Automated refunds for incorrect payments

Blockchain payments are a little different than payments in the traditional payments infrastructure. End-users' errors resulting in incorrect payments happen more easily than when paying with a credit card for example.
There are four different scenarios of incorrect payments that Coinify's Payment API handles.

Whenever a blockchain payment is confirmed but falls under one of the following categories, then it will be refunded automatically to the payer directly by Coinify.

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Note

For all those payments that can be refunded, in order for the refund process to start, the payment transaction on the respective blockchain must be confirmed.

Underpayments

Underpayments are payments that are below the requested amount. The underpayed amount must be larger than the minimum refund limit in order to be refunded.

When the refund of an underpayment is completed, the customer receives an amount from which fees have been deducted to the wallet address they have provided. An email confirming a successful refund is also delivered to the customer.

Overpayments

Overpayments are payments that are above the requested amount. In those cases, Coinify keeps the amount requested by the merchant to complete the PaymentIntent, and refunds the excess amount if that amount is larger than the minimum refund limit.

When the refund of an overpayment is completed, the customer receives an amount from which fees have been deducted to the wallet address they have provided. An email confirming a successful refund is also delivered to the customer.

Late payments

Late payments are payments that were received and/or processed after the expiration time of the quote. The amount received via a late payment must be larger than the minimum refund limit in order to be refunded.

When the refund of a late payment is completed, the customer receives an amount, from which the fees have been deducted, to the wallet address they have provided. An email confirming a successful refund is also delivered to the customer.

Double payments

Double payments are payments that were sent after an initial payment. Each double payment must be larger than the minimum refund limit in order to be refunded.

When the refund of double payment is completed, the customer receives an amount from which fees have been deducted to the wallet address they have provided. An email confirming a successful refund is also delivered to the customer.