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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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@rohit_shroff Thanks Rohit. Quicker refunds has been one of the most sought after features in payments.
Hey @sha26 Congrats on the launch, but I have a question: Can an individual collect international payments via Cashfree?
A lot of indie hackers in India have to rely on PayPal to collect payments for their projects, because all payment gateways except PayPal require you to have a GST Number or some sort of registration document. Is it the same for Cashfree?
@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!
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.
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.
@sugandh Yup. Lot of e-commerce companies we approached have been waiting for this kind of solution.
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 :)
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 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.
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
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.
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.
Amazing concept. Solves a big problem when it comes to customer experience. Way to go !!
Instant Refund is path breaking and will bring high efficiencies in the transactions. Great job.
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.
Does is also work for failed purchases or only for refunds triggered by the merchant/company ?
@sankalp_akash_singh We are planning to extend it for failed purchases too. Not live at this moment though. Currently, focussed on merchant initiated refunds.
@ramini_pavan_kumar Hey Ramini, thanks for your interest. Please drop us your profile to careers@gocashfree.com We will get in touch if there is a match!
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