Transaction failed on Setu. Will they issue refund automatically? And how many days do they need
3 or 5 to 7 working days max. I had explained here before and explaining again now. Whenever you do txn and it is either successful or unsuccessful, your account do gets debit instantly but merchant/payment gateway don't get this payment. They only get a receipt of fund hold from bank. Merchant gets only on third day and till then it is kept on hold in your own bank aka escrow account.
If txn is successful, then, on third day merchant will get this money and if unsuccessful, it is on our own bank when they process refund but they have to wait for payment gateway to present them with receipt on unsuccessful txn from merchant. If merchant don't then they refund on third day automatically but sometimes it stucks in between. If there is delay at payment gateway end, bank keep that on hold. But if customer calls them, they identify on their own end and reverse the transaction.
Same way, you see when you do a txn with credit card, only on third day it is visible in statement when it is actually charged to card account which means money successfully given to merchant from bank's hold account. Same way it works with DC but not with internet banking where the receiver of money has to initiate refund manually to souce account. So netbanking txns can delay upto 5 days but mostly come back in 3 days what I have seen.
The txns on holiday like today are counted as Monday or next working day txns and will reverse accordingly.
We do not need to contact canara setu for this. Only after 3 days and when bank confirms that payment is transferred to merchant you need to contact them. Sometimes bank holds it for many days but keep telling that you need to contact merchant.