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Instant Refunds by Cashfree — ⚡Instant refunds by a payment gateway for the first🥇time
Instant Refunds💸 added to your payment gateway with no changes required.
Merchant initiates a refund via API or dashboard, the customer receives funds instantly. Supported for all payment modes.
Made in Bangalore by Cashfree (YC, S17)
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@parasharanmol We do allow individuals to create merchant account at Cashfree but are bit reserved in activating international payments for them. Unlike businesses, individuals normally have shorter transaction history and thus risk evaluation doesn't come out positive at times.
Secondly, we have seen higher instances of chargebacks on individual accounts due to lack of service delivery or not delivering in manner agreed with the customer.
Thirdly, international cards generally don't follow 2FA guidelines, which makes it very easier for a malicious user to exploit some one else's card and thus resulting in a fraud transaction. We have been developing in-house tech to identify such fraudulent attempts to minimise the occurrences of fraud.
TLDR; technically we can allow them to accept payments from international customers, but tend to be reserved unless we come across someone with good business history.
You can sign up on Cashfree as a individual - https://merchant.cashfree.com/me.... Our onboarding team will update you with activation status once you share your details.
@parasharanmol @sha26 Main issue that arises with PayPal is there 180 days Buyer's protection. There's no doubt that it's a great feature for international shoppers, but, people misused it a lot. Even now what happens, if some customer raises an issue with the transaction, then in more than 85%, they gets their money back, and good/service provider bear the loss. On the same time, such international transactions are not Verified By VISA, MasterCard SecureCode or Rupay PaySecure leading to chargebacks due to use of BIN generated credit cards.
@sha26 @anshik1998 Weirdly enough, we have never ran into even a single problem with PayPal. We've never had chargebacks, and I have been accepting payments for my projects since 2015. They just cost a lot in fees. I was told by the Razorpay team that they'd allow individuals to accept payments in late August, but haven't heard back from them.
I'll sign up for Cashfree and talk to the team!
Hi PH 👋🏻, I'm Akash, the Co-Founder of Cashfree.
Firstly, a huge thanks to @kevin for hunting us 🙏😊.
Instant Refunds is Cashfree’s latest release -- for the first time, online payments can be refunded instantly 💨 to the customer💪, compared to the 5-7 days or more⌛, it takes presently.
Refunds are a big problem -- 17% of e-commerce orders 🛍️(Cashfree data) are refunded📦 and merchants reported devoting 50% of their customer support effort on queries around slow refunds 🐌.
How It Works:
1) Create Refund
2) Enter Order ID
3) Enter Amount & Send Refund 💸
The amount is received in customers' original payment source, instantly💸💸.
This works seamlessly if you are already using Cashfree’s payment gateway and it requires no change to implement instant refund processing.
Features:-
✅ Refunds for online payments via all payment modes supported - cards (Visa/Master), UPI, net banking, wallets
✅ Integrates with other payment gateways, internal product or Enterprise Resource Planning (ERP) via simple API
✅ Supports full as well as partial refunds
✅ Real-time tracking of refund status with bank reference number
✅ Integration of refunds for COD orders (In beta)
✅ Plugins for e-commerce platforms (Coming Soon)
We would love to take your questions and receive feedback. If there is a specific e-commerce platform you would like to see a plug-in for, do share in comments.
🛎️PS: Product Hunt 🐈community is invited to try out Instant Refunds. Use coupon code ‘PHREFUNDS’ during sign-up and use Instant refunds without any 💲charges till 31st December 2019 💸💸
I've been really impressed with the pace Cashfree has been innovating and launching products in the Indian Payments space! Always delightful to see their launches here.
@anant90 Thanks Anant for mentioning it. Let us know if you want us to focus on any innovation that we haven't released yet.
Processing fast refunds is a big pain point and an easy way to win customers trust. Having worked in ecom, can see the potential of this product
This is amazing. Much much needed.
Imagine a member of the support team to be able to instantly issue refunds to the customer's account. No waiting for days, etc. Super efficient! :)
This is great work Cashfree.👍 Much needed if you've paid online and encountered messages from customer support that say your refund will be credited in 7-10 days.
Dear Akash, i can see the instant refunds is valid only to the New Signups as per your Post and what about the existing customers , How are you going to provide the same to them ?
@jagadish_k Instant refund feature would be available to both old and new customers.
Hey Akash,
This is a great improvisation
This is Romit and I work as a PM for mi.com website. Typically once a refund request is raised, the 90th %le will take around ~4-6 hours to process transaction through the PGs I am working with. The majority of this time is taken by banks and credit companies to process.
Can you through some light on which of this leg have your product improved?
@romit_jain Correct. All the major PGs in India market have evolved to forward the refund request to acquirer banks within few hours. Banks have always been the bigger bottleneck.
We have built our own parallel payment reversal stack by partnering with banks and networks to process refunds and thus don't have to process it in conventional way. This helps us reduce TAT significantly.
We can discuss more over a call/meeting. Do drop me a DM.
So irritating on why refunds take so much time! This should alleviate much of customer anxiety in case of refunds.
More power to you folks
In industries like Travel, Education, Mutual funds/investments etc where per ticket size is huge, the conventional refund process was a nightmare for the customers and providers as well, where banks used to take 7 to 10 working days, at times even around 15 days for refund settlements.
Thanks to Cashfree for this most needed product in the market.
I can vouch for this as having spent 4 yrs in Payment industry dealing with the refund delays not only spoil the relationships but also was a serious operational roadblock.
Kudos @team Cashfree!
@shailja_kashyap That's a very comprehensive understanding. Glad to hear that. Do refer us to folks you work with :)
Hi Akash,
Need to clarify some points:-
• What do you mean by instant refund?
• As name suggest “Instant Refund”, will the amount get credited back to customer in a real time Refund transaction initiated by the customer?
• How merchant will accept the Refund on run-time, without verifying the customer details?
• Even through payment processors/gateways are ready to accept to Real time refund transaction online, but still payment processors/gateways take a day to process the Refund transaction, until they receive clearing file for the same from Acquiring entity.
• What is estimated time for an Instant refund transaction with Cashfree?
Looking forward for your reply.
@sha26 This is definitely the most awaited services we were looking for. We are happy after moving from Razorpay to Cashfree because you guys understand the business needs perfectly. Only thing missing is customer support. Its been 4 months and your team unable to resolve the issue of LazyPay integration. It will be helpful if you can step in and resolve the issue on priority. We are tired following up every week from so many months.
Nice. Solution is great but remember as merchant please do not charge extra for insta refund. Reason : merchant is already paying you for the product ( payment gateway). But yes you standout from the crowd.
@pratik_gupta4 Thanks Pratik for sharing the concern. We will see how we can absorb the cost of IR in PG pricing.
This is a brilliant feature. Most of the refund messages read 'your refund will be processed in 5-7 days'. Glad that it is going to be instant.
I think TDR should be refunded, as at PayPal if we refund the amount PayPal also reverse the charges.
this is innovative feature,but i hope you have ready framework for dealing with these instant refund claimed customers.
Much much needed. Late TAT for refunds is so much customer support cost and trust loss.
@namansr When we talked to businesses, their support teams spent at least 50% of their time resolving refund related queries.
@dhiraj_bajaj It's free till Dec'19 for PH users. Check it out at this link - https://www.cashfree.com/instant...
@rohit_shroff Thanks Rohit. Quicker refunds has been one of the most sought after features in payments.
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