What is going on at PayPal, Stripe, and Square?
So there is a buzz about the following.
All 3 companies have a new policy
Processing fees will no longer be refunded to your account when you issue a full or partial refund to your customers.
They are all doing this to match industry standards.
What is the industry standard?
If you are using a Payfac – like PayPal – stripe – square etc. – they are a payment facilitator, and they are the merchant of record – you do NOT have a merchant account.
When you process a transaction it is authorized and settled.
If you have a merchant account:
Transactions are authorized and settled – ONCE DAILY
So if you make an error – charge someone $100 instead of $10 – you can void the transaction.
Or a customer pays an invoice and overpays by mistake, uses the wrong card, or cancels an order from your website – you could VOID that transaction because it is in the same batch.
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