This Return, Refund, and Settlement Policy outlines the standard terms and conditions for returns, refunds, and settlements as per the guidelines set by Bangladesh Bank for Payment System Operators (PSOs) and any other government laws applicable. This policy also includes anti-money laundering measures, customer data safety, and privacy policies to ensure compliance with regulatory requirements and promote transparency.
1. Return and Refund Policies
a. Transaction Disputes: Any disputes arising from transactions will be addressed promptly and in accordance with Bangladesh Bank's dispute resolution guidelines. Customers are advised to raise disputes within 30 days of the transaction to avail the refund case.
b. Refund Eligibility: Refunds will be considered only if the service/product delivery did not occur confirmed by the merchant on behalf their own customer, or if there is a proven discrepancy in the transaction. Refund requests should be initiated within 15 days of the transaction date.
c. Refund Processing Time: Once approved, refunds will be processed within 4 working days. Customers will be notified of the status throughout the refund process.
d. Fee Structure: Fees applicable to refunds and settlements will be as per the standard charges outlined during the transaction processes for both the collection and refund.
2. Anti-Money Laundering (AML) Policies
a. Compliance: EPS - Easy Payment System strictly complies with the Government rules and Bangladesh Bank's AML regulations to prevent money laundering, terrorist financing, and other illicit activities.
b. Customer Identification: Customer identification (KYC) is mandatory for transactions above Bangladesh Bank's prescribed limit. Verification measures are applied to prevent suspicious activities.
c. Transaction Monitoring: All transactions are monitored for the financial safety and security. Suspicious activities not limited to transactions will be reported regularly to the Financial Intelligence Unit (FIU) of Bangladesh Bank as per regulatory requirements.
d. Record Keeping: Records of transactions, and KYC details will be maintained as specified by Bangladesh Bank.
3. Customer Data Safety and Privacy Policy
a. Data Encryption: EPS - Easy Payment System employs encryption protocols to secure customer transactional data and prevent unauthorized access during transmission and storage.
b. Confidentiality: Customer data is handled with strict confidentiality and is not disclosed to third parties unless required by government law enforcement authorities.
c. Data Retention: Personal data is retained only for as long as necessary to fulfill regulatory, legal, and business purposes, after which it is securely disposed of.
4. Settlement Criteria Based on Product/Service Delivery
a. Completed Deliveries: Settlements will be initiated for transactions where product/service delivery has been confirmed. Merchants will notify EPS upon successful delivery of the product/service during the settlement request.
b. Failed or Incomplete Deliveries: In cases where delivery cannot be completed due to merchant or service provider issues, Merchants may request refunds for the specific customer as per the terms mentioned in Section 1.
c. Digital Services: For digital products/services, delivery is considered complete upon successful access by the customer. Settlement will occur post-confirmation of access.
d. Escrow Arrangements: In some cases, EPS - Easy Payment System may hold funds in escrow until product/service delivery confirmation to ensure fairness and transparency in settlements.