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

[naveen_reloaded]

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.

1.) If there is option to get refund , then i have no issues , and also it should communicated with user immediately , not like i find it a day or two later that my money has went into their wallet.2.) My friend who used this new site moved his money to ENTIRELY new site . They didnt even keep the money on their site wallet. We already had too many sites recently , where , they would accept the money for the item , later cancel it stating item is out of stock or whatever , that too few days later. So think of situation where a site can show Galaxy S3 for 20K , allure you into buying, cancel it and move the money to another site , where the listing is sh!t. This is IMO a dangerous trend. As i stated in my the FP , The CC quoted ToS and almost denied my friend of refunding , and asking him to make the equivalent purchase on the site they moved the money.3.) Its e-commerce sites headache whether they loose money on failed transaction or not. Its upto them to negotiate with banks. Banks on the other hand cant charge the sites for failed transaction or whatever.4.) I might use a online site for recharge , say , if they has some offers or in emergency when the main portal is down or whatever. I do the recharge with my friends/family card and the transaction fails. Until there is option to refund , its not a problem. But, if not , I might have to spend again , with first transaction locked in some unknown site. This is kind of fraudulent activity imo. Why should i buy products from some shitty site ? why am i forced ?5.) Moving money to wallet should not be the "default" ,rather this option should be given to users and let them choose.