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What refund is?
Refund is the operation of canceling the payment made and refunding the funds to the payer. The funds will be returned via the payment method (credit card, for example) that was used to make the payment.
Refund can be full or partial.
Full refund – 100% of the cost of the goods/services is returned to the payer. Also, upon return, a commission for the operation will be charged from the merchant – starting at 0.5 USD, depending on the industry, risk level and the merchant’s sales volume.
If funds were debited from the payer’s card by the issuing bank (for example, in the case of currency conversion), then these funds will not be taken into account in the refund and will not be returned to the card.
Partial refund – up to 100% of the value of the goods is returned to the customer. Until the full amount of the transaction has been reimbursed, multiple partial reimbursements can be made. Payment method commission is not refundable. Also, for each partial refund, the merchant will be charged a commission for the operation – starting at 0.5 USD, depending on the industry, risk level and the seller’s sales volume.
The customer cannot receive a refund if the merchant’s policy is not applicable to the specific case: for example, the purchase was made later than the period specified in the Policy. However, there are many other situations where customers can demand a refund for their purchases.
Customers can receive a refund if:
- They have not received their product/service in whole or in part;
- The merchant provided a defective item;
- Payment for the product/service was debited twice.
How long does it take to receive a refund?
Refunds to a customer are not always immediately received on their credit card or bank account. In fact, refunds can take up to 14 days. It depends on when the purchase was made and when the refund was requested.