Kindly note that the TYME Bank debit card BIN 484795 has been restricted from Tyme Bank and the PASA for processing of refunds from our side on request of Nedbank as an acquirer. The reason we have done so as follows:
Debit SMS cards are only able to have single messaging transactions i.e. one way transaction. The account will not permit a refund although it will indicate that it has been successful.
This results in the cardholder never receiving the refund and the acquiring bank will have to reverse the funds back to the merchant.
IMPACT
Cardholder does not receive credit/refund
Merchant is under the impression it has been processed
Peach Payments is under the impression it has been refunded
The merchant has to deal with customer complaints and a later manual refund process.
ACTION
Peach has blocked refunds to this card BIN
Merchants should refund cardholders manually (EFT)
Should you have any queries in this regard, kindly forward to [email protected]
