Most refunds can take up to 7 - 10 working days to reflect on your bank account. However, depending on the merchant, there are rare occasions in which you may have to wait up to 30 days for your refund to reflect on your account.
Why is this?
When you take out a loan with Zilch, we send funds for the full purchase amount to the retailer. We then create an “open” purchase on your Zilch account as the payment went through successfully.
The next step is for the retailer to collect the money we sent over, which normally takes place straight away.
If a retailer cancels your purchase/can’t collect the payment for any reason, they usually send Zilch a message, which automatically reverses the transaction and triggers the refund process.
However, there are rare instances when we don’t receive a cancellation or reversal message from the merchant, in which case the funds we’ve sent to them are never collected, and remain “pending” on our system.
According to MasterCard, if a retailer does not send a payment reversal message back to us, Zilch will automatically apply the reversal 30 days after the purchase was made. If you’d like us to look into whether we can apply for an early refund prior to the 30-day mark, you’ll need to provide us with the following:
- Confirmation from the merchant that they will not be collecting this payment. Please include all relevant payment details.