Delayed Capture works best to save your efforts of issuing refunds, avoids the confusion of the status of the transactions, avoid chargebacks and prevents the tampering of the business reputation.
What is the Reconciliation of transactions with PayKun?
If PayKun gets the late response of the actual status of the transaction (success or failed) from the customer’s bank or if it does not get the final status of the transactions while the transaction was being authorized then the accounts team has to perform the reconciliation of these transactions.
What are the reasons for such a situation?
- Loss of internet connection
- Slow internet connection speed
- Customer Presses the “Back” Button
- Click on Payment Success button for more than once
- Close the Browser while Payment Processing
If the Reconciliation Process (Reecon) is done after 24 hours then the payment is automatically reversed. This way the customer’s payment will be safe and there won’t be any confusion on the merchants’ side because he would not have got the final status (success) for the transaction.
For every 1000 transactions processed, it is common to have such 10-20 transactions which have such mismatch in the transaction status and which need to be “Reckoned”, that is around 1%.
How does Delayed Capture Feature of PayKun help in this process?
If the “Delayed Capture” feature is On (enabled), as displayed in the picture above; and if the Reconciliation process is done within 24 hours, then as per the actual status the transactions will get ‘Success’.
So, as one can view in the above screenshot, the merchant can view the transactions that were delayed to be captured.
Now, if there is a confusion in the actual status of the transaction and if the 24 hours are not completed for that transaction, then the Accounts Team will check the actual status in the backend. As per the settings of the Delayed Capture (off/on), the transaction will be auto-reverse or get successful.
However, if the transaction has completed 24 hours then it will be refunded, regardless of the Delayed Capture option being On or Off.
PayKun provides the highest successful transaction rate of around 95%. That means the ratio of the transactions getting failed is very low.
The above transactions which require the Reconciliation Process are very few but it may create a dilemma among that handful of customers. The Delayed Capture feature settings help a lot to create the perfect customer experience and avoid any confusion. As mentioned earlier, it would prevent misunderstandings, disputes, chargebacks and compromise in the positive image of the merchant. Also, it is a cumbersome process to issue refunds and manage the complaints of the customers, the merchants would be saved from this tiresome work.
It is obvious that when the merchant does not have a clear picture of the status of the transaction, he won’t be able to provide the services, but on the other side the customer’s payment is deducted and he assumes that he is not getting the services or the product. Both parties are right in their own place. It is important to remember the 24 hours time window as mentioned earlier.
If the status of the transaction is not clear, and the ‘Delayed Capture’ feature is On/Off, then in such a situation, the merchant or his customer can drop an email at [email protected] and PayKun team will reach out to them as soon as possible.