Login/Sign Up
Login in

PAYMENT PROCESSING AGREEMENT

Effective Date: February 14, 2025
Version: 2.0

1. Payment Services

  • The platform provides payment collection, processing, settlement, and reconciliation services.
  • Fraud prevention measures, reporting tools, and dispute management are included.
  • Multiple payment methods like cards, net banking, UPI, wallets, EMI, BNPL, and international cards are supported.
  • Services are designed to ensure secure and efficient transaction handling.
  • Both buyers and sellers benefit from reliable financial operations.
2. Payment Terms
  • Transactions follow a defined flow: initiation, authorization, collection, and settlement.
  • Sellers are credited after funds are securely processed.
  • Standard settlement is T+2 business days, with options for T+1 express and weekly cycles.
  • Custom settlement schedules may be agreed upon with the platform.
  • Buyers and sellers must comply with transaction timelines.
3. Fees And Charges
  • Transaction fees vary: domestic cards 2%, international 3%, net banking 1.8%, UPI 0.9%.
  • Wallets incur 2% charges, while EMI attracts 2.5% plus bank costs.
  • Additional fees include settlement (₹10), refunds (₹5), and chargebacks (₹500).
  • Express settlements carry a 0.5% surcharge, while international has ₹100 + forex.
  • All charges are transparent and communicated in advance.
4. Compliance
  • The platform complies with RBI guidelines, PCI-DSS, KYC, AML, and FEMA regulations.
  • Strict adherence ensures safe and lawful financial operations.
  • Sellers must submit business verification, bank proofs, and tax registrations.
  • Authorization letters and compliance certificates may also be required.
  • Continuous monitoring ensures alignment with legal standards.
5. Risk Management
  • Fraud prevention includes real-time monitoring, risk scoring, velocity checks, and 3D Secure.
  • Manual reviews are conducted for high-risk or flagged transactions.
  • A rolling reserve of 5% applies to new sellers, held for 180 days.
  • High-risk categories may face reserves of up to 10%.
  • Risk controls safeguard both platform and users from losses.
6. Chargebacks And Disputes
  • Chargeback notifications are sent within 24 hours for quick action.
  • Sellers have 3 days to respond with documentation and evidence.
  • The platform provides assistance while card network rules apply.
  • Disputes may proceed to arbitration if unresolved internally.
  • Final liability is determined after review of evidence.
7. Refunds
  • Refunds require seller approval followed by platform validation.
  • Once processed, the gateway initiates transfer to the buyer’s bank.
  • Notifications are sent to keep both parties informed.
  • Refund timelines vary: cards 5–7 days, banks 3–5, UPI 1–3, wallets instant.
  • International refunds may take 10–15 days.
8. Reconciliation
  • Daily reconciliation ensures transaction matching and settlement verification.
  • Discrepancies are identified, resolved, and documented promptly.
  • Reports are generated for transparency and accuracy.
  • Monthly statements include detailed transactions, fees, and settlements.
  • Sellers also receive tax invoices and analytics insights.
9. DataSecurity
  • Security standards follow PCI-DSS Level 1 certification.
  • Encryption, tokenization, secure storage, and access controls are enforced.
  • Minimal data collection ensures privacy and compliance.
  • Data retention is limited, with secure deletion after timelines.
  • Audit trails are maintained for accountability.
10. Liability
  • The platform is responsible for service availability and processing accuracy.
  • Liability also covers compliance failures and security breaches.
  • However, force majeure events and third-party failures are excluded.
  • Users are responsible for their own violations or misuse.
  • Maximum liability is capped, limiting indirect or consequential damages.
Appendices
  • Appendix A: Glossary with definitions of terms used in this policy.
  • Appendix B: Detailed fee schedule covering all applicable charges.
  • Appendix C: Service Level Agreements with performance commitments.
  • Appendix D: Contact details including office address, phone, and grievance officers.
  • Appendix E: Regulatory registrations like CIN, GST, PAN, and trademark.
Flykup™ is India’s #1 Live Shopping Platform enabling sellers and influencers to sell smarter and engage better. Experience real-time shopping with Live Selling, Shoppable Videos and more!
Instagram Facebook Youtube

Quick Links

Agreements

Get in Touch

Kaps Nextgen Pvt Ltd (Owner of Flykup™)

  • Flykup™ – A Trademark of Kaps Nextgen Pvt Ltd
  • No.7, Kambar Street, SRP Mills, Janatha Nagar, Saravanampatti, Coimbatore South, Coimbatore - 641035, Tamil Nadu, India
  • +91 9994677447
  • [email protected]

© 2025 Flykup™. All Rights Reserved. | Flykup™ is a registered trademark of Kaps Nextgen Pvt Ltd.

Sign Up