Refunds
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Last updated
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When dealing with tokens, there are some scenarios where the merchant or the customer, my want to cancel the process. And Paybox make it possible at some stages, and during a stand still, to abort the process by requesting a "refund".
In case when the customer is late with payment, and the merchant already has initiated a request for refund of the tokens locked in the smart contract. The merchant may cancel this request, and the paybox tokens he used for the challenge will be returned.
If the customer accepts the cancellation, since he never made any payment in the first place, the merchant will immediately receive all the tokens locked in the smart contract.
In case of the longer stand still, tokens will be released for the merchant to withdraw once the set number of days has passed, with no need for the customer to confirm the cancellation.
In the case where customer does not accept the request to refund, the dispute will move into a challenge contract, where the parties must prove who is right, and the outcome will be decided by a third party.
The process of a customer selling tokens is similar to the buying process. And the flow of requesting a refund and cancelling is the same, apart from that the customer is now the "seller". And he's the one that initiates any refund requests.
In the case where the merchant is late with payment, and the customer already have initiated a refund request, he may cancel this and have his paybox tokens used for the request refunded.
If the merchant wont fulfill the payment, he may agree on not completing the buy, and accept the cancellation. In this case all tokens are quickly returned to the customer.
In case of a longer stand still when the set time expires, the cusomer may get his tokens back without the merchant having to accept the request of refund.
And in the case of a dispute, the case moves into the challenge contract, to be resolved by a third party.
