Any refund/ reversal which are initiated by the merchant are credited back into customer account within ..... via Online or Offline mode of refund as applicable

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Any refund/ reversal which are initiated by the merchant are credited back into customer account within ____ via Online or Offline mode of refund as applicable

A	3 to 5 working days
B	5 to 7 working days.
C	7 to 9 working days.
D	7 to 15 working days.

Explanation:

Detailed explanation-1: -Payment reversal (also “credit card reversal or “reversal payment") is when the funds a cardholder used in a transaction are returned to the cardholder’s bank. This can be initiated by the cardholder, merchant, issuing bank, acquiring bank, or card association.

Detailed explanation-2: -Once a refund has been made, it is permanent. The credit card or direct debit account will need to be charged again if the transaction was refunded by mistake.

Detailed explanation-3: -A merchant reversal is a process in which your customer receives back a refund from a transaction. Some of the common reasons why merchant reversals happen are: Shipping policy not fulfilled.

Detailed explanation-4: -Merchant Refund means a refund by a Merchant through the System to a Cardholder of all or some of the money received by that Merchant from that Cardholder for payment of goods or services which has previously been effected by virtue of a Valid Transaction.

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