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Visa online refund for cancelled sale.

  • 08-06-2007 8:26pm
    #1
    311
    Closed Accounts Posts: 5,332 ✭✭✭


    Hello ,I was wondering if a sale is cancelled within 24hours .
    Would the exchange rate affect the refund amount by much??

    I cancelled an order on a uk tech site and instead of a €174 refund ,I got a €165 refund.

    The delivery was something like 30 euro ,so would it be an order picking charge or a rate change ?


Comments

  • #2
    mcaul
    Closed Accounts Posts: 1,493 ✭✭✭mcaul


    simple answer is yes.


    Visa have a margin of about 2.5% both ways.


    official exchange rate = 67.9p / €1

    You buy and visa will give approx 66.5p, refund and you get a rate of approx 69.5p.

    - Difference is about 5%.


    What the retailer could have done is reverse the transaction, but this can only be done before the end of day batch is sent through to the bank. - So 24 hous later and unfortuately nothing can be done.


  • #3
    311
    Closed Accounts Posts: 5,332 ✭✭✭311


    Thanks mcaul ,it doesn't really bother me ,the company replied and cancelled very quickly .
    Wasn't sure if I was been ripped off.

    Cheers.


  • #4
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    it is to do with the way they process card transactions.

    What they did in your case was they immediately posted the transaction for settlement to their bank and the did a refund via their bank to Visa. Therefore both transactions appear on your statement.

    What some companies do is when you place your order they pre authorise your card which simply reserves the funds so you can't spend them. When they ship your order they simply change the pre auth to a sale and only then is the transaction is registered by Visa as a sale.

    If after the pre auth the company wishes to cancel the order all they do is let the pre auth expire which happens if the pre auth is not converted to a sale within 7 days. That way you loose no money as visa never charged it to begin with.

    Hope that helps.


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