Transaction Refunds
This feature allows you to return a payment to a customer. An example of a transaction refund scenario is when an Amazon customer picks five items and makes a payment for the five of them. On arrival of the products, the customer could decide to only keep three of the items and return the rest. Upon return, the customer would have to be refunded for the two refunded products by Amazon.
See Transaction Refund API for more information on implementing it on your platform.
Types of Refunds
- Partial Refund: A part of the total transaction amount is to be refunded. The customer will be refunded a part of the initial full payment.
- Full Refund: The total transaction amount is to be refunded.
Charges
For payments made via transfers, you will be charged a refund fee of N10 and this will be deducted from your wallet. You are required to have your wallet funded before refunds can be processed.
Refund From Monnify Dashboard
To initiate a refund on a particular transaction, click on the transaction to view its details as shown below;
Clicking on the “Refund” button takes you to the refund page;
Finally populate the necessary fields and click on the refund button to perform a refund on such transaction.
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