Skip to main content

Refunds

For refunds, merchants have to call refund API for all different payment modes - CC DC and Cardless.

Refund Documentation : https://github.com/Plural2023/Plural_Gateway/blob/main/Payments%20V2.1/Refund-Inquiry%20API%20v2.1.pdf

Credit Card EMI

Calculations

Customer Amount Paid = Total Amount Payment to Pine Labs = Total Amount - Bank Charges Payment to Merchant = Total Amount - Bank Charges - Pine Labs Charges

Merchant / Pine Labs Actions

  • The merchant will call refund API of Pine Labs with amount to be refunded.

  • Internally Pine Labs will call refund API of the underlying PG.

Post Action Scenario

The process and time it takes to refund a Credit Card (CC) EMI (Equated Monthly Installments) transaction can vary depending on the specific policies of the credit card issuer or the financial institution that provided the EMI service.

Refund Processing: Once the issuer approves the refund request, they will process the refund amount. The issuer typically credits the refund amount back to the credit card used for the EMI transaction.

EMI Adjustment: In the case of EMI transactions, the issuer may make adjustments to the EMI plan. This might involve canceling one or more installments, depending on the timing of the refund and the terms of the EMI plan. The remaining EMIs will be re-calculated basis the new principal amount, which is the Original amount - Refunded amount.

Timeframe: The time it takes for the refund to reflect on your credit card statement can vary. In general, it may take 7-15 days for the refund to appear, depending on the issuer's processing time and your credit card billing cycle.

Interest Refund : The interest or any other processing charges for using the EMI option may not be reversed.

Debit Card EMI

Calculations

Customer Amount Paid = Total Amount Payment to Pine Labs = Total Amount - Bank Charges Payment to Merchant = Total Amount - Bank Charges - Pine Labs Charges

Merchant / Pine Labs Actions

  • The merchant will call refund API of Pine labs with amount to be refunded.

  • Internally Pine Labs will call loan booking cancellation to cancel the loan.

  • For DC EMI, partial refund is supported only on select banks. The list can be shared by product team during the onboarding phase.

Post Action Scenario

The process and time it takes to refund a Credit Card (CC) EMI (Equated Monthly Installments) transaction can vary depending on the specific policies of the credit card issuer or the financial institution that provided the EMI service.

Refund Processing: Once the issuer approves the refund request, they will process the refund amount. The issuer typically credits the refund amount back to the credit card used for the EMI transaction.

EMI Adjustment: In the case of EMI transactions, the issuer may make adjustments to the EMI plan. This might involve canceling one or more installments, depending on the timing of the refund and the terms of the EMI plan. The remaining EMIs will be re-calculated basis the new principal amount, which is the Original amount - Refunded amount.

Timeframe: The time it takes for the refund to reflect on your credit card statement can vary. In general, it may take 7-15 days for the refund to appear, depending on the issuer's processing time and your credit card billing cycle.

Interest Refund : The interest or any other processing charges for using the EMI option may not be reversed.

Cardless EMI

  • The merchant will call refund API of Pine labs with amount to be refunded.

  • Internally Pine Labs will call loan booking cancellation API to cancel the loan.

  • The loan is simply cancelled and no other action is taken.

Interest Refund : The interest or any other processing charges for using the EMI option may not be reversed.