Thank you for your interest in Bolt, Inc. (“Bolt”). Unlike other payment platforms, Bolt provides protection to merchants against certain fraudulent or unauthorized transactions (“Covered Transactions”) if merchants provide Bolt notice of such Covered Transactions within the applicable chargeback claim period, as further described in this policy.
Covered Transactions are transactions that occur when the cardholder does not give authorization for payment to be made. For example:
A card is lost or stolen and the individual who stole the card or found the card makes a purchase without authorization from the cardholder
Counterfeit cards are created with stolen account information and used by the thief to make purchases without authorization from the cardholder
Hacked account information is used by the hacker to make unauthorized purchases
Family/Friends use a card without explicit consent from the cardholder
In addition, in order for a transaction to be a Covered Transaction for purposes of this policy, the transaction must meet the following criteria:
Transaction must be processed via Bolt’s payment platform;
Transaction must be made via a workflow that requires the end user to enter their own card information in order to checkout (as opposed to a merchant’s agent entering the information);
If merchants are shipping their product(s), the merchant must ship via a carrier that issues tracking numbers and reliable shipping documentation, retain such tracking numbers and relevant shipping documentation on file, and provide such tracking numbers and shipping documentation to Bolt upon request to help Bolt fight chargebacks;
The goods purchased must be sent to the shipping address that was indicated and approved via the Bolt platform at the time of purchase. If any of the order details change after this point, the transaction is an Excluded Transaction (as defined below). Merchants must retain documentation relating to the shipping address used throughout any given transaction (including all changes thereto) and, if a fraudulent chargeback is received where Bolt believes there may have been a change of address after the time of purchase, merchants will provide such shipping documentation to Bolt upon request; and
The merchant must provide Bolt notice of the unauthorized transaction within 90 days of the date the transaction was processed.
If the transaction does not meet the criteria described above, the transaction is not a Covered Transaction and the merchant is solely responsible for resolving the issue and providing any required chargeback.
Bolt is not responsible for transactions where the cardholder does not dispute whether they authorized a payment but has disputed a transaction for some other reason ("Excluded Transactions"). For example, excluded transactions may include but are not limited to:
Buyer remorse - Cardholder makes a purchase with their own credit card, and then requests a chargeback after receiving the purchased goods or services because they regret the purchase.
Product discrepancy - Cardholder claims product is not what they ordered or expected.
Shipping dispute - Cardholder claims product did not arrive on time or was damaged.
Warranty dispute - Cardholder claims product needs repair or replacement.
Other merchant errors - Poor customer service, unwanted recurring payments, authorization errors, or faulty product fulfillment, etc.
Shipping address change after purchase is approved – if any order details such as shipping address change after a transaction is approved via the Bolt platform at the time of purchase, the transaction is an Excluded Transaction.
Additionally, Bolt is not responsible for:
Force-Approve transactions (Bolt rejected but merchant force approves)
Virtual terminal transactions (Where the user is not checking out themselves, but the merchant is manually entering card information)
Transactions placed via a merchant’s IP via virtual terminal, going through checkout, or otherwise bypassing Bolt’s checkout flow.
For any Excluded Transactions, the payment amount, along with a separate $15.00 dispute fee levied by the card network, is then deducted from the merchant’s account balance. Then, Bolt will request the appropriate information to help the merchant fight the chargeback with the card network. If the merchant wins the dispute, the merchant will receive the full order amount and the $15 fee credited back to its account.
Upon verification by Bolt that a transaction is a Covered Transaction eligible for chargeback pursuant to this policy, Bolt will notify the merchant and the cardholder and Bolt will issue a chargeback directly to the cardholder for the total amount that was charged pursuant to the applicable Covered Transaction. The chargeback may take up to 10 business days to transfer to the cardholder’s account. Once issued, a chargeback is the merchant and the cardholder’s sole and exclusive remedy against Bolt for the applicable Covered Transaction.
Note: Notwithstanding anything to the contrary in this policy, if Bolt detects a transaction as fraudulent within 10 business days of the initiation of the applicable transaction, Bolt reserves the right to withdraw funds previously approved and deposited into a merchant’s account and refund such amounts to the merchant’s customer directly without any further liability to merchant.