How long does it take for the customer to receive the refund?
How long does it take for the customer to receive the refund?
With Razorpay Instant Refunds, your customer would ideally receive the refund in minutes, upon you initiating the same.
What are the advantages of Instant Refunds?
What are the advantages of Instant Refunds?
On enabling Instant Refunds, you can process payment gateway refunds at lightning speed with full visibility on outcome, while boosting customer loyalty and retention.
On the other hand, you also reduce operational and support costs by simplifying the refund process while reducing drop-offs by handling high volumes of refunds.
What is the prerequisite for getting Instant Refunds enabled?
What is the prerequisite for getting Instant Refunds enabled?
Any merchant already live on Razorpay payment solution/s is eligible for Instant Refunds.
New merchants have to sign up with Razorpay and use any of the payment solutions to to be able to use Instant Refunds.
How do I initiate an instant refund?
How do I initiate an instant refund?
1. Via Razorpay Dashboard :
Step 1: Go to transactions page
Step 2: Select the payment for which you want to issue refund.
Step 3 : Select Refund Instantly option.
You can even set your default refund speed to ‘Instant’ to process all the refunds instantly.
2. Via API integration
Make bare minimum changes to your existing API integration to issue instant refunds.
What is default refund speed?
What is default refund speed?
Default refund speed is the speed at which all the refunds will be processed for your customers.
a) Normal Refund
In this mode, the speed attribute is set to normal. The customers will receive their refunds within 5-7 business days.
b) Instant Refund
In this mode, the speed attribute is set to optimum. Razorpay attempts to initiate fund transfer using IMPS, NEFT or UPI. The customer will receive the refunds instantly. If unsuccessful, Razorpay processes the refund via the normal speed.
Does Razorpay provide International Payments support?
Does Razorpay provide International Payments support?
Yes, Razorpay provides support for International transactions. We support all major international cards and 92 currencies including USD, EUR, GBP, SGD, AED. After signing up on Razorpay, you can request for international support by raising a ticket on https://razorpay.com/support/#request
Does Razorpay support Instant Refunds for International Payments?
Does Razorpay support Instant Refunds for International Payments?
Yes
What payment modes does Instant Refunds support?
What payment modes does Instant Refunds support?
Currently, Razorpay Instant Refunds supports all major credit cards and UPI payments. We’ll start supporting netbanking and debit cards very soon.
Here’s a complete list of payment methods we support:
| Method of Payment | Supported Banks/PSPs for Instant Refund |
|---|
| Credit Cards | Bank Name, ICICI, Axis Bank, HDFC, Kotak Bank, Andhra Bank, Indusind Bank, Standard Chartered, Citi Bank Retail, HSBC, Punjab National Bank, Canara Bank, Union Bank of India, Bank of India, Corporation Bank, Syndicate Bank, Indian Overseas Bank, Bank of America, IDBI Bank, Bank of Baroda, Yes Bank, State Bank of India, RBL Bank |
| Visa Debit Cards | Bank Of India, Bank Of Maharashtra, Canara Bank, Development Credit Bank Ltd, ICICI Bank, IDBI Bank, IDFC Bank, IndusInd Bank, Oriental Bank Of Commerce, Standard Chartered Bank, SBI, Federal Bank, South Indian Bank, Axis Bank, Kotak Bank, Corporation Bank |
| Master Debit Cards | Airtel Payments Bank, Axis Bank, Canara Bank, Central Bank of India , Federal Bank, IDBI, Indian Bank, IndusInd Bank, J&K Bank, RBL, SBI, Standard Chartered Bank, Syndicate Bank, Yes Bank |
| UPI | All PSPs |
| Netbanking | Bank of Baroda,Canara Bank, RBL Bank, Karur Vysya Bank, Central Bank of India, IndusInd Bank, Equitas Bank |
Is there a fee for processing the Instant Refunds?
Is there a fee for processing the Instant Refunds?
Razorpay levies a small fee for processing Instant Refunds, which is deducted from your Razorpay Balance while processing the refund.
This fee is charged because Razorpay has to bear the subsequent cost of processing the fund transfer to your customer’s account for refund. This deduction takes place only if you decide to process the refund instantly.
In case Instant Refunds is not successful, and the refund takes 5-7 working days, the levied fee is reversed to your balance.
How long does it take for the customer to receive the refund?
With Razorpay Instant Refunds, your customer would ideally receive the refund in minutes, upon you initiating the same.
What are the advantages of Instant Refunds?
On enabling Instant Refunds, you can process payment gateway refunds at lightning speed with full visibility on outcome, while boosting customer loyalty and retention.
On the other hand, you also reduce operational and support costs by simplifying the refund process while reducing drop-offs by handling high volumes of refunds.
What is the prerequisite for getting Instant Refunds enabled?
Any merchant already live on Razorpay payment solution/s is eligible for Instant Refunds.
New merchants have to sign up with Razorpay and use any of the payment solutions to to be able to use Instant Refunds.
How do I initiate an instant refund?
1. Via Razorpay Dashboard :
Step 1: Go to transactions page
Step 2: Select the payment for which you want to issue refund.
Step 3 : Select Refund Instantly option.
You can even set your default refund speed to ‘Instant’ to process all the refunds instantly.
2. Via API integration
Make bare minimum changes to your existing API integration to issue instant refunds.
What is default refund speed?
Default refund speed is the speed at which all the refunds will be processed for your customers.
a) Normal Refund
In this mode, the speed attribute is set to normal. The customers will receive their refunds within 5-7 business days.
b) Instant Refund
In this mode, the speed attribute is set to optimum. Razorpay attempts to initiate fund transfer using IMPS, NEFT or UPI. The customer will receive the refunds instantly. If unsuccessful, Razorpay processes the refund via the normal speed.
Does Razorpay provide International Payments support?
Yes, Razorpay provides support for International transactions. We support all major international cards and 92 currencies including USD, EUR, GBP, SGD, AED. After signing up on Razorpay, you can request for international support by raising a ticket on https://razorpay.com/support/#request
Does Razorpay support Instant Refunds for International Payments?
What payment modes does Instant Refunds support?
Currently, Razorpay Instant Refunds supports all major credit cards and UPI payments. We’ll start supporting netbanking and debit cards very soon.
Here’s a complete list of payment methods we support:
| Method of Payment | Supported Banks/PSPs for Instant Refund |
|---|
| Credit Cards | Bank Name, ICICI, Axis Bank, HDFC, Kotak Bank, Andhra Bank, Indusind Bank, Standard Chartered, Citi Bank Retail, HSBC, Punjab National Bank, Canara Bank, Union Bank of India, Bank of India, Corporation Bank, Syndicate Bank, Indian Overseas Bank, Bank of America, IDBI Bank, Bank of Baroda, Yes Bank, State Bank of India, RBL Bank |
| Visa Debit Cards | Bank Of India, Bank Of Maharashtra, Canara Bank, Development Credit Bank Ltd, ICICI Bank, IDBI Bank, IDFC Bank, IndusInd Bank, Oriental Bank Of Commerce, Standard Chartered Bank, SBI, Federal Bank, South Indian Bank, Axis Bank, Kotak Bank, Corporation Bank |
| Master Debit Cards | Airtel Payments Bank, Axis Bank, Canara Bank, Central Bank of India , Federal Bank, IDBI, Indian Bank, IndusInd Bank, J&K Bank, RBL, SBI, Standard Chartered Bank, Syndicate Bank, Yes Bank |
| UPI | All PSPs |
| Netbanking | Bank of Baroda,Canara Bank, RBL Bank, Karur Vysya Bank, Central Bank of India, IndusInd Bank, Equitas Bank |
Is there a fee for processing the Instant Refunds?
Razorpay levies a small fee for processing Instant Refunds, which is deducted from your Razorpay Balance while processing the refund.
This fee is charged because Razorpay has to bear the subsequent cost of processing the fund transfer to your customer’s account for refund. This deduction takes place only if you decide to process the refund instantly.
In case Instant Refunds is not successful, and the refund takes 5-7 working days, the levied fee is reversed to your balance.
