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Hi PH 👋🏻, I'm Akash, the Co-Founder of Cashfree.
Firstly, a huge thanks to @kevin for hunting us 🙏😊.
Instant Refunds is Cashfree’s latest release -- for the first time, online payments can be refunded instantly 💨 to the customer💪, compared to the 5-7 days or more⌛, it takes presently.
Refunds are a big problem -- 17% of e-commerce orders 🛍️(Cashfree data) are refunded📦 and merchants reported devoting 50% of their customer support effort on queries around slow refunds 🐌.
How It Works:
1) Create Refund
2) Enter Order ID
3) Enter Amount & Send Refund 💸
The amount is received in customers' original payment source, instantly💸💸.
This works seamlessly if you are already using Cashfree’s payment gateway and it requires no change to implement instant refund processing.
Features:-
✅ Refunds for online payments via all payment modes supported - cards (Visa/Master), UPI, net banking, wallets
✅ Integrates with other payment gateways, internal product or Enterprise Resource Planning (ERP) via simple API
✅ Supports full as well as partial refunds
✅ Real-time tracking of refund status with bank reference number
✅ Integration of refunds for COD orders (In beta)
✅ Plugins for e-commerce platforms (Coming Soon)
We would love to take your questions and receive feedback. If there is a specific e-commerce platform you would like to see a plug-in for, do share in comments.
🛎️PS: Product Hunt 🐈community is invited to try out Instant Refunds. Use coupon code ‘PHREFUNDS’ during sign-up and use Instant refunds without any 💲charges till 31st December 2019 💸💸
Upvote (16)Share
It is always a delight to see YC companies innovating for the Indian market 🇮🇳👏
We're a YC company too and using Cashfree as one of our payment gateways. Have been really happy with the onboarding + support experience. It's a true delight talking to our account managers at Cashfree and learning about the exciting products that they come up to solve our payment related challenges.
Refunds is one of our core business problems and we're already talking to the team at Cashfree to start using the Instant Refunds feature by Cashfree.
More Power to you. Good luck 👍
@jitesh_dugar Thanks much for sharing your experience 👍 We are committed to provide such innovative solutions to our customers till their payment processes become uber smooth.
This is brilliant! Can't believe how this never existed before.
@rohit_shroff Thanks Rohit. Quicker refunds has been one of the most sought after features in payments.
Much much needed. Late TAT for refunds is so much customer support cost and trust loss.
This is going to be a Game Changer!