Update! It is now possible to refund to cards with a couple of restrictions...
As all licensees share a merchant (credit card) account, refunds are immediately taken from the shared, holding bank account. For this reason, you can only refund up to the amount you have received in card payments since your last settlement was processed (Sunday early mornings). In addition, we can only refund all or part of a specific customers credit card payments in the last 60 days - a fraud prevention measure imposed by the card company.
For example if a customer paid $100 3 weeks ago by card, as long as you have $100 in payments since last Sunday, you can refund them up to $100.
It is good to get in the habit of doing refunds on a Friday afternoon if you encounter limitations, as this is the weekday when your refundable balance will be greatest.
Gerry
3 comments:
Hi Gerry,
I did refund a credit card and it shows that the refund was "approved." The money has not been taken out of my bank account, however. Should I disregard this approval and go ahead and issue the refund by check?
Thank you,
Bonnie Tschetter
Bonnie,
The refund is deducted from the settlement amount we send each week, so it will not be taken from your bank immediately. You can see the details of the settlement under Setup/Myinfo by clicking on "My Deposits and payments"
Gerry
Hi Gerry,
I have a mom who wants her money back because the class she signed up for did not make. I credited her account about three weeks ago and it was approved. I am afraid if I issue her a check, the same amount will be taken out of my checking account at some time as well. What should I tell her?
Thank you,
Bonnie Tschetter
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