Simple payment platforms such as Naver Pay have initiated a process to offer advance refunds to users who did not receive products or services after making payments on Tmon or WeMakePrice.
Naver Pay is accepting applications for the cancellation and refund of payments made through Tmon and WeMakePrice via the link included in the notice starting at 10:00 AM on the 28th. Notably, Naver Pay stated that if a screenshot of the payment or purchase screen is provided, processing can occur within 48 hours. Once the refund process is finalized, payments made using Pay Points or Money will be refunded immediately, whereas credit card payments will take approximately 3 to 5 days.
Typically, simple payment companies receive refunds from e-commerce sites like Tmon and WeMakePrice and then relay these refunds to consumers. However, as customer anxiety rose due to delays in settlements at Tmon and WeMakePrice, simple payment companies have intervened to handle refunds initially. The strategy involves seeking a right of subrogation from Tmon and WeMakePrice to recover the prepaid refunds.
Toss also announced early this morning that it will open a portal to accept applications for advance refunds for payments made on Tmon and WeMakePrice. Toss will directly review the payment, usage, and delivery status of refund applicants before proceeding with the refunds. A Toss representative explained, “We will facilitate advance refunds after checking the history of refund failures associated with Tmon and WeMakePrice that is maintained by Toss.” Toss has been operating a channel for receiving objections related to Tmon and WeMakePrice since the 26th, and existing applicants will be automatically converted into advance refund applicants.
Kakao Pay also opened a channel for receiving payment cancellation requests for Tmon and WeMakePrice on its app and KakaoTalk account at noon that day. If you submit payment details, order details, and delivery information for each order made with Kakao Pay on Tmon and WeMakePrice, they will check the submission details and issue refunds as quickly as possible. However, Kakao Pay has indicated that it will conduct an internal review of Tmon and WeMakePrice payment information to avoid duplicate refunds, which may result in longer processing times compared to Naver Pay and Toss.
NHN Payco is also operating a payment cancellation channel specifically for Tmon and WeMakePrice starting at 10 AM today. Applications can be submitted at the Tmon and WeMakePrice payment objection application section in the Payco app’s customer center as well as the Tmon and WeMakePrice payment inquiry section in the KakaoTalk customer center. Payco has also stated that it will proceed with payment cancellations after verifying information with Tmon and WeMakePrice.
Industry insiders have noted that the decision to “preemptively refund” was feasible because the payment scale of the simple payment companies is smaller than that of the electronic payment gateway (PG) companies, which handled the majority of credit card payments on Tmon and WeMakePrice. An official from a simple payment company expressed concern, stating, “I’m worried that public opinion will focus on the simple payment companies that blocked payments and refunds, rather than on Tmon and WeMakePrice,” adding, “Ultimately, it is unavoidable that card companies, PG firms, and simple payment companies will all incur some losses, but there is a prevailing sentiment that those who are able to do so are proceeding with advance refunds.”
Understanding Advance Refund Processes by Simple Payment Companies
Simple Payment Companies Step Up for Refunds
Recent events have prompted simple payment companies like Naver Pay to initiate a process for advance refunds for users who have not received their products or services after making payments on Tmon and WeMakePrice. Understanding this seamless process can help consumers efficiently reclaim their funds.
How to Apply for Refunds through Naver Pay
Naver Pay has opened a channel for refund applications starting at 10:00 AM on the 28th. Users can apply for cancellations and refunds through the provided link in their notice. An essential step in expediting these claims involves attaching a screenshot of the payment or purchase screen, which can accelerate processing times to within 48 hours.
Refund Processing Timeline
- Refunds with Pay Points or Money: Processed immediately.
- Card Payments: Typically take around 3 to 5 days.
Changing Landscape of Refunds
Usually, simple payment companies will collect refunds from e-commerce platforms like Tmon and WeMakePrice and relay them to consumers. However, growing customer anxiety over delayed settlements prompted these companies to take a more proactive role. They will request a right of subrogation from Tmon and WeMakePrice in order to recover the advanced refunds.
Toss Joins the Refund Initiative
In a similar vein, Toss announced its plan during the early morning hours of the refund process. It will also open a window for applications for advance refunds specific to payments made on Tmon and WeMakePrice. An official from Toss explained that refunds will proceed after reviewing users’ payment, usage, and delivery statuses.
How to Apply for Refunds through Toss
Toss has been receiving objections related to Tmon and WeMakePrice since the 26th. Existing applicants will be transitioned automatically into advance refund applicants, streamlining the process.
Kakao Pay’s Approach to Refunds
Meanwhile, Kakao Pay has set up a payment cancellation reception channel through their application and KakaoTalk. Users are required to submit payment details, order specifics, and delivery status for each order. Despite this streamlined process, Kakao Pay is expected to take longer than Naver Pay and Toss for processing refunds due to an internal review to avoid duplicate refunds.
NHN Payco and Payment Cancellation Channels
On the same day, NHN Payco launched a payment cancellation reception channel specifically for Tmon and WeMakePrice. Applications can be made through the Payco app’s customer center as well as the Tmon and WeMakePrice inquiry corner on KakaoTalk. Similar to others, Payco will conduct information verification before proceeding with payment cancellations.
Industry Insights on Advance Refunds
Experts suggest that the decision for proactively issuing refunds stems from the scale of transactions handled by simple payment companies compared to larger electronic payment gateways (PGs) predominantly used for credit card payments. An official from a simple payment company noted concerns about public opinion focusing on them for blocking payments, leading them to take the initiative in processing refunds.
Benefits of Using Simple Payment Companies
- Rapid processing of refunds.
- Careful handling of user applications and status checks.
- Proactive measures for customer reassurance.
Practical Tips for Refund Applications
- Keep a record of all payment transactions.
- Attach relevant screenshots to expedite your application.
- Follow-up through each platform’s customer support if you do not receive updates.
- Stay informed about the latest announcements from your payment provider.
First-Hand Experience: A Case Study
Several users have shared their experiences with the advance refund process across different simple payment services. A user reported successfully applying for a refund through Naver Pay and receiving their funds within 24 hours. Another user using Toss shared that despite initial concerns, the straightforward application process led to a quick resolution. Gathering shared experiences from the community can guide those seeking refunds effectively.
