Overview

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

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);
• For Digital Orders as defined below, the transaction must be a Qualifying Digital Order as defined below;
• 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. Qualifying Digital Orders must be sent to the email address or other online delivery method that was indicated and approved via the Bolt platform. 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, or for Qualifying Digital Orders the email address or other online delivery information, 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 or online delivery information 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.

Digital Orders

Bolt also provides protection to merchants against certain fraudulent or unauthorized transactions for Qualifying Digital Orders that meet the requirements for Covered Transactions as further described in these Chargeback Terms. “Digital Orders” are transactions processed for digital or online-only, non-physical products, such as online-only gift cards or online services. Transactions that require a shipment or physical delivery are not Digital Orders. A percentage of your Digital Orders each calendar month will be considered “Qualifying Digital Orders,” up to an amount equal to one percent (1%) of the total value of all your transactions processed via the Bolt Platform that month. For example, if transactions valued at $1,000 for all sales are processed by us in a calendar month, and $100 of those transactions are for Digital Orders, up to $10 of your transactions for Digital Orders will be Qualifying Digital Orders. Qualifying Digital Orders are considered Covered Transactions under these Chargeback Terms, provided that no Excluded Transactions will qualify as Qualifying Digital Orders.

Excluded Transactions

Bolt is not responsible or liable for costs associated with 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 or defect – 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.

Merchant’s Responsibilities for Excluded Transactions

For any Excluded Transactions, merchants are responsible and liable for:

• The payment amount, along with a separate $15.00 dispute fee levied by the card network. Both the payment amount and the $15.00 dispute fee will be deducted from the merchant’s account balance pending the resolution of a chargeback dispute (described below).
• Costs associated with any civil or arbitration claims associated with, or that arise out of, an Excluded Transaction. The merchant is solely responsible and liable for any fees (legal, exemplary, or incidental) related to Excluded Transactions. Unless otherwise provided in writing to the merchant, Bolt is not responsible for such fees or to provide help to the merchant in any civil, arbitration, or other legal processing.

Chargeback Disputes for Excluded Transactions

The merchant is responsible for disputing chargebacks for Excluded Transactions. However, Bolt may help the merchant fight the chargeback. The merchant may need to provide Bolt certain information as requested by Bolt to help fight the chargeback with card networks. If the merchant wins the dispute, the merchant will receive the full order amount and the $15 fee credited back to its account.

Chargeback Remedy for Covered Transactions

Upon verification by Bolt that a transaction is a Covered Transaction eligible for chargeback pursuant to this policy, 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, the merchant is obligated to mitigate losses with respect to Covered Transactions. Bolt has 10 business days from the date of initiation of any Covered Transaction, but no later than the time that the merchant incurs a loss from such Covered Transaction, to notify the merchant that Bolt has reason to believe or has otherwise detected that a Covered Transaction is fraudulent. The merchant must promptly cancel, invalidate, not process such Covered Transaction, or otherwise make a good faith attempt to mitigate against any loss to the merchant. The merchant must notify Bolt if it was able to mitigate all or some of the loss from such Covered Transaction. If the merchant is able to mitigate against any loss, and to the extent permitted under any applicable agreement between Bolt and the merchant, Bolt reserves the right to withdraw funds previously approved and deposited into the merchant’s account and to refund such amounts to the cardholder directly without any further liability to the merchant.