So I get refund anxiety from time to time and it goes a little something like… Oh yay, I just returned this item etc and am getting refunded for my purchase. I’ve just stood at the counter and provided my card. I just hope the money comes back and is actually processed and not “lost”.
As a side note: I don’t seem to ever get notified via push when a reversal/refund is made. I understand that it might not be possible to get instantly given the way the settlement works, but once the item eventually get’s refunded then it would be nice to be notified as opposed to having to manually check in the app.
Now for my proposed feature:: What if for example, I make the refund at point of sale and get my receipt. I can then go into the original transaction and tap a button that says “I expect to get refunded” and potentially provide scan of receipt. This way Monzo is aware of a refund has been processed and that I have a receipt (proof), now if that refund never arrives Monzo can warn me and I can follow it up.
I would find that useful…I shamefully got caught out before by sneaky landlord who issued me a bad cheque for deposit return. I wasn’t made aware that it bounced until my former flatmate told me it (very close call). The same could happen with card based transactions.
What do you think?
P.S. For card the card payments people among us, do you know if a refund hits the issuer in the same way that an AUTH does? I know the AUTH is what enables Monzo to give instant notification and it is needed to insure that funds are available but I don’t think VOID/REFUND require that same interaction, it just goes into the batch and settled later. Thanks.
Perhaps that is a feature that PSPs can implement by way of a webhook to instantly notify the issuer that a refund is being processed.