Refunds go live… Finally.
As a company that specialises in payment processing for primarily small and medium sized business we must always find a balance in what our offering to our customers entails. When a bank issued merchant facility is provided it always comes with additional costs, phone line rental, paper rolls, higher rates, tiered pricing on card types, hidden fess etc. Extras are always billable and as such blow out the cost of a traditional merchant facility to astronomical levels.
When we believe a service or product should be inclusive, we incorporate that service into our core offering. So items such as an IVR, Virtual terminals and mobile payments, should all be part of the same package and not be an additional line item. We have always operated in this manner. If something is required, or enough customers lodge a request if the module does not exist, we will build it.
Throughout the years we have been operating one thing struck us as odd; there were very few instances where refunds were required by merchants. Over several months in 2012 we saw an increase in the number of refunds being requested. By no means a massive spike, but not something we wanted our customers to have to settle manually as they had previously been doing.
We had several options available to us, in regards to how to deal with this, but once again for us its about balance, we had to create the simplest of products to satisfy the largest number of merchants. Building for one merchant is easy albeit costly, building something which will be suitable and accepted by thousands of merchants, We can now confirm, is not.
But…. having said that…
We can now announce that refunds can be automatically initiated from within your account. If you go to your transaction history and look at the drop down menu you will note there is a new option to “Refund Tx” once you click on this follow the next 2 prompts and your transaction will be refunded. There are no fees incurred for refunding a transaction.
We really must send a special thanks to IP Payments for this one, We knew how we wanted this to work, it needed to be clean and tidy and simple to use, we also knew how complex the development would be, as this needed to be deployed and accepted by all merchants. All merchant refunds needed to be individually tracked and documented for the purposes of transaction disputes and chargeback resolution, IP Payments truly delivered beyond our expectations on this one.
If you need to initiate a refund you can do so immediately from within your account, we have had several merchants testing the system for a few months now and it is working well. If you do encounter any problems please do not hesitate to contact us.