At dMarketplace, we understand that sometimes an order might need to be cancelled or a refund issued. Processing refunds with cryptocurrency has specific characteristics due to the nature of blockchain transactions.
How Cryptocurrency Refunds Work
When a refund or cancellation for your crypto-paid order is approved, the funds are sent back to you as follows:
- Refund to Original Payment Address: For security and verification purposes, all cryptocurrency refunds are primarily sent back to the same cryptocurrency wallet address that was used for the original payment. This ensures the refund goes directly to the source of the funds.
- What if I Used a Temporary Exchange Address? If you made your payment from a temporary address (e.g., a deposit address generated by a cryptocurrency exchange that changes after each use), refunding directly to that exact address might not be feasible or could result in funds being lost.
- In such cases, our team will reach out to you via your verified email address registered with dMarketplace.
- We will ask you to provide a current, valid, and secure cryptocurrency wallet address where you wish to receive your refund. Please ensure this address is one you control and can access reliably.
- No Transaction Fees for You: You will not be responsible for any transaction (network) fees associated with receiving your refund from dMarketplace. We cover these costs to ensure you receive the full approved refund amount.
Impact of Crypto Market Volatility on Refunds
Cryptocurrency markets are known for their price fluctuations, and this volatility can impact the fiat value of your refund:
- Refunds Based on Dollar of your original purchase at the time the refund is approved. This means if you paid 0.01 BTC for a $50 item, and the refund is approved when 0.01 BTC is worth $45, we will ensure you receive the crypto equivalent of $50, not necessarily 0.01 BTC.
- Mitigating Volatility with Swaps: To manage market volatility and ensure you receive the correct dollar equivalent, dMarketplace (or our payment partner ccpayments) may swap our tokens (the cryptocurrency we initially received from your purchase) if market volatility is high at the time of the refund. This allows us to convert the value into a stable asset before refunding the correct dollar equivalent in the appropriate cryptocurrency to you.
Refund Processing Time
Once your refund is approved and processed by dMarketplace:
- We typically initiate the refund transaction within 24 working hours.
- The time it takes for the funds to appear in your cryptocurrency wallet can vary based on blockchain network congestion and your wallet provider’s processing times.
For any questions about your refund status or to provide an alternative address as requested, please contact our support team.
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