How a Card Refund Gets Back to Your Account (Card Refunds, Part 2)
The shop has approved your refund — so how does the money get back to you? It travels from the shop's payment processor to its acquiring bank, through the card network, to your card issuer, which credits your account.
Transkripcija
How does a card refund get back to your account?
The shoe shop has approved your refund. Now, how do you get back the money?
The shop sends it through their payment processor — that's the company that handles their card payments — to their acquiring bank. Sometimes they're both the same company, sometimes two separate companies.
The acquirer then passes it through the card network, such as Visa or Mastercard, to your card issuer. That's the company or bank that issued your card.
Then your issuer credits your account. On a credit card, that usually reduces what you owe. If it's a debit account, then you'll see it in your balance.
Make sure to follow so you can see part three and know what to do if a refund doesn't arrive.
Demivolt is the proud creator of Fintech Explained, making complex fintech topics simple and accessible to all of us. Follow for more Fintech Explained by Demivolt.
Apie šį epizodą
Once a shop approves your refund, the money doesn't jump straight back into your account. It retraces the route your original card payment took, passing through several companies on the way.
The shop sends the refund through its payment processor — the company that handles its card payments — to its acquiring bank. Sometimes the processor and the acquirer are the same company, sometimes they're two separate ones. The acquirer then passes the refund through the card network, such as Visa or Mastercard, to your card issuer: the bank or company that issued your card.
Finally, your issuer credits your account. On a credit card, that usually reduces what you owe; on a debit account, it shows up in your balance. Every one of those hand-offs takes time, which is why refunds aren't instant. Part three covers what to do if a refund never arrives.
Pagrindiniai įžvalgos
- The shop sends a refund through its payment processor to its acquiring bank — sometimes one company, sometimes two.
- The acquirer passes it through the card network, such as Visa or Mastercard, to your card issuer.
- Your card issuer is the bank or company that issued your card, and it credits your account.
- On a credit card a refund usually reduces what you owe; on a debit account it appears in your balance.
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Why is my refund taking so long?
Part one: why an approved refund isn't back in your account yet.
Learn moreRefund never arrived? What to do
Part three: the steps to take when the refund date has passed.
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