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Product Updates - April 2022

Arnav Mahajan
October 8, 2021

Product Update - April 2022 | We are extremely excited to announce the launch of PaySwifter's retry and refund flows. Now you can initiate a refund for any failed transaction and even initiate a refund for all successful transactions. This reduces the dependence on the PaySwifter team and empowers the merchants to be more self-sufficient.

Product Updates - April 2022

We are extremely excited to announce the launch of PaySwifter's retry and refund flows. Now you can initiate a refund for any failed transaction and even initiate a refund for all successful transactions. This reduces the dependence on the PaySwifter team and empowers the merchants to be more self-sufficient.

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What is a retry and why does it matter?

There is a delay of 2 to 3 working days when a user authorizes a merchant to collect money from their bank account till the time the money actually is removed from the user's bank account and added to the merchant's bank account, this is because PaySwifter is built over the ACH network. To know more about the ACH payments, you can tread more in this blog. Hence, sometimes, the users tend to overspend while there are payments that they have authorized are still pending and can lead to payments getting failed due to insufficient funds. In this scenario, the only way for the merchant is to contact the defaulted user and collect the money manually as cash.

With retries built in, not anymore. With retries, merchants can initiate a retry to collect the money anytime, within 30 days of the initially authorized payment, no more running after the defaulted customer for cash, no more reconciliation problems and no more handling cash. It could all be done with just one click from within your Swifter dash.

What is a refund and why does it matter?

Refunds are a critical piece for the retail industry and dispensaries are no different. There could be innumerable reasons why a person might would want to get a refund for an order and the merchant has to oblige that most of the times. In such times of distress, refunding the amount in cash for the customer just adds to the distress.

With Payswifter, this is a very smooth process where the money could be refunded with just a click of a button. No more recon problems, no more cash counting and no more stress to make sure that the money gets to the right person.

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PaySwifter can make your cannabis business better and more efficient, we're sure of it. We would love to have a chat with you and demo our product. Fill out this form and we'll be in touch.

ABOUT THE AUTHOR
Arnav Mahajan

I'm the COO and general product fixer at Swifter - email me at hello+arnav@swifterhq.com. I am a foodie, and when I'm not at work, I enjoy playing badminton, experimenting with new cuisines, and traveling.

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