Settlement Policy

The settlement process on PGfy follows these structured criteria:

• Net Payouts: Net payout amount represents tenant dues collected minus standard platform fees, convenience charges, or subscription costs (if applicable).
• Automatic Routing: Transaction funds are consolidated at the billing cycle close and routed directly via standard API transfers.
• Log Verification: Payments must be marked as successful on our payment gateway logs before they are queued for settlement.

We process settlements according to the following schedule:

• Standard Payout Cycle: Settlements are processed within T+2 working days (Transaction date plus 2 bank working days).
• Batch Clearence: Payout batches are generated daily. Actual credit timings depend on the receiving bank’s IMPS/NEFT clearing hours.

In rare instances when a settlement cannot be successfully processed:

• Causes: Incorrect bank coordinates, invalid IFSC codes, inactive beneficiary account codes, or gateway technical issues.
• Action Plan: Failed payouts are flagged on the dashboard. Partners must review bank details and re-verify accounts. Retries are scheduled automatically every 24 hours.

Refund rules for booking amounts and monthly rents:

• Approvals: Refunds must be authorized by property managers on their portal according to their individual booking cancellation policies.
• Timeframe: Approved refunds are credited back to the tenant's original payment mode within 5 to 7 working days.

Managing chargebacks and transaction disputes:

• Notification: When a tenant files a dispute with their bank, a chargeback alert is generated.
• Evidence Check: Property managers must supply valid tenancy contracts, rent logs, or sign-in sheets within 48 hours to represent the transaction. If the manager fails to supply proof, the chargeback amount is reversed.

Overview of applicable platform costs:

• Convenience Fees: Convenience fees apply to tenant credit card and select wallet transactions.
• Platform Subscription: Based on the partner contract, subscription charges or standard commissions are deducted before payout dispatch.

Resolving settlement discrepancies:

Disputes relating to settlement calculation errors, delayed payments, or tenant booking conflicts can be flagged to our Support Team at partner-support@pgfy.in. We review and resolve queries within 48 business hours.