Refund – it’s the money (or its transfer) which a customer receives from a merchant after making a complaint. The whole process usually looks like this:

1. a merchant receives a complaint from a customer
2. after analyzing the complaint, the merchant decides whether to refund the whole transaction, just part of it or refuse to give back any money at all
3. if the merchant decides to refund, it makes a proper request-usually instructions are passed to the acquiring bank via PSP
4. the acquiring bank contacts the issuing bank, which pays the money to the customer

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