Refunds, Reversals and Chargebacks Policy

1. General information. If you receive a payment for selling goods or services that is later refunded or invalidated for any reason, you are responsible for the full amount of the payment sent to you plus any fees (including any applicable chargeback fee described below).

a. Currency. Whenever a transaction is refunded or otherwise reversed, WAAVE will refund or reverse the transaction from your WAAVE account in the same currency as the original transaction. If your WAAVE balance for a particular currency is insufficient to cover the amount of a refund or reversal, WAAVE will perform a currency conversion in order to refund or reverse the transaction. WAAVE's transaction exchange rate (including our currency conversion fee) at the time the refund or reversal is processed will be used.

2. Refunds. If you refund a payment for goods or services (partially or fully), there are no fees to make the refund, but the fees you originally paid as the seller will not be returned to you. The amount of the refunded payment will be deducted from your next WAAVE payout.

3. Payments that are Invalidated and Reversed.

a. Definition. Payments to you may be invalidated and reversed by WAAVE if:

    i. You lose a WAAVE Payment Protection claim submitted to us by a buyer, including as a result of your failure to respond in a timely manner.

    ii. Your buyer pursues a chargeback related to a card-funded transaction and the transaction is reversed. The card issuer, not WAAVE, determines whether a buyer is successful when they pursue a chargeback related to a card-funded transaction.

    iii. Our investigation of a bank reversal made by a buyer or the buyer's bank finds that the transaction was fraudulent.

    iv. You do not fulfill the transaction as promised or you cannot provide proof of shipment or proof of delivery when required.

    v.The payment was unauthorized.

    vi. You received the payment for activities that violated the Merchant Services agreement or any other agreement or policy between you and WAAVE.

    vii. WAAVE sent the payment to you in error.

b. Recovering Reversed Payments. When you receive a payment, you are liable to WAAVE for the full amount of the payment sent to you, plus any fees, if the payment is later invalidated or reversed for any reason. If your WAAVE balance is insufficient to cover your liability for the payment amount plus the fees, we may use any of the payment methods linked to your WAAVE account to recover the amount due. If the payment methods linked to your WAAVE account don't cover the amount due, this will result in a negative WAAVE balance. Any negative WAAVE balance represents an amount that you owe to us, and, in this situation, you must immediately add funds to your WAAVE balance to resolve it. If you don't, WAAVE may 1) engage in collections efforts to recover the amount due from you, and 2) place an Account Limitation or take other action on your WAAVE account as outlined in our Holds, Reversals, and Account Limitation Policy.  

c. Chargeback fees. If you receive a debit or credit card-funded payment through your WAAVE account and the buyer pursues a chargeback for the transaction with their card issuer, WAAVE will assess you a chargeback fee (for facilitating the chargeback process) regardless of whether the buyer is successful in pursuing the chargeback with the card issuer.  The applicable chargeback fee will be deducted from your WAAVE balance. The chargeback fee is $35 in US Dollars or whatever is stated on Schedule A of the Merchant Services Agreement.