Thread by @residualbitcoin

0/ "Refunds" are a must-have feature for any payment processor. Unfortunately, the process can be long and tedious when you have to request them from merchants.

But, what about @WadzPay? How do they handle refunds?

$WTK @Anish_tweeets $ALGO $XDC

1/ Refunds seem simple: return the product & get your money back right?

But, what about taxes like VAT or GST on your invoice? What if you need a refund a year later when tax rates have changed? What happens when you want a refund for one item out of the ten purchased? 😲

$WTK

2/ @Anish_tweeets said it wasn't an easy process to get this feature added. It is quite a complex one as you can imagine because of the various other charges attached to the prices of a product on an invoice.

3/ To get an idea, take a look at all the parties involved in a "regular" credit card transaction:

• Customer
• Merchant
• Issuing bank
• Acquiring bank
• Card associations
• Payment Processors

Not so simple anymore eh? 🤓
merchantcostconsulting.com/lower-credit-c….

4/ @WadzPay isn't chasing the title of the next big #Layer1.

They've hired top talent from traditional payments world to harness blockchain's power for a better payments experience, benefiting merchants and customers alike.

5/ The @WadzPay API is integrated into the Point Of Sale (POS) terminals where the teller/cashier punches the total value of purchase to be paid and then payment type (cash/debit/credit/digital assets) is selected.

Say, the customer selects payment type as digital assets...

6/ ...the invoice and QR code is generated and customer makes his/her purchase.

Let's say they bought ten items on the invoice. Fast forward a year and for whatever reason, they want to return item #2 out of those ten.

7/ Now say, the VAT and GST charges have also changed since his last purchase.

@WadzPay has a system that interacts with the inventory management system in the background, so it can accept refunds, reset the GST/VAT, and generate a new invoice for both customer and merchant.

8/ ..and then re-publishes the entire detail for the merchant's book keeping system.

As you can tell, getting your money back is a bit complicated, but #WadzPay has made it easier by handling all the details like VAT/GST changes in just one invoice transaction.

9/ With @WadzPay, a single invoice can be broken down into a whopping 100 different ways and refunded to meet a merchant's specific requirements.

This revolutionary feature, called "multiple refunds", is completely unheard of in the #blockchain world.

$WTK @Anish_tweeets

10/ Currently, it's impossible to refund digital asset transactions. That's why payment processors are hesitant to use cryptocurrency in their daily interactions with users.

But #WadzPay has the technology to issue refunds on digital asset transactions.

chargebackgurus.com/blog/chargebac…

11/ @StellarOrg has a refund feature called Clawback. But it can't be compared to @WadzPay's tech which allows setting up to 100 different refund parameters and seamlessly integrated into POS devices for payments.

$WTK $XLM

crypto-news-flash.com/stellar-sdf-re…

12/ In my opinion: @WadzPay aims to disrupt payments by adding clear #blockchain advantages to legacy payment systems, while adhering to current regulatory laws.

New features may just need an add-on. Regulators won't have to scrap 50 years of work for this "new tech."

$WTK

13/ This is a win for the technology.

@WadzPay successfully bridges the gap between traditional payments and the new #blockchain tech with the release of #WadzPay 2.0.

The executive leadership have immense payments experience which contributes to such innovative solutions.
$WTK

14/ Conclusion: WadzPay 2.0 release is definitely exciting and I just covered one aspect - REFUNDS - in this thread.

I look forward to its implementation in real world use cases which I hear are in the pipeline.

As always #DYOR, this is not financial advice.

$WTK $ALGO $XDC