Why is MyGate asking for the documents (rental agreement) for paying rent?
We have implemented Proprietary Algorithms that verify each Rent Payments to ensure that the payment is processed to the right party for the right purpose. It uses various checks and criteria for getting this done.
In case if the Bank / Payment partners / MyGate ask for supporting documents to prove the purpose of transactions, customers are requested to submit tenancy contracts within 48 hours from the date of transactions. Payment processing to the landlord will be put on hold and failing to submit the necessary documents on time will lead to cancellation of the transaction and refund the Rent Amount to the original bank account/card account.
Customers will get a refund in 5-7 working days from the date of processing the refund. However, the service charges associated with the transaction including convenience fees/internet handling charges / MDR / GST etc already paid to the Payment Aggregators / Banks based on the variant of credit cards will not get refunded in such scenarios.