Hi Ramesh, if I am not mistaken, Oct fast funds is a credit to customer account and refund is debit to customer account which should reflect customer account with in 30min of authorization for both cases. Can you please clarify if I am wrong
When a merchant initiates a standalone refund without the original authorization code, the fees related to that transaction will be refunded to customer ? example: - Transaction amount: 10 USD - Markup fee: 1 AED (approximately 0.27 USD) If the merchant initiates a 10 USD standalone refund without the original authorization code, what will happen in such scenario ?
Its a big topic to discuss, as it depends on issuers to issuers and same topic was being discussed in our group some other day, fees calculation is done separately and posted accordingly to the account holder
OCT is original credit transaction also known credit leg transaction where fund gets deposited into recipient account such credit card bill payment or Instant refund on IRCTC. Oct performed via MC SEND or Visa Direct platform
Yes in this video m talking about only Refund BAI however under OCT Fast Fund there are multiple BAIs - example Credit card payments, P2P etc , you can check card network specifications for the list
Sure thanks, good to know if there is any business use case where merchants will link refunds to an original trxn and same will be communicated to issuer via ISO Auth Request
@@TheDomainPodium Yes, gateway store the order information up to 13 month and can process refund on original order id when pay and refund is happening on same gateway. Else merchant wants to process refund via other gateway they can provide authorization code and FPAN in api request and gateway submits 0200/0100
@@deemis2601 Thats PG or ecomm acquirer maintain but in ISO auth request submitted to issuer refund has no reference to the original trxn, happy to be corrected if anything wrong
Very good information
Hi Ramesh, if I am not mistaken, Oct fast funds is a credit to customer account and refund is debit to customer account which should reflect customer account with in 30min of authorization for both cases. Can you please clarify if I am wrong
I think u r talking about AFT - which is a debit , OCT Fast Fund is credit
When a merchant initiates a standalone refund without the original authorization code, the fees related to that transaction will be refunded to customer ?
example:
- Transaction amount: 10 USD
- Markup fee: 1 AED (approximately 0.27 USD)
If the merchant initiates a 10 USD standalone refund without the original authorization code, what will happen in such scenario ?
Its a big topic to discuss, as it depends on issuers to issuers and same topic was being discussed in our group some other day, fees calculation is done separately and posted accordingly to the account holder
OCT is original credit transaction also known credit leg transaction where fund gets deposited into recipient account such credit card bill payment or Instant refund on IRCTC. Oct performed via MC SEND or Visa Direct platform
Yes in this video m talking about only Refund BAI however under OCT Fast Fund there are multiple BAIs - example Credit card payments, P2P etc , you can check card network specifications for the list
Refund can be referenced refund or linked refund on order id OR standalone refund
Sure thanks, good to know if there is any business use case where merchants will link refunds to an original trxn and same will be communicated to issuer via ISO Auth Request
@@TheDomainPodium Yes, gateway store the order information up to 13 month and can process refund on original order id when pay and refund is happening on same gateway. Else merchant wants to process refund via other gateway they can provide authorization code and FPAN in api request and gateway submits 0200/0100
@@deemis2601 Thats PG or ecomm acquirer maintain but in ISO auth request submitted to issuer refund has no reference to the original trxn, happy to be corrected if anything wrong