A refund is an operation that involves returning a purchased item or service in exchange for the money paid. The merchant is responsible for approving the refund. Once the merchant approves the transaction, the refund process will begin. The refund process ends once you have received the total purchase amount in your account.
Refunds to payments made with "Pay now" mode
Refunds to payments made with "Pay now" mode
If you made the purchase using the Exa Card as a debit card, after the refund is completed, you will be in the same position as when you first initiated the purchase, since there are no associated interests to this transaction.
Refunds to payments made with "Pay later" mode
Refunds to payments made with "Pay later" mode
If the purchase was made using the Exa Card as a credit one, then the situation is different. Due to the nature of the Exa Card, there may be a financial cost associated with the refund operation. The amount refunded by the merchant will be the purchase amount, but you still need to pay the interest associated with that purchase. This is because, to make the purchase, you took out a borrow from Exactly Protocol, and you are obligated to repay the total amount of the purchase (which in this case will be covered by the merchant) plus the interest. While this additional amount may not be insignificant, it will generally be less than the original specified amount due to early repayment.
Difference in the refunded amount compared to the payment amount.
Difference in the refunded amount compared to the payment amount.
Refunds settle at Visa’s current FX rate, which Visa determines at the time of processing. Because Visa applies a bid/offer spread and FX fees in both directions, the USD refund can be lower than the original charge, even if the calculator rate looks unchanged.