Refund
A "Refund" operation refers to the process of returning funds to a customer after a transaction has been fully processed and settled. This means that the payment was completed, and now the merchant is giving the money back to the customer, usually due to a return, a canceled order, or an error.
Key points about a Refund operation:
Timing: It happens after the transaction has been fully processed and the funds have already been transferred to the merchant's account.
Result: The customer receives the funds back, either partially or in full, depending on the situation.
Processing Time: Refunds may take a few days to appear in the customer's account, depending on the payment method and the financial institution's processing time.
Refund vs. Void: Unlike a void, where no funds are actually transferred, a refund involves returning money that has already changed hands.
In short, a refund gives the customer their money back after the payment has been completed.
Updated 17 days ago