Full Refund
If your refund is for the full transaction amount you had with the merchant, you will receive a full refund. Pace will automatically cancel your outstanding instalments so that you will no longer be charged for the transaction.
Example: If your transaction amount is $900 and you have paid the first instalment ($300)
Instalment Schedule | Instalment Amount | Instalment Status |
1st instalment | $300 (paid) | Refunded back to the card you used to complete the transaction |
2nd instalment | $300 (outstanding) | Cancelled |
3rd instalment | $300 (outstanding) | Cancelled |
Partial Refund
Depending on the situation, your merchant could also raise a partial refund instead of a full transaction amount. In case of a partial refund, Pace will automatically adjust your payment schedule by reducing your instalment amounts and/or initiating a refund back to your card, as and when required. The adjustment will always start from your final instalment and commute upwards.
Example: If your transaction amount is $900 and your merchant raised a partial refund request of $400, assuming if your instalment amount is $300 each
Instalment Schedule | Instalment Amount | Instalment Status |
1st instalment | $300 (paid) | Remains the same |
2nd instalment | $300 (outstanding) | Adjusted to $200 |
3rd instalment | $300 (outstanding) | Cancelled |
- The amount cancelled in 3rd instalment ($300) and adjusted 2nd instalment ($100) add up to the refund amount ($400).
- You will not receive a refund back to the card you used to complete the transaction.
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