To initiate a transaction refund in Zomentum Payments, the following process needs to be followed:
- Reach out to the Support Team and furnish details of the invoice or transaction requiring a refund.
- Once the refund request is submitted, our team will process the refund for the specified transaction.
Funds processed through the bank debit network do not settle immediately. Although rare, there are instances where a payment is initially marked as successful by the paying bank but is later deemed failed (late failure payments). To avoid conflicts between refunds and chargebacks, there are specific guidelines on when certain transactions can be refunded, depending on the payment method:
- For ACH transactions: Refunds are only processed after 5 business days from the transaction initiation.
- For BACS transactions: Refunds are only processed after 5 business days from the transaction initiation date.
- For Credit Cards: Refunds can be processed immediately upon transaction completion.
Refund Process
Following is the refund process for Zomentum Payments:
- The customer submits a refund request to the Zomentum Support Team.
- The transaction is refunded according to the specified timeline.
- The refund amount is adjusted in the next deposit. If a payment is refunded that has already been paid out to you, we will settle the amount of the refund against your next payments. You Payout Balance may reflect negative balance until the refunded amount has been settled by u
We do not collect any funds if the customer reopens the refunded invoice. If this is required, the customer needs to contact support.
Please note that the original transaction fee for the payment being refunded is not returned.