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Wednesday, August 12, 2015

Credit Card Refund Times

Credit Card Process as I understand it:

How credit cards work on the Internet is confusing. This is what I have picked up over the last 10+ years and a bit of research on the web, asking questions, and experience.

Authorize - Says I can charge you for X amount. Charge appears on your credit card statement. Appears instantly. For both Credit and Debit Cards. The headache is if a credit/credit card is turned down the bank still sees the charge. And for debit cards, they take the money out of the account until the bank in a few days sees the charge did not go through. The debit card issue can be speeded up with a conference call.

Capture - I tell bank will charge this amount.

Void - Ends transaction. Can be done to authorized payments. My guess 2-3 days.

Refund - Can only be done if I have received payment (captured). Takes 2-14 days for your bank to process. The timing above depends on the bank, and I don't understand why they take so long on the refund part. The charge part is super fast! I guess there is less incentive for the banks to process refunds quickly.

Prepaid Credit Cards - A nightmare from my little experience with refunds on them for my personal use. I don't remember this issue coming up with any of my customer refudns.

Expired Card Refunds - With all the card cancellations due to data breaches, cough Home Depot, Ashley Madison, Target, etc) people get new cards all the time. My understanding is your bank tries to match up the old card that was refunded to your new card. I asked my payment gateway this specifically.

Refund Periods - Normally I can only process refunds
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