CANCELLATION AND REFUND POLICY

CANCELLATION AND REFUND POLICY
PAYFX GLOBAL
A Brand of PayFX Fintech Solutions Private Limited
Effective Date: 18th May 2026

1. INTRODUCTION

This Cancellation and Refund Policy (“Policy”) governs cancellation requests, transaction reversals, refunds, and related matters concerning services provided by PayFX Global.

PayFX Global is a brand of PayFX Fintech Solutions Private Limited providing international payment facilitation, cross-border remittance support, foreign exchange assistance, institutional payment processing, and global payment solutions through regulated banking and financial institution partnerships.

By using PayFX Global services, websites, applications, payment gateways, or payment instruction systems, you (“Customer”, “User”, or “Payer”) acknowledge and agree to this Policy.

2. APPLICABILITY

This Policy applies to:

• Online payment gateway transactions;
• Offline bank transfer/payment instruction transactions;
• International remittances;
• Institutional and university fee payments;
• Merchant and business payments;
• Currency conversion transactions;
• Cross-border settlements processed through PayFX Global.

3. TRANSACTION CANCELLATION

3.1 Cancellation Before Processing
A Customer may request cancellation of a transaction before the payment has been:

• Processed;
• Converted into foreign currency;
• Released to beneficiary banks or institutions;
• Submitted for settlement.

Cancellation requests are subject to:

• Internal verification;
• Compliance approval;
• Banking partner confirmation;
• Regulatory restrictions.

PayFX Global does not guarantee cancellation once processing has commenced.

3.2 Cancellation After Processing

Once funds have been:

• Converted into foreign currency;
• Released to beneficiary institutions;
• Processed by banking partners;
• Settled to the recipient,

the transaction may not be cancellable.

In such cases, refunds shall depend on:

• Beneficiary institution approval;
• Banking partner acceptance;
• Applicable foreign exchange and remittance regulations;
• Recovery of funds from intermediary or recipient institutions.

4. REFUND ELIGIBILITY

Refunds may be considered under circumstances including:

• Duplicate payments;
• Excess payment received;
• Failed or unsuccessful transactions;
• Technical processing failures;
• Incorrect beneficiary details preventing settlement;
• Regulatory rejection of transactions;
• Payment received after transaction expiry;
• Cancellation approved before processing.

Refund approval remains subject to compliance review and regulatory requirements.

5. NON-REFUNDABLE SITUATIONS

Refunds may not be available where:

• Transactions have been successfully processed and settled;
• Incorrect payment information was provided by the Customer;
• Services were used in violation of applicable laws or regulations;
• Compliance concerns or fraud risks are identified;
• Required documents or KYC information are not provided;
• Foreign exchange losses or third-party deductions have occurred;
• Refund is prohibited under applicable banking or regulatory rules.

6. FOREIGN EXCHANGE AND RATE FLUCTUATIONS

For international and foreign exchange transactions:

• Exchange rates are subject to market fluctuations;
• Refunds may be processed based on prevailing exchange rates at the time of reversal or refund;
• Currency fluctuation losses, intermediary charges, banking fees, and conversion costs may be deducted from refund amounts.

PayFX Global shall not be liable for losses arising from exchange rate variations.

7. PAYMENT GATEWAY REFUNDS

For online transactions processed through payment gateways:

• Refund timelines depend on the payment gateway, issuing bank, card network, or payment partner;
• Credit timelines may vary depending on the Customer’s bank or financial institution;
• Gateway processing fees, MDR charges, or banking deductions may be non-refundable.

Typical refund processing timelines may range between 7 to 21 business days depending on the payment method and banking systems.

8. OFFLINE PAYMENT REFUNDS

For payments made through offline bank transfer/payment instruction:

• Refunds shall generally be processed to the original source account wherever permitted;
• Customers may be required to provide:
  • Bank account proof;
  • UTR/reference number;
  • Payment confirmation;
  • Supporting documents.

Refund timelines may vary based on:

• Banking partner processing;
• Intermediary bank involvement;
• Regulatory approvals;
• Cross-border settlement timelines.

9. FAILED OR PENDING TRANSACTIONS

Where a transaction fails due to:

• Technical interruptions;
• Banking failures;
• Compliance rejection;
• Incorrect payment references;
• Network downtime;

PayFX Global may:

• Retry processing;
• Place the transaction on hold pending verification;
• Reverse the funds subject to banking confirmation.

Customers are advised not to initiate duplicate payments without confirmation.

10. CHARGEBACKS AND DISPUTES

Customers shall not initiate unauthorized chargebacks or payment disputes without first contacting PayFX Global.

Where chargebacks or disputes occur:

• Transactions may be investigated;
• Supporting documentation may be requested;
• Services or accounts may be temporarily restricted pending resolution.

Fraudulent or abusive chargeback activity may result in suspension of services and legal action.

11. FRAUD PREVENTION AND COMPLIANCE

PayFX Global reserves the right to:

• Hold or reject refunds;
• Conduct enhanced verification;
• Request additional documentation;
• Delay processing for compliance review;
• Report suspicious activity to regulatory authorities.

All refunds and cancellations remain subject to:

• RBI/FEMA regulations;
• AML/KYC obligations;
• Banking and financial institution policies;
• Applicable laws and regulatory requirements.

12. CUSTOMER RESPONSIBILITIES

Customers are responsible for:

• Providing accurate payment and beneficiary details;
• Ensuring timely submission of documents;
• Verifying transaction information before payment;
• Maintaining valid and active bank account information.

PayFX Global shall not be responsible for losses arising from incorrect information provided by Customers.

13. LIMITATION OF LIABILITY

PayFX Global and PayFX Fintech Solutions Private Limited shall not be liable for:

• Banking delays;
• Third-party processing failures;
• Exchange rate losses;
• Regulatory restrictions;
• Intermediary bank deductions;
• Technical interruptions;
• Delayed beneficiary responses.

All services are provided on an “AS IS” and “AS AVAILABLE” basis.

14. CHANGES TO THIS POLICY

PayFX Global reserves the right to amend or update this Policy at any time without prior notice.

Updated versions shall become effective upon publication on the official website or platform.

15. CONTACT INFORMATION

PayFX Global
A Brand of PayFX Fintech Solutions Private Limited

Support Email: care@payfxglobal.com
Privacy Email: privacy@payfxglobal.com