Refunds. A Quick and Easy Guide to Open Banking Refunds.

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Online retailers frequently neglect to consider refunds when selecting a payment provider, typically prioritizing customers' familiarity with a particular payment method over the supplier's operational efficiency. Nonetheless, refunds are a critical aspect of eCommerce operations, and this article will provide a quick and easy guide on how Boodils open banking refunds function. 

Boodils instant cardless payments technology is a purpose-built solution that can be effortlessly integrated into your existing systems and ecommerce checkouts. It allows you to offer secure and instant account-to-account payments, delivering an exceptional customer experience.

When Open Banking was mandated here in the UK, a refund API was not deemed an essential. Only 10 of the banks pass through Sort Code and Account Number to the end client and the remaining banks do not pass this information through. This can mean that performing a reverse payment or refund is tricky. 

Boodil have a solution that allows money to land in a settlement account set up for your business and it will pull through all customers, sort code and account number from the account they have made the payment and also the ability to make a refund via faster payment rails in full or partial to the original payer. 

By leveraging open banking technology, eCommerce retailers can use Boodil to take payments via their ecommerce store or via the Boodil Pay by Portal as well as issuing refunds directly to verified consumer bank accounts, settling instantly. 

Boodil offers a variety of options to suit your business needs, and it's quick and easy to set up. 

If you are interested in exploring the benefits of Boodil then get in touch today. Curious to find out more then check out some of clients and case studies. 

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