Definition of Reversal

A payment reversal is when the funds a customer used in a transaction are returned to the customer’s bank. This can be initiated by the cardholder, the customer, the issuing bank, the acquiring bank, or the card association.

Reversals will apply upon your request and if any of the below factors will apply.

*For the purposes of this Policy merchant will refer to Seed Virtual Consultancy Co. Limited, and buyer/payer/cardholder will refer to you, as customer using our services.

Reversal Applicability

A Reversal will apply in the following events:

• When the buyer / payer has been the object of fraud.
• When Customer suspects payer identity theft, in which case the Merchant must authorize Reversal.
• When the buyer / payer has not requested the purchase.
• When the value of a purchase is charged and discounted from the buyer more than once.
• When the buyer has revoked his / her authorization to charge for periodic payments from his / her cards or bank accounts before the payment instrument’s issuer and the Customer and said charges have continued after the date of reversal.
• Upon Customer request, when the buyer / payer has made a mistake when selecting the product.
• Upon Customer request, when the buyer / payer exercises his / her right of first refusal before the Merchant.
• When the Customer has cancelled the sale in lieu of product stock.
• Upon Customer request when the product has not been received promptly by the buyer /payer.
• Upon Customer request when the product delivered by the Merchant does not correspond to that requested by the buyer / payer.
• Upon Customer request when the product is delivered by the Merchant to the buyer / payer in bad condition, bad quality or defective.
• Upon Customer request when the product does not meet the manufacturer’s specifications or those described in the information provided around the product, or when it does not meet the needs for which it was produced or sold.
• The Customer or the payment instrument’s issuer will notify PSP of said request so that PSPmay proceed to reverse payment.

Procedure for the request of Reversals

Reversal requests must be sent by the Client or by the corresponding payment instrument’s issuer to info@seedvirtual.com

A request for Reversal from customer must include:

• Transaction number.
• Transaction date.
• Transaction value.
• Reversal amount requested.
• An express statement of the reason or reasons that are grounds for the payment Reversal request; they must correspond to one or some of those mentioned above.

Definition of Chargeback

A Chargeback is the debit carried out by the acquiring bank to Customer, upon unawareness of a purchase by a cardholder before the card’s issuer.

Applicability of Chargebacks

A cardholder (buyer / payer) may allege unawareness of a purchase before the card issuer in the following events:

• Identity theft.
• The buyer / payer does not associate Merchant name with the purchase from the Merchant(brand unawareness).
• The Merchant’s denial of a transaction Reversal when there is conflict between the Merchant and the buyer / payer because of discrepancies as a result of exchange rates, product / service quality defects or non-delivery of products or services, among others.

Procedure for Chargeback

The acquiring bank or the network processing payments shall notify the unawareness of a charge.

PSP informs the Merchant about said notices to the email registered by the Merchant. The Merchant is responsible for maintaining its contact information up to date.

Merchant requires having the following information available, as applicable to avoid Chargebacks:

• A product delivery slip including the name of the buyer / payer -cardholder, even when it can be signed by a different person.
• Sales invoice.
• Other documents deemed convenient by PSP.

Response time for a Chargeback

PSPs response time for financial institutions and / or networks upon charge unawareness notice, will depend directly on the time set for that purpose, which is set to be no later than 5 business days.

Terms under which a customer can cancel a transaction

a) Payment issues – When a customer experiences a double charge or card is declined
b) Service unavailablity – When the service is no longer on offer on the webiste
c) Service purchase issue – When customer has ordered the wrong service and would like to change the order.
d) Customer service – When the customer experiences poor customer service from service providers and would no longer like to purchase the service.
e) Performance issues – Service quality did not meet expectations.