Yes, Paystack transactions can be track and traced easily and seamlessly. Paystack provides detailed transaction logs and histories that allow both agents/merchants and customers to track and trace payments. Merchants can seamlessly access transaction details through the Paystack dashboard, where they can see information such as the date and time of the transaction, the amount, the payment method used, and the status of the transaction.
If there's a need to trace a Paystack transaction, here's the way provided by the fintech company to track and trace transaction on it payment platform.
How to trace Paystack transactions
1. Transaction Lookup Tool
Paystack offers a Transaction Lookup tool that allows users to trace transactions. By securely submitting details of a transaction, users can find out which merchant was responsible for a debit alert. This is particularly useful when a debit alert shows "Paystack Payments Ltd" instead of the merchant's name. The tool provides information such as the name of the business that debited the account, along with the exact date and time of the payment.
2. Paystack Dashboard
For merchants using Paystack, the Dashboard provides comprehensive tracking of all transactions. Merchants can view successful, failed, and abandoned transactions, along with details such as transaction status, reference numbers, amounts, and customer information. This dashboard is essential for managing and tracing transactions effectively.
3. Session ID for Transfers
In the case of transfers, Paystack generates a Session ID for successful transfers. This ID can be used by customers to trace their transfers with their banks. If a customer reports that they have not received a transfer despite the status showing as successful, providing this Session ID can help the bank trace the transaction.
In a nutshell, you can trace a Paystack transaction simply by using the unique Transaction ID, reviewing payment history through the merchant's Paystack dashboard, or contacting the Paystack support for additional details. However, as a customer, you can also trace your transactions on Paystack by checking your Paystack Account Statements or reaching out to the merchant. This helps ensure that both parties can effectively manage and track transactions on the platform.
Can Paystack Refund my Money?
Paystack can refund your money, but it depends on the circumstances of the transaction and the merchant's refund policy. If you made a payment and did not receive the goods or services, or if there was an error in the transaction, you can request a refund from the merchant. The merchant will then process the refund through Paystack.
If the refund is approved, the money will be returned to your account. If you encounter issues getting a refund from the merchant, you can contact Paystack's customer support for assistance. However, Paystack usually facilitates refunds through the merchant and does not directly issue refunds without the merchant's approval.
Paystack's Refund Processes
- Merchant Initiated Refunds: Merchants can initiate refunds for their customers directly through the Paystack dashboard. Refunds are typically deducted from the merchant's pending payouts or can be taken from their Paystack balance if they are registered businesses.
- Fraud Claims: If a customer claims a transaction was fraudulent, Paystack does not impose a penalty on the merchant for accepting the claim. Instead, the full transaction amount is reversed to the customer's bank.
- Chargebacks: In cases of chargebacks, if the bank determines that the merchant cannot prove that they provided value for the transaction, the customer will receive a refund, and the amount will be deducted from the merchant's account. Here, you can learn more about Chargeback Fraud.
Limitations on Refunds
- Paystack does not refund processing fees charged for transactions, meaning that only the transaction amount itself may be refunded, not any associated fees.
- Customers must report any issues or disputes within 45 days of the transaction date to be eligible for resolution or refund claims.
In a nutshell, whether Paystack will refund your money depends on the circumstances of the transaction, the role of the merchant, and adherence to the specified timelines for reporting disputes.
What is Paystack transaction reference number?
A Paystack transaction reference number is a unique identifier assigned to each transaction processed through the Paystack platform. This reference number, often called a "Transaction ID" or "Reference," is crucial for tracking, verifying, and managing transactions.
It allows both merchants and customers to trace the details of a specific payment, such as the date, amount, and status. The reference number is typically generated automatically when a transaction is initiated and can be found in the payment confirmation, the merchant's Paystack dashboard, or on the customer's bank statement.
