- Refunds and Adiustments.
(i Disclosure of Refund Policy. Merchant is required to maintain a fair policy with regard to the return/cancellation of merchandise or services and adjustment of Card sales. Merchant is required to disclose the return/cancellation policy to customers.
(i) Merchant will attempt to settle in good faith any dispute between Merchant and a Cardholder involving a Card sale. Merchant will establish a fair, consistent policy for the exchange and return of merchandise and for the adjustment of amounts due on Card Sales, II) Procedure for Refunds/Adjustments. If Merchant allows a price adjustment, return of merchandise, or cancellation of services in connection with a Card sale, Merchant will prepare and deliver to Bank a credit voucher reflecting such refund or adjustment within three (3) business days of receiving the Cardholder’s request.for such refund or adjustment.
The amount of the refund or adjustment cannot exceed the amount shown as the total on the original Transaction except by the exact amount required to reimburse the Cardholder for postage that the Cardholder paid to return merchandise. Merchant is not allowed to accept cash or any other payment or consideration from a Cardholder in retum for preparing a refund to be deposited to the Cardholder’s account or to give cash refunds to a Cardholder in connection with a Card sale, unless required by law.
(iM) Limiting Customer Refunds and Exchanges (Credits) = Retail Only: Merchant may limit acceptance of returned merchandise or establish a policy to make price adjustments for any Transactions provided that proper disclosure is made and purchased goods or services are delivered to the Cardholder at the time the Transaction takes place.
Proper disclosure by Merchant shall be determined to have been given at the time of the Transaction if the following words or similar wording reflecting your policy is legibly printed on all copies of the Transaction sales ticket, in letters approximately .25 inch high and in close proximity to the space provided for the Cardholder’s signature!
“NO REFUND,” or “EXCHANGE ONLY,” Or “INSTORE CREDIT ONLY.”
(V) Refunds And Exchanges (Credits) – Card-Not-Present Transactions Only. Merchant may limit acceptance of returned merchandise or establish a policy to make price adjustments for any Transactions.
It your refund policy prohibits returns under certain circumstances, Merchant may still receive a chargeback relating to such sales pursuant to the Operating Rules.
