When a refund is eligible per our refund policy, refunds would be issued upon request made in a ticket to our Billing team. Our Billing team would issue those refunds immediately when working on that ticket request.
However, the refund would not likely be received immediately as there would be a delay between the refund being issued and being added back to the Credit Card account.
Why would there be a delay?
This would come down to the background processes that would need to be completed by the financial institutions involved in the refund.
A summary of what that process would look like is detailed below:
We issue a refund request via the payment gateway
The gateway shares the details of the refund request with the acquiring bank
The acquiring bank communicates the refund request to the issuing bank (the bank/NBFC that backs the credit card)
The issuing bank accepts the refund and processes it
The refunded amount is added back to the account
This would involve information being shared across multiple entities, each of which would have its own processes and procedures that they would have to follow before passing things on to the next link in the chain. Because of the time taken between each link, it can take between 5-7 full banking days for a Credit Card refund to fully process nationally.