Important update regarding refunds processing
At Paytm, we aim to help you improve your experience with us and provide you hassle free services.
In line with this, we have a new update on refunds and settlements. According to this forward transaction amount every day should always be greater than refund amount for each day.
What this means for you and how to manage refunds:
1. Ensure outstanding settlement/ transaction amount is greater than the refund amount requested –At the time of raising the Refund request it’s suggested to ensure that the amount of your Refund is not more than the amount waiting to settle into your bank account.
For example: If you have to refund Rs 1100 to your customer and you have outstanding balance of Rs 1000 in your account. The refund will not be processed.
2. If you process refunds manually, attempt raising request at the end of business day- Transaction value pending settlement will be higher at the end of the day, hence refund processing at that time are less likely to fail.
3. This logic works on a daily basis, i.e. forward transaction per day should be greater than refunds each day- The calculation of forward transactions value starts fresh every day. This means that the total account balance/ forward transaction value has to be greater than refunds being processed at the time of refund processing for that particular day only.
For any queries/ concerns; please feel free to reach out to us via the Need Help tab on your Merchant Panel.