1. Introduction

   Skydo Technologies Private Limited ("Skydo") is committed to ensuring customer satisfaction by providing clear, efficient, and transparent refund processes. This Policy outlines the procedures and conditions for handling customer refund requests for Skydo's cross-border payment services. It ensures consistent, efficient, and fair resolution of refund requests while adhering to regulatory requirements.

   The capitalized terms used in this Refund Policy, but not defined in this Refund Policy, shall have the meaning given to such terms in the terms and conditions on the website of the Company ("Terms & Conditions") and privacy policy of the Company ("Privacy Policy").

2. Objective

   The objective of this Refunds Policy ("Policy") is to:

   • Ensure Transparency: Provide a clear and consistent process for handling refund requests.
   • Improve Customer Satisfaction: Enhance customer experience by resolving refund issues promptly and fairly.
   • Ensure Compliance: Comply with legal and regulatory requirements related to refunds and consumer rights.
   • Minimize Errors and Fraud: Implement controls to reduce the risk of errors and fraudulent refund claims.
   • Facilitate Record-Keeping: Maintain accurate records of all refund transactions for audit and compliance purposes.
3. Scope

   This Policy applies to all refund requests related to Skydo's cross-border payment services. It includes guidelines for refund eligibility, request submission, approval processes, and record-keeping. This policy covers refunds initiated by individual customers, business clients , partners and refunds initiated owing to Skydo's internal policies and procedures.

4. Key Definitions
   • Refund: The return of funds to an overseas buyer who has paid for a good or a service or transaction that is subsequently cancelled, or found to be erroneous.
   • Customer or Exporter or Beneficiary: An individual or business entity, based in India with whom the Company has entered into an arrangement for providing cross-border inward remittances service against the export of goods and/or services.
   • Overseas Buyer or Importer or Sender: An individual or business entity, based out of India who is purchasing the goods or services from the Exporter.
   • Transaction Dispute: A disagreement between an Exporter and an Overseas Buyer regarding a transaction that may result in a refund request.
5. Refund Eligibility Criteria

   Return of funds to the source happens in the following cases-

   • Erroneous funds transfer to customer's virtual account by the Sender/Overseas Buyer
   • Business use case not supported by Skydo/Banking partner (like Currencycloud, Banking Circle etc.)
   • Request by the customer to return funds
   • Customer is unable to receive the funds due to bank account issues or other reasons.
   • Skydo cancels a transaction due to a violation of its terms and conditions or a Suspicious/Fraudulent activity
6. Refund Ineligibility

   Skydo will not be able to refund if:

   • The Customer has already received the funds in the linked Indian Bank Account.
   • The reason for the refund request is related to the recipient's bank or financial institution.
   • The Overseas Buyer falsely claiming for a refund for already delivered goods and/or services.
7. Handling Disputes and Chargebacks

   Skydo doesn't support/entertain refund request by the Overseas Buyer for any disputes between the Customer and the Overseas Buyer. As agreed by the customer in Skydo Platform Terms and Conditions, any dispute between the Overseas Buyer and the Customer need to be settled outside the Skydo platform.

8. Refund Process
   1. Request for Additional Information:
      • For refunds initiated by our bank partners or by Skydo, we will request additional information and document proofs from the exporter to ensure compliance with regulatory requirements and Skydo's risk policies before processing the refund.
   2. Review and Decision:
      • Once the requested documents and information are reviewed, Skydo's compliance team, and / or our bank partner's compliance team will decide whether the provided documents are sufficient to process the refund. This decision will be based on compliance with regulatory requirements and Skydo's internal policies.
   3. Processing Refund:
      • The refund will be processed from Skydo's local account to the source account using the same payment method used for the original transaction.
   4. Communication:
      • Skydo will keep the customer informed at every step of the refund process, including the decision-making, initiation, completion of the refund, or failure to process the refund.
   5. Alternate Payment Methods:
      • If the original payment method fails for the refund, we will use alternate payment methods to attempt the refund.
   6. Alternate methods of refund: Alternate Bank Account Verification:
      • If the refund fails using all available payment methods, Skydo will inform the customer, and the refund can be retried by-
        1. Recall request from the paying party via the sending bank to Skydo's partner bank.
        2. Letter of indemnity from sending bank to receiving bank stating alternate methods/accounts for refund payment.
        3. Proof documents specified by Skydo to establish the correct source of payment where refund can be reinitiated.
   7. Holding Refunds:
      • If the exporter is unable to provide alternate details, Skydo will hold the payment until the required details are shared and verified. Skydo will report the situation to our bank partners and relevant regulatory bodies.
   8. Refund charges:
      • The User shall bear all charges in connection with refund or chargeback and the User agrees that any fees and charges will be non-refundable. The User agrees that Skydo may set off any amount owed by the User to Skydo, the Facility Providers or Partner Banks from any other amounts of the User held with Skydo, as determined by Skydo in its sole discretion.
9. Refund of payments made using payment links

   Notwithstanding anything to the contrary, for any payments made using the payment links for ACH debit shall not be refunded unless the same is initiated by the sender of the funds. Any Customer who raises a refund request or if Skydo, after due process decides not to settle the amount to the beneficiary account owing to any internal policies and procedures, then refund of such payments made using payment links shall be made only after the sender initiates a recall request from bank to which the source account belong.

   Skydo shall not be responsible to refund any amount until a valid recall request is received by it from the bank to which source account belong to.

10. Approval Process

    The approval process or refund initiation process for each of the refund eligibility scenario is detailed below:

    Refund Process Scenarios and Approval Steps

    Scenario	Process
    Erroneous funds transfer to customer's virtual account by the Sender/Overseas Buyer	Customer reaches out to the Customer Support team with a refund request. L2 in the Payment Operations team reviews and approves the request. Payment Operations team initiates refund.
    Business use case not supported by Skydo/Banking partner (like Currencycloud, Banking Circle etc.)	Compliance team identifies the transaction to be non-compliant and informs the Payment Operations team to initiate a refund.
    Request by the customer to return funds	Customer reaches out to the Customer Support team with a refund request. L2 in the Payment Operations team reviews and approves the request. Payment Operations team initiates refund.
    Customer is unable to receive the funds due to bank account issues or other reasons.	Skydo holds the payment for a maximum of 7 days and tries to settle to the Exporter's linked Indian account. If not settled, the Payment Operations team initiates a refund to the source.
    Skydo cancels a transaction due to a violation of its terms and conditions or a Suspicious/Fraudulent activity	Compliance team identifies the transaction to be fraudulent and informs the Payment Operations team to initiate a refund. Compliance team blacklists the Exporter's account on the Skydo Platform.

11. Review

    This Policy will be reviewed periodically to ensure it remains aligned with best practices, regulatory requirements, and Skydo's evolving business needs.

12. Record Keeping

    Skydo will maintain records of all refund requests and their resolutions for a minimum period as required by regulations.

For any questions or additional support, please contact Skydo help desk at +91-7026000500 or support@skydo.com.