory to have a Shipping and Delivery Policy - however, we recommend you showcase it to your buyers as a good practice.

You can make changes to your policies here. 

What does the refund window of 3 days mean?

To protect the interest of the buyers, Instamojo requires you to offer a refund window of at least three days to your buyers. This allows any aggrieved buyers to reach out to you after a transaction regarding any problems they may be facing with respect to their purchase. This also provides Instamojo the ability to review your dispute rates and grievance redressal mechanism, which allows Instamojo to offer you a seamless underwriting process. This means that you will receive the funds into your accounts only after three business days of your transaction. If you wish to receive the money earlier than that please explore your eligibility for the Faster Payout options from here. 

Note - This does not mean that the buyer can unilaterally refund a transaction to themselves within three days. If a buyer raises a dispute, you will be notified. A case will be raised in your resolution center and you will be able to interact with the buyer to resolve the dispute. 

You can customize your Cancellation and Refund policy from here.

I have a 30-day refund policy? Am I forced to offer only a 3-day refund policy? 

No, we only require you to offer at least a 3-day refund policy. You may offer a longer refund window.

I have a “no refunds” policy? I do not want to offer a 3-day refund policy. 

Instamojo requires you to offer at least a 3-day refund window to your buyers. However, the refunds will only be applicable according to the terms you set out in your refund policy Should you have any unusual terms in your refund policy, or terms that are not aligned with those offered by similar businesses, please educate your buyers about them explicitly before they make a purchase. 

Am I required to accept all refunds that my buyers request? What if a buyer requests a refund for a payment I have genuinely fulfilled?

We require you to fulfill all orders placed and paid for by your buyers, or refund payments for orders that you’re unable to fulfill, within reason. While we do assess your refund policy while underwriting your account (we consider “no refund” policies to be unfriendly towards buyers and we assess merchants offering such policies as higher risk than merchants who offer refund policies aligned with the best practices of similar businesses), we do understand that there may be legitimate reasons to occasionally decline refunds. Should we determine that you have an unusually high propensity to decline refunds or that you are receiving an unusually high number of refund requests, we may reassess your account.

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