FULL AMOUNT REFUNDS ONLY
The refund endpoint supports only refunds that are equal to the full amount of the original Payment completed by the customer.
WORK IN PROGESS
There are cases where your customer might change their mind about a purchase they previously made, and they decide to return the purchased product/service and request a refund. Our Payment Service enables you to easily issue refunds based on previously successfully completed PaymentIntent.
To be able to create a refund in the first place, the balance on your Coinify Merchant Account needs to be high enough to cover the refund. The balance on your account must cover the full amount of the original PaymentIntent and the cost of the network fee that the refund transaction will incur. Coinify charges 5 EUR per refund transaction to cover the expenses of the network fee.
In summary, these are the conditions that must be met for you to be able to create a Refund:
- Can only be issued for a previously successfully completed PaymentIntent
- Can only be issued in the full amount of the original PaymentIntent
- Your Merchant Account balance must be higher than the sum of Refund Amount + Fee
- Amount needs to be higher than the minimum refund amount
Minimum refund amount
A dynamically set amount which changes based on the market price fluctuations. Feel free to contact our Api Support to inquire about the current minimum refund amount.
When you create a refund, an email is sent to the customer with a link that leads to the refund page where the customer must provide a refund destination address to which their funds will be refunded.
Check our API Reference documentation to see the technical details on how to Create a Refund.
Conify's system will send the funds to the destination address provided by the customer and send a confirmation in the form of the payment-intent.refund.completed event. Furthermore, an email confirmation of the refund will be delivered to the customer as well.
You have the possibility to cancel a refund up until the point when the user provides a valid refund destination.
Find more information on how to cancel a refund.
Updated over 1 year ago