At OwlX Fintech Solutions Pvt Ltd, we are committed to ensuring a smooth and transparent process for merchants who wish to close their accounts. This Merchant Closing Policy outlines the necessary steps and procedures for merchants who decide to terminate their relationship with OwlX Fintech Solutions Pvt Ltd.
1. Merchant-Initiated Closure
Merchants who wish to close their account must submit a formal request in writing through our official email address: [email protected]. The request should include the following:
- Merchant ID
- Full Name of the Merchant
- Reason for account closure
- Preferred closure date
Upon receipt of the request, our support team will acknowledge the request and provide guidance on the next steps.
2. Settlement of Outstanding Balances
Before closing a merchant account, all outstanding transactions must be settled. This includes:
- Outstanding Pay-ins and Payouts: Any pending transactions, such as customer payments or payouts to vendors, must be completed.
- Escrow Account Balances: If applicable, any remaining funds in escrow accounts will be disbursed to the merchant’s registered bank account after deducting any fees, charges, or penalties owed.
- Service Fees and Charges: All service charges, including monthly subscription fees or transaction fees, will be calculated up to the closure date and must be paid in full.
3. Data Retention and Access
- Merchants will have access to their account data, transaction history, and reports for up to 30 days after the closure request has been confirmed.
- After the 30-day period, the account will be permanently closed, and data will be securely archived in compliance with regulatory requirements. Merchants may request a copy of their data within this period.
4. Termination of Services
Upon successful closure of the merchant account, the following services will be terminated:
- Access to the OwlX Fintech Solutions platform, including the dashboard and APIs.
- Payment processing capabilities for the merchant.
- Any ongoing promotional or partnership agreements.
Merchants are advised to inform their customers and vendors of the account closure and make arrangements for any pending or recurring transactions.
5. Early Termination
Merchants under a contract for a specific term may be subject to an early termination fee if the account is closed before the contract expiration. The early termination fee, if applicable, will be outlined in the merchant’s contract with OwlX Fintech Solutions Pvt Ltd.
6. Compliance and Legal Obligations
- KYC and AML Compliance: OwlX Fintech Solutions Pvt Ltd will conduct a final review of the merchant’s activities to ensure compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. Any discrepancies or unresolved compliance issues must be addressed before closure.
- Legal Disputes: If there are any ongoing legal disputes or investigations related to the merchant account, the closure request will be held until the resolution of such matters.
7. Voluntary vs. Involuntary Closure
- Voluntary Closure: Initiated by the merchant as outlined above.
- Involuntary Closure: OwlX Fintech Solutions reserves the right to terminate a merchant’s account under the following circumstances:
- Violation of terms and conditions.
- Involvement in fraudulent or illegal activities.
- Failure to comply with KYC/AML requirements.
- Excessive chargebacks or disputes.
- Non-payment of service fees.
In the case of an involuntary closure, the merchant will be notified in writing, and OwlX Fintech will follow the same procedures for settling outstanding balances and terminating services.
8. Refunds and Cancellations
Merchants must handle any outstanding customer refunds or cancellations before closing the account. OwlX Fintech Solutions will not be responsible for processing refunds or cancellations once the merchant account has been closed.
9. Support and Assistance
Our customer support team is available to assist merchants throughout the account closure process. Merchants may contact us via:
- Email: [email protected]
- Phone: +91 96069 49055
We are committed to ensuring that the account closure process is handled efficiently and with minimal disruption to your business.
By adhering to the above policy, OwlX Fintech Solutions Pvt Ltd ensures that both the company and its merchants can close accounts in a fair, secure, and transparent manner.
Company Name: OwlX Fintech Solutions Pvt Ltd
Email: [email protected]
Phone Number: +91 96069 49055
Address: No. 259, 1st Floor, 1st Main, 4th Cross Rd, Banashankari 3rd Stage, Bengaluru, Karnataka 560085