Refund

– When the merchant reverts back the payment made by the customer, that transaction is known as the Refund, technically, the funds going back from the merchant’s bank account to the payment gateway and back to the issuing bank account is known as the refunds. Each Refund has a unique code known as the Refund ID.
The refund process is initiated by the merchant himself on the request of the customer, or sometimes due to any reason like they are unable to provide the product or services, they may initiate the refund.
It goes through a lot of processes and various parties, most of the authorization and processes are to be done manually and automation is the least. So, refunds take more time to be processed. Also, this time period varies as per the payment mode used by the customer at the time of payment.