Refund, cancellation and failed-transaction policy

What this policy covers

Nothing is sold on this website and no payment is taken through it. The enquiry and newsletter forms are free, and there is nothing to cancel or refund.

This policy therefore covers two other things: payments made through technology Laitusneo provides — most often a merchant collecting a payment through Udyog Pay — and the cancellation of a product or service a customer has contracted with us.

Our role in a payment

When you pay a business that uses our technology, the business you paid is the seller, and the bank, card network or payment aggregator that moves the money is the regulated entity. Laitusneo provides the software in between. We do not hold your money, we do not decide whether a refund is due for goods or services, and we cannot reverse a payment on our own authority.

What we do is keep the record of every transaction our technology carried, and make it available to the merchant, the bank and you when a refund, failure or dispute needs it.

Refunds for goods and services

A refund for something you bought is decided by the merchant under its own refund and cancellation terms, which it must publish. Ask the merchant first. Once the merchant initiates a refund through our technology, it is sent to the payment instrument you originally used — the same card, account or UPI ID — and never to a different one.

How long the money takes to appear after that depends on your bank or card issuer, not on us or the merchant. If a refund the merchant has confirmed has not arrived after the time your bank quotes, tell us with the transaction reference and we will trace it.

Failed transactions

A failed transaction is one where your account was debited but the payment did not reach the merchant, or was not confirmed to you. The Reserve Bank of India's circular of 20 September 2019 on the harmonisation of turn-around time and customer compensation for failed transactions requires the responsible entity to reverse such a debit automatically, without you having to complain, within a fixed period — between one and five days after the transaction depending on the payment channel — and to pay compensation of ₹100 for each day of delay beyond that period.

Those obligations sit with the bank, card network or payment aggregator that processed the payment. Where our technology is involved we supply the transaction record the moment it is asked for, so a reversal is not delayed waiting on us. If a debit has not been reversed within the period the circular prescribes, raise it with your bank, and tell us too so that we can chase it from our side.

• RBI circular on Turn Around Time and customer compensation for failed transactions (20 September 2019)

Disputes and chargebacks

If you do not recognise a charge, or paid for something you did not receive and the merchant will not resolve it, you can raise a dispute with your bank or card issuer, which may result in a chargeback under the card network's rules. We supply the merchant and the acquiring bank with the transaction evidence our systems hold so the dispute is decided on the facts.

Cancelling a Laitusneo product or service

Customers contract with us through a signed agreement, and that agreement sets the term, the notice period and what is payable on cancellation. Nothing on this page changes it. To cancel, give notice in the way the agreement describes; if you are unsure what it says, write to us and we will point you to the clause.

Raising a refund or transaction complaint with us

Use the channel in our grievance redressal policy, and include the transaction reference, the date, the amount and the merchant. The timelines and escalation steps on that page apply here too.

• Grievance redressal policy