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That's an expensive mistake. Isn't the business charged some small fee for every refund? It's not as bad as a chargeback, but I know it can't be free.
by xyst 5y ago
That's an expensive mistake. Isn't the business charged some small fee for every refund? It's not as bad as a chargeback, but I know it can't be free.
- mchusma 5y agoStripe charges the same for reminds as regular charges, so approximately 3%.
- nightpool 5y agoActually, refunds are free, but Stripe keeps the original fee for payment processing and covers it out of that. So you need to pay the transaction fee for the original purchase to make the customer whole. See https://support.stripe.com/questions/understanding-fees-for-refunded-payments https://support.stripe.com/questions/understanding-fees-for-.... In this case, since we know from the article that there are 474 charges, and a total of $73k processed, 474 * $0.30 + $73k * 0.029 comes out to $2,267 that the company owes Stripe
- hartator 5y agoI think we paid around $2.7k in fees because of foreign cards. We also lost an additional $30k that month as we've refunded fully everyone including active customers that was bound to renew for real but another day.