This policy applies mostly to Business or Commercial users that receive payments from other users who fund their Cofred Accounts via Visa Credit / Debit cards. The following is designed to protect both you and your customers.
1. Visa Card Fraud / User Impersonation
By using Cofred, you are agree to always use a Visa Credit / Debit card that has been issued to your person by an issuing bank or financial institution authorised by Visa to do so. Any attempt to breach this shall result in permanent suspension of your Cofred account, and your details shared with the relavant investigative authorities.
2. Refused and Refunded Transactions
When you upload, send or spend money via a Visa Credit / Debit card, Cofred's system design does NOT require an automatic acceptance of your transaction. Any transaction via a Visa Credit / Debit card is subject to various due diligence test.
You agree that you will not hold Cofred liable for any damages resulting from these due-diligence procedures that may result in a payment decline or chargeback.. Any fraud-claimed, refunded or denied payment will be returned to the rightful account bearer or to the original Visa Card Holder subject to the terms and procedures of Zenith Bank Ghana Limited and/or Visa.
3. Your Liability
a. General. You are responsible for all Reversals, Chargebacks, Claims, fees, fines, penalties and other liability incurred by Cofred, a User, or a third party caused by or arising out of your breach of this Agreement, and/or your use of the Cofred Services. You agree to reimburse Cofred, a User, or a third party for any and all such liability.
b. Liability for Claims under Cofred Purchase Protection. If you are a Seller and Cofred makes a final decision that you lose a Claim filed directly with Cofred, you will be required to reimburse Cofred for your liability. Your liability will include the full purchase price of the item plus the charges included with the transacation and any additional shipping fees or cost associated with the disputed purchase or transaction.
If a buyer files a Claim for an item they purchased from you, you will generally be required to accept the item back and refund the buyer the full purchase price plus original shipping costs. You will also not receive a refund on your Cofred fees. Further, if you lose a Claim because we, in our sole discretion, reasonably believe the item you sold is counterfeit, you will be required to provide a full refund to the buyer and you will not receive the item back (it will be destroyed). Cofred Seller protection will not cover your liability.
c. Reimbursement for Your Liability. In the event that you are liable for any amounts owed to Cofred, Cofred may immediately remove such amounts from your Balance. If you do not have a Balance that is sufficient to cover your liability, your remaining Balance (if any) will be removed, your Account will have negative Balance up to the amount of your liability, and you will be required to immediately add funds to your Balance to eliminate the negative Balance. If you do not do so, Cofred may engage in collection efforts to recover such amounts from you.
d. Automatic fraud detection. Cofred employs advanced risk modeling to detect fraudulent transaction cues across Cofred services. Fraudulent transactions are immediately cancelled after being detected. To protect you, any active orders associated with the same fraudulent credit card will also be cancelled. Cofred also actively leverages external, cross-industry resources -- such as worldwide fraud blacklists -- to prevent fraudulent users from accessing Cofred Checkout in the first place.
e. Customer review. When Cofred detects questionable activity related to an order you receive, Cofred will mark the order with a Customer review in progress status and perform fraud detection checks on the order to reduce your exposure to risk. During this time, you won't be able to charge the order.
In general, we complete reviews within 24 hours. Certain orders posing a higher potential risk may require more time as our team will liase with relevant financial partners to perform even more extensive fraud detection checks for your protection. We may also contact you directly as a backup precaution. If Cofred determines that an order is high-risk or doesn't comply with Cofred Checkout policies, the order will be cancelled for your protection and cannot be reinstated.
4. Guidelines for Sellers / Merchants
a. Describe items accurately. Commercial users are required to include a detailed description of the goods being sold, including their specifications, capabilities, and limitations. Photos, video, or audio may help avoid any confusion over what is being purchased and whether the item is in working order.
b. Add tracking numbers. Tracking numbers give buyers timely updates about their shipped orders. Shipping your products with carriers that provide an online tracking service and signature proof of delivery may help protect you against claims of non-delivery.
Although services and personal deliveries aren't protected under the Payment Guarantee Policy, you can increase your chances of winning chargebacks related to these types of transactions by asking buyers to print out and sign copies of their Cofred Wallet receipts stating that your services have been completed to their satisfaction.
c. Avoid duplicate billing. Be sure that your customer pays for the same order only once. If you find multiple orders for a single buyer requesting the same service, we encourage you to verify that the customer intended to place both orders before processing duplicate orders.
Additionally, please note that the link included in email invoices for customers to make payments through their Cofred Wallet accounts won’t expire, even if they’ve already made the requested payments.
d. Keep your order status up to date. Make sure that your customers' Cofred Wallet receipts accurately reflect their order statutes. To help buyers set realistic expectations, keep the shipping methods you offer on your site up to date, confirm stock before marking orders as 'shipped' in the Cofred Checkout Merchant Center, and provide shipment updates and tracking numbers as appropriate.
e. Process refunds promptly. Keep your return and cancellation policies up to date and clearly visible to your buyers. Address any requests for cancellations and refunds promptly, and if an order qualifies for a refund, process the refund in a timely fashion.
f. Check your reviews. Ratings and reviews allow buyers to describe their shopping experiences with you, so we recommend that you check your reviews regularly to monitor your customers’ feedback on delivery issues, shipment timelines, and customer service. You can also address specific customers' concerns by responding to reviews.
g. Work with buyers to resolve disputes. We encourage buyers to contact merchants directly to resolve any order-related concerns, so you should respond to all buyer inquiries promptly. If buyers aren’t able to reach you and initiate claims through Cofred instead, however, please be sure to work with Cofred’s mediation specialists to help resolve any issues.