Beware of Sites Moving your money to their WALLET for failed Purchases

[naveen_reloaded]

I dont want to name the sites , but this is becoming a trend. I recharged via a online recharge portal. The recharge didnt go through . Usually that site refunds the amount into my bank account pretty quickly. But I didnt see it being credited for this latest recharge. I contacted the CC and found that they moved my recharge amount to their wallet . This is been done without my permission nor any notification. What this means is if you do a quick recharge via this site and it fails , not only will you loose the amount from your bank acc into their wallet , you cant immediately get back that money to do another recharge elsewhere.This was with recharge. This week one of my friend told me that an online shopping site indulged in similar manner , only this time , my friends money was moved to entirely new site than the one he tried to buy that item. To my friends horror , that site where the money was moved , had pathetic , third grade listing. Upon calling the CC , he was told that it was in their ToS and he signed/accepted reading that , so they cant do anything. My friend then mailed them, upon my advice,saying that he would initiate fraudulent claim via his bank and also report to ccavenue . Luckily they accepted to refund his money.But this is a new growing trend among online e-commerce sites, which i think all members should be aware of.

 

[dupree]

@naveen_reloaded i do a lot of recharge for my numbers, please pm me the site name and i will stay away from these aholes.

 

[Sushubh]

Paytm moved the money from a failed recharge to PayTM Wallet. But they have a clear cut policy of refunding the money to your credit/debit card if you ask for it. Unless of course they have changed that policy.

 

[dupree]

wtf ...i use Paytm

 

[x720]

Paytm's policy is still the same, AFAIK.

 

[naveen_reloaded]

freecharge.in has FC wallet . I didnt get option , nor am sure whether there is one for refund. Still it should be communicated to users. sometimes recharge can take a little long than usual , we wont know the recharge has gone through or failed one. So if it did fail , then users should be communicated with and should be provided option where they could move it to their wallet.

 

---

[Navjot Singh]

Paytm even asks that till when you need them to keep trying to recharge if its not working. After that they shift the money immediately to Wallet which can be refunded back to the bank. So I guess its okay.
I can never trust Freecharge though. Once I tried recharging and when all other sites were showing that Idea's recharge portal is broken so they were rejecting but Freecharge took the money first and then said recharge is not possible, so had to wait for few days for refund. That was the first and last day I used Freecharge.
According to Freecharge's FAQ, you can't refund the money from their wallet. That option will be added soon.

Can I get the money refunded from FC Balance to my bank account?
Not just yet. For now, you will not have the ability to refund FC Balance funds back into your original accounts (credit, debit or net banking), and the funds can only be used for transactions exclusively on www.freecharge.in.
But hold your breath - soon, we will be launching the ability for you to refund your FC Balance funds back into your original account, under particular circumstances. Stay tuned!

 

[ghpk]

Paytm is best and hasn't raised any suspicions for me till date.
Freecharge I left it the day i found Paytm, for many reasons, Ofcourse I had to ask freecharge to refund or i call CCAVENUE etc when FC were saying it failed etc blah blah.
I've used ccavenue as merchant for 5-6 years and I know it just takes a phone call or a email to Block/refund a payment and this is applicable for buyer and seller.
However we must understand, or shushubh should be making it sticky, Any Transaction Done online, cleared will need atleast 24 hours to show up in card account
and failed or refunded would need 12-72 hours to get refunded.
one should not YELL on seller when he initiated a refund and atleast 2 days have passed. Wallet not only saves them refund period blah blah blah, but also generates sales which was about to go elsewhere in case of a problematic operator to whom a recharge was attempted.
The refund would not appear with name, as when you shop online, the spent amount is LOCKED and shows up as the merchant name, only when he captures the payment.
if he refunds before capturing, the Locked amount is released by Card Issuer to your account and will have NO ENTRIES in statement cause technically transaction
between merchant and buyer didn't completed.
However if the seller is agressively capturing payment everyday, then the charge with a debit entry and refund with a credit entry would appear in statements.
so cutting long story short....
personally Paytm and their wallet looks more promising and I am having 600+ balance with them currently.

 

[experience]

I always keep money in Paytm as paytm cash. Whenever my family i need rc, I just turn edge on and rc with paytm app. 10 second task.

 

[whoru007]

I dont want to name the sites , but this is becoming a trend. I recharged via a online recharge portal. The recharge didnt go through . Usually that site refunds the amount into my bank account pretty quickly. But I didnt see it being credited for this latest recharge. I contacted the CC and found that they moved my recharge amount to their wallet . This is been done without my permission nor any notification. What this means is if you do a quick recharge via this site and it fails , not only will you loose the amount from your bank acc into their wallet , you cant immediately get back that money to do another recharge elsewhere.This was with recharge. This week one of my friend told me that an online shopping site indulged in similar manner , only this time , my friends money was moved to entirely new site than the one he tried to buy that item. To my friends horror , that site where the money was moved , had pathetic , third grade listing. Upon calling the CC , he was told that it was in their ToS and he signed/accepted reading that , so they cant do anything. My friend then mailed them, upon my advice,saying that he would initiate fraudulent claim via his bank and also report to ccavenue . Luckily they accepted to refund his money.But this is a new growing trend among online e-commerce sites, which i think all members should be aware of.

There is a great reason behind this. When you do some transaction using Bank or CC or anything else, for each of those financial transaction bank charges heavily. Now for some reason recharge your doesn't go well (could be anything like Operator is down or technical glitch on website) if company refunds your money immediately; you loose nothing but site looses fair amount (approx 2-5% depending upon bank/cc). When money goes to wallet/cash it is still within the system (virtually) so next time we don't have to pay to banks.
Another advantage is speed. Indian banks aren't up-to to the mark in-terms of speed and success rates when it comes to online transactions; so by keeping money in Wallet/Cash allows to skip 50-60% of time taken by Banks (out of total time spent on whole process). Also avoiding Payment Gateway solves many technical problems.

Paytm moved the money from a failed recharge to PayTM Wallet. But they have a clear cut policy of refunding the money to your credit/debit card if you ask for it. Unless of course they have changed that policy.

Paytm would never change this policy AFAIK.

I always keep money in paytm as paytm cash. Whenever my family i need rc, I just turn edge on and rc with paytm app. 10 second task.

Nice to hear that!