REFUND POLICY – must detail the refund policy clearly on the Website to inform Cardholders of their rights and responsibilities.
Should also have the below statement:

Refunds will be done only through the Original Mode of Payment and will be processed within 10 to 45 days depends on the issuing bank of the credit card.”
CANCELLATION POLICY – The expected time span for reporting the services ordered to be cancelled and the conditions under which cancellation will be allowed.
SAMPLE

Customer can cancel their order/requested services within 24 hours; refunds will be made back to the payment solution used initially by the customer. Please allow for up to 45days for the refund transfer to be completed.

***For No Refund Policy and No Cancellation- this must be very clearly communicated to Cardholders before the purchase decision is made, to prevent misunderstanding and disputes.