Effective Date: TBA
This policy outlines the application of a 1% refund fee on all unsuccessful transactions processed through the SWAPD platform, via cryptocurrencies and standard bank wires. The fee is designed to cover administrative costs associated with handling refunds.
Refund Fee Details A 1% fee will be charged on all refunded transactions, regardless of which party is at fault. This fee is non-negotiable and will be deducted from the total amount to be refunded before the refund is issued. The refund fee applies to both buyer-initiated and seller-initiated refunds, including disputes, cancellations, and mutual agreements. Gas/network transit fees/bank wire fees are also not reimbursed during refunds.
High-Value Transaction Compensation (Above $5,000) For transactions exceeding $5,000, buyers may request that the seller compensate them for the 1% refund fee, providing the seller is the cause of the cancelation. If the buyer requests compensation, the seller is obligated to refund the 1% fee amount directly to the buyer.
Disputes and Non-Compliance In cases where the seller fails to compensate the buyer for transactions exceeding $5,000, the buyer may escalate the issue to SWAPD support. Non-compliant sellers will have their accounts temporarily placed on hold until the issue is resolved.
No Exceptions The 1% refund fee applies universally to all transactions involving crypto and bank wire payments. Transactions via Trustap already have refund fees in place, enforced and mandated by Trustap. This rule ensures fairness and consistency across all transactions.
Please note, CoinPayments 1% fee will no longer apply, as SWAPD is switching to direct payments.