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Refundment Service

	How long is the refundment cycle?		What are the refundment application and the refundment censoring in IPS merchant backend system?
	Can the refundment of an order be made for more than once?		How is the refundment made? Is there any service charge?

How long is the refundment cycle?
Answer: After receiving the refundment application from your merchant, IPS will handle it and submit it to the bank within a workday. Please refer to the following table about refundment cycle of each bank.

Card Issuing Bank	Refund Cycle	Remark
International Credit Card
Master Card	1-3 months
Visa Card
JCB Card
NETS
RMB Card
China Merchants Bank	1-3 work days for direct refundment operation on Internet Bank; for some special orders, 5-10 work days are needed	Refundment can be made for transactions in 3 months


Industrial and Commercial Bank of China




China Construction Bank		Refundment can be made for transactions in 1 month


Agriculture Bank of China
Agriculture Bank of China
Guangdong Development Bank	20-30 work days


Industrial Bank Co.,Ltd.	1-3 work days for direct refundment operation on Internet Bank; for some special orders, 5-10 work days are needed	Refundment can be made for transactions in 1 month
Industrial Bank Co.,Ltd.
China Minsheng Banking Corp.,Ltd.
China Everbright Bank
Shenzhen Development Bank Co.,Ltd		Refundment can be made for transactions in 1 month
Shanghai Pudong Development Bank		Refundment can be made for transactions in 1 month
Bank of China	20-30 work days
Bank of China
Bank of Communications
Bank of Communications
Huaxia Bank
China Citic Bank
Guangzhou Commercial Bank
Shanghai Rural Commercial Bank
Shenzhen Commercial Bank
Guangzhou Credit Cooperatives
Rural Credit Cooperatives
Shunde Credit Cooperatives
China Post

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What are the refundment application and refundment censoring in IPS merchant backend system?
Answer:Refundment application is the process in which merchants input the info. of the order which needs refundment into the system and other operation personnel will check the information. After the information is confirmed, refundment censoring is carried out. After refundment censoring, the application will be sent to IPS refundment system and IPS refundment personnel will make refundment operation.

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Can the refundment of an order be made for more than once?
Answer: Yes. But the accumlative amount of refundment should be less than the total amount of this transaction.

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How is the refundment made? Is there any service charge?
Answer: After the customer makes refundment application to the merchant, the merchant will submit refundment instruction onlilne and IPS will send back the payment for goods to customer's bank card according to the merchant's instruction. In the refundment operation, IPS does not gather refundment service fee and also the service fee occuring in the dedution process is not turned back.

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