These Terms & Conditions (“Agreement”) constitute a legally binding contract between MYRJ Business and Culture Promotion Private Limited (operating as “ClearFinTech”) and the business entity or customer (“Merchant” or “Payer”) utilizing ClearFinTech’s payment gateway, tokenized card vault, or disbursal APIs.
1. Gateway Provisioning & Account Onboarding
Upon onboarding, Merchants are provisioned with unique credentials (e.g. merchantKeyId, API secrets). The Merchant is solely responsible for maintaining the confidentiality of their credentials and securing all integrated server endpoints. ClearFinTech reserves the right to suspend any account engaging in abnormal volume spikes inconsistent with verified KYC.
2. Prohibited Services & Restricted Merchant Categories
Merchants shall not utilize ClearFinTech’s rails to accept payments or execute payouts for:
- Illegal gambling, betting, unauthorized lottery schemes, or binary options trading.
- Sale of counterfeit goods, unlicensed pharmaceuticals, or prohibited weapons.
- Multi-level marketing (MLM), pyramid schemes, or unregistered cryptocurrency exchanges.
- Any transaction violating the Foreign Exchange Management Act (FEMA) or RBI regulations.
3. Settlement Cycles & Payout Mechanics
Net settlement amounts (Gross volume minus agreed MDR and statutory GST) are settled directly to the Merchant’s registered nodal or current bank account via automated IMPS or NEFT transfers:
- Standard Cycle: T+1 Bank Working Day (where “T” represents transaction authorization timestamp).
- Instant Settlement (Atomic Rail): T+0 immediate IMPS dispatches subject to merchant risk underwriting.
- Bank Holidays: Settlements on national clearing holidays (RTGS/NEFT closures) are dispatched on the subsequent bank working day.
4. Chargeback Liability & Reserve Retention
The Merchant acknowledges sole financial liability for all customer chargebacks, retrieval requests, fraudulent transactions, and disputed debits received from acquiring banks or card networks (Visa/Mastercard/RuPay/NPCI).
Upon receipt of a chargeback notice, the Merchant must submit valid proof of service or delivery documentation within four (4) business days. In the event of an unrepresented or lost chargeback, ClearFinTech reserves the right to debit the dispute amount from rolling settlements or the Merchant’s escrow balance.
5. Card Tokenization & Customer Consent
In accordance with the Reserve Bank of India’s circular on Card-on-File Tokenization (CoFT), customer cards can only be tokenized upon explicit affirmative customer consent. ClearFinTech converts registered cards into non-exportable surrogate tokens and guarantees that sensitive authentication data (CVV) is never retained.
6. Limitation of Liability
To the maximum extent permitted by Indian law, ClearFinTech’s aggregate liability arising out of or related to this Agreement shall not exceed the total processing fees earned by ClearFinTech from the Merchant in the preceding three (3) calendar months. ClearFinTech shall not be liable for indirect, consequential, or third-party bank network downtime.
7. Governing Law & Dispute Resolution
This Agreement shall be governed by and construed in accordance with the laws of the Republic of India. Any disputes arising hereunder shall be subject to the exclusive jurisdiction of the competent courts in Mumbai, Maharashtra, India.