What is a refund?
For various business reasons you may wish to process a refund for a customer for whom you have processed a payment. This may include reasons such as errors in processing orders, shipped to the wrong address etc. You can either provide a partial or full refund withdrawn from the available balance of the settlement currency:
- Like For Like Example: USD transaction settled in USD -> refunded to customer in USD from your USD balance
- Non Like For Like Example: INR transaction settled in AUD -> refunded to customer in INR from your AUD balance using the current spot rate.
It is important for merchants to have a robust refund policy in order to avoid potential disputes.
How do I initiate a refund?
Merchants can initiate a refund please follow the below steps:
- Use the Airwallex API or WebApp to create a refund against a specific Payment Intent (or Payment Attempt if you require so). You can perform a full or partial refund; if you make a partial refund several refunds can occur until the principal is fulfilled. If your refund request fails to be processed, please make sure you have enough unsettled funds or available balance for refund.
- You will be immediately informed that the refund request has been received and is being processed.
- You will be notified when the refund has succeeded through our asynchronous notifications.
You can find more information here.
Refunds will come out of a merchant’s ‘refundable funds’ which consists of unsettled online payments funds and the available balance in your wallet.
How can I view the refunds I've processed?
Navigate to ‘Wallet’. Once there you can export from your settlement report for each settlement for full details on all refunds.
How long will it take to process a refund?
Refunds typically take 1-2 business days in order to be processed.
Fees for processing a refund
There is a $0.15 fee per refund (from the 8th September this fee will increase to $0.30) that you process plus any network charges (e.g scheme or interchange charges). Fees will be applied before settlement, otherwise they will be taken from reserve funds.