This Refund Policy is incorporated into and forms part of the Bankful Software Agreement (“Agreement”) between eMerchantBroker.com LLC DBA Bankful (“Bankful”) and the undersigned Merchant.
1. Custody and Limitations
Bankful is a software and technology provider and does not at any time receive, hold, or control merchant or customer funds. All payment transactions are processed directly through the merchant’s designated acquiring bank, payment processor, or, where applicable, a decentralized blockchain network.
Accordingly, Bankful’s refund authority is strictly limited to Bankful Software subscription fees, transaction fees, and other charges billed directly by eMerchantBroker.com LLC DBA Bankful. Bankful cannot issue refunds for underlying transaction amounts, settlement funds, chargebacks, or balances maintained by processors, acquiring banks, or within blockchain smart contracts.
For Web3 or crypto-related products, all transactions occur directly between the Merchant and the blockchain network. If the Merchant loses access to its wallet or private keys, or if funds remain within a deployed smart contract, Bankful has no custodial access or technical ability to recover or refund such assets.
2. Purpose and Scope
This Refund Policy outlines the limited circumstances under which Bankful may issue refunds to Merchants, defines procedures for Bankful’s customer service and operations teams, and sets forth internal standards for processing reimbursement requests.
This policy applies to all current and future Merchants who apply for and retain Bankful’s services.
3. Key Points
Submission of Requests
Refund requests must be made in writing or by phone and must include a statement describing the nature of the request, along with any supporting documentation substantiating the claim.
Non-Refundable Assets
Certain fees—such as deposits, onboarding costs, and other non-refundable or protected assets—are ineligible for reimbursement and will be deducted from any approved refund amount. Such terms will be disclosed to Merchants verbally or within applicable service contracts.
Retention of Funds
Bankful may retain funds necessary to cover fees accrued prior to cancellation or termination of services, including disruptions arising from Merchant actions, Bankful policy changes, or revisions in banking regulations affecting the Merchant’s industry.
Timing of Payment
Approved refunds will generally be issued within thirty (30) days of approval. However, when refund processing depends on third-party banks, processors, or service providers, Bankful may extend the refund timeline for a commercially reasonable period until all dependencies are resolved.
4. Refund Criteria
All complaints are reviewed in good faith, but refunds are considered only when specific qualifying criteria are met. The following guidelines do not limit Bankful’s discretion to evaluate exceptional circumstances.
A. Non-Service-Specific Criteria
- The Merchant was charged for services not explicitly requested or for charges not properly disclosed (fees must be communicated verbally and/or through written agreements).
- The Merchant was billed at a rate inconsistent with the active pricing displayed in the Merchant Dashboard at the time of billing. The Merchant Portal reflects the current and controlling fee schedule and supersedes any other pricing representations or documents.
- Erroneous duplicate billing or accidental overcharges caused by administrative or technical error.
Note: Failure to utilize Bankful’s products or services after activation does not qualify for a refund. Subscription access and availability of service constitute fulfillment of Bankful’s obligations.
B. Service-Related Criteria
1. Gateway Fees
Refunds may be considered when a Merchant requested account closure prior to the next billing cycle but was billed due to delayed processing.
2. Chargeback Shield
Mismatched Alerts: Refunds will be issued if alerts were incorrectly billed due to a system error that generated alerts for an ineligible Merchant.
Monthly Fee: Refunds may be considered if the Merchant requested account closure before the billing date and the account remained active.
3. Merchant Processing Account Fees
If a processing account was approved and billed but subsequently closed by the processor due to risk or other issues, Bankful may, at its discretion, issue a Good Faith Credit when the processor fails or refuses to issue its own refund.
5. Complaints and Appeals
If a Merchant disputes a refund decision or expresses dissatisfaction with the process, the Merchant may submit an appeal through Bankful’s official support channels. Appeals must include sufficient documentation to substantiate the claim and will be reviewed in accordance with Bankful’s internal dispute-resolution procedures.
If a Merchant involves legal counsel, initiates regulatory review, or threatens or commences formal legal action, all further communications must be directed exclusively to Bankful’s Legal Department or designated legal counsel. No other Bankful personnel are authorized to respond to or engage on such matters.
Bankful will review all complaints and appeals in good faith and respond within a commercially reasonable time. Nothing in this policy limits a Merchant’s rights under applicable consumer-protection laws or restricts lawful remedies; however, Bankful encourages completion of its internal review process before any external escalation.
6. Appealing Refund Decisions
All approved refund claims will generally be processed within thirty (30) days of approval, subject to third-party dependencies as noted above. Merchants wishing to appeal a refund decision may contact Bankful’s refund-appeals team via the official support email.
This Refund Policy, and the availability of internal appeals processes, does not remove or limit any rights available under applicable consumer-protection laws within the Merchant’s jurisdiction, nor does participation in these processes restrict a Merchant’s right to pursue other lawful remedies.