I setting up a marketplace style transaction system and I was wondering what an acceptable time period for refunds would be, On one hand it would be nice to get the money to them immediately on the other hand I would like to handle refunds with ease. What is a common time period for refunds?
Put yourself in the user's shoes.
How important is customer service to you organization? If its the most important thing then refunds should be as immediate as possible. If there are other things that are more important then add more time accordingly.
As a user of any service I would expect a refund within 24 hours.
If I were a customer, I would expect an acknowledgment that a refund would be issued within 24-48 hours and the actual refund coming within a week at the latest. Communication is key.
If it is the exchange of strictly digital services and no physical goods are transferred then 24 - 48 hours is fine. If there are goods involved then typically when the product is returned the refund should be also done within a couple days.