With Cashfree’s instant refunds, ecommerce platforms would be able to immediately return their customers’ money through their original mode of payment, whether it is credit or debit card, bank account, online wallet or UPI.
The instant refund solution can be availed without any changes to the existing Cashfree payment gateway integration. It also integrates with other payment gateways, internal product or Enterprise Resource Planning (ERP) process through a simple API (Application Programming Interface).
According to the Union Ministry of Consumer Affairs’ proposed guidelines for ecommerce under the new Consumer Protection Act, companies would be granted a maximum of 14 days to effect any refund requests from customers.
In addition, in the coming weeks, Cashfree also plans to add refunds for Cash on Delivery (COD) orders into its instant refund solution to allow integrated refund management for businesses.
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