Authorization
Authorization or generally called pre-authorization is preferred transaction type for e-commerce. Merchant must capture these transactions within a time period in order to transfer the money from buyer's account to his own. This transaction can also be voided if a buyer cancels the order. Refund can be done after original pre-authorization is captured.
Please be aware that the maximum capture period for pre-authorization transactions can be shorter than 28 days. This period is not fixed and depends on several factors:
- Card Scheme Rules: Varies based on agreements with card networks (e.g., Visa, Mastercard).
- Merchant Category Code (MCC): Influenced by the specific MCC assigned to the merchant.
- Issuing Bank's Policy: The final decision on the valid capture period rests with the card's issuing bank.
Purchase
Purchase doesn't need to be approved; funds are transferred in next settlement between issuer and acquirer banks. Generally expected between one and three days.
These transactions can be refunded via system (automatic one-click action), provided the original transaction did not involve installments.
Capture
Approved pre-authorization must be captured for the funds to be transferred form buyer's card to merchant account. This action can be done through merchant account interface or via an API call. A lesser amount than an original authorization amount can be captured as well, ie. a merchant can make partial delivery of goods and/or services. These transactions can be refunded via system (if transaction is not approved with installments).
Capture must be completed within 28 days or less (see Authorization), otherwise the pre-authorization will be automatically voided.
Refund
Approved purchases and captures can be refunded within a period of 180 days or less. You can initiate this action either through your merchant account interface or via an API call.
Refunds are typically necessary when a merchant cancels an order after the transaction has settled, or when a buyer is not satisfied with the delivered goods or services.
In most cases, you can issue refunds for a lesser amount than the original authorization. However, please be aware that restrictions may apply for certain card types or transactions, depending on the policies of the acquiring bank.
Refund Policy
- Refund Period: Approved purchases and captured funds are eligible for refund for up to 180 days from the transaction date. Please note that the window for automated refunds processed through the Monri system may be shorter, as this period is ultimately determined by the specific internal policies of the acquiring bank.
- Installment Transactions: Transactions involving installments are not eligible for automated refunds through the Monri system. To process a refund for such transactions, a direct request must be submitted to the acquiring bank. For additional details or assistance, please reach out to the acquiring bank responsible for processing that specific transaction.
Void
Approved authorization can be voided within 28 days if buyer or merchant cancels the order. This action can be done through merchant account interface or via an API call.