A refund is a transaction reversal process where the funds are returned to the customer after a successful payment has been made for a purchase or service.
Refunds can occur due to various scenarios, including:
- Canceled Order: When a buyer cancels an order before it is fulfilled, the merchant initiates a refund to return the paid amount to the buyer.
- Product Return: If the buyer returns a purchased product or requests a refund due to dissatisfaction or non-compliance, the merchant processes a refund.
- Failed Transaction: If a payment transaction fails due to technical issues, insufficient funds, or any other reason, the payment company automatically initiates a refund to return the funds to the buyer.
- Disputed Transaction: In the event of a payment dispute or chargeback raised by the buyer, the payment company may issue a refund pending the resolution of the dispute.
- Overpayment: If a buyer accidentally makes an overpayment or submits duplicate payments, a refund is facilitated to return the excess amount.
If a refund is requested, Tazapay will refund the amount to the source used by the buyer to make the payment.
Updated 7 months ago