A major pain point for our distributors, API partners and merchants was the unavailability of IMPS for certain recipient banks while remitting money. In such situations, we would compel our partners our partners to necessarily use NEFT. This severely affected the customer experience due to the time taken to reach the recipient. We wanted to give the luxury of immediate money remittance services to our end-customers at all times. This is the underlying motivation behind giving the capability to schedule transactions.
Even if a recipient bank IMPS is down, the merchant is shown IMPS as a payment mode and the transaction proceeds as usual. Except he/she is shown a message that their transaction will get scheduled and kept in a queue. A scheduler at the back-end will keep trying to push the transactions every 15 minutes. This process will keep recurring for approximately an hour (this time is configurable). After this, the scheduler stops and the merchant is notified about the transaction. The merchant now has three options:
- Reschedule the transaction: The scheduler starts again and tries the same process for another hour.
- Convert to NEFT: The transaction is pushed with NEFT as the payment mode.
- Refund: The merchant can initiate a refund and return the money to the customer.
In case the merchant forgets to choose one of the three actions above, then the system auto-refunds the transaction after a maximum 24 hours. In this way, there are now transactions lying idle in Eko system.
The auto-refund feature further acts as a proxy to convey adoption of this feature. The higher the system auto refunds, the lower the adoption. Additionally, we are able to drive the adoption as we can also uniquely identify the auto-refund transactions and the merchants executing those transactions. This has helped us drive the numbers and support additional business volumes that were lost to us before.