General
When a transaction is disputed, the bank which issued the related card (Issuer Bank) and the Merchant's bank which is sponsoring the account of the related Merchant (Sponsor/Acquirer Bank), operate according to clearly defined and well-established procedures to resolve the aforesaid dispute. In the case of Mobile Money the process is duplicated and the mobile money payment source is substituted for the Issuer Bank.
These procedures are designed to establish whether the Merchant should receive (or retain) the payment pertaining to the disputed transaction (as processed) or whether the funds should be returned to the Cardholder’s account. This applies where relevant to the Mobile Money Account-holder's account.
The process of returning the funds to the Cardholder or the Account-holder is known as a Chargeback.
Chargebacks are thus the full reversal of processed transactions by the Issuer Bank.
Our Policy in respect of Chargebacks
We do not in any manner whatsoever, take any responsibility for any chargebacks of any nature on behalf of our licensed dispensaries.
We further inter alia require that the appropriate written confirmation be obtained from each related dispensary, in terms of which same acknowledges and agrees:
To at all time be held fully responsible and liable for any and all chargebacks, refunds and fraudulent transactions as well as any Payment Card Associations’ fines, fees and assessments and acquirers’ administrative charges and any fines, fees and assessments arising from the applicable regulatory bodies related to or arising from any such chargebacks, refunds or fraudulent transactions.
To fully indemnify and keep indemnified Mighty Group, its directors, employees, group companies, affiliates, processing partners, sub-contractors and agents and assignees from and against:
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