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Unable to process refund

Maggie Shipley
Updated

A refund can show as unavailable or throw an error in the Firm Portal for several distinct reasons, and each one has a different fix.

Steps

  1. Confirm you are refunding from the right place and with the right access. Refunds may only be made within the Aiwyn Firm Portal, by firm staff with the correct permissions.
    • No refund option available to you: your staff permissions do not include refunds. Ask a firm admin to grant them.
  2. Check how long ago the original payment was made.
    • More than 90 days since the original payment: the refund cannot be processed through the portal.
  3. Check that the original payment has already paid out to your bank account. A refund cannot be processed until the original payment has been paid out.
    • Payment not yet paid out: wait for the payout to complete, then retry the refund.
  4. Understand the refund amount and destination.
    • Partial refunds are not possible. You must refund the full amount of the payment, including any processing fees that were added.
    • The refund can only go back to the original payment method.
  5. Check whether the refund exceeded that day's payout. If the refund goes through but an unexpected debit then appears on your firm bank account, that is the cause.
    • In rare cases the refund amount is higher than the payout amount for that day. To let the funds flow as expected, Stripe debits the shortfall from the bank account connected to your Stripe account.
    • Allow Stripe debits from that account, and whitelist these payee IDs so your bank can be debited: 1800948598 (Stripe Payments Company) and 4270465600 (Stripe Payments Company).
    • If you do not allow these debits, a refund that exceeds that day's payout may cause an issue for all payouts. All payouts would be paused until corrective action is taken.
    • Worked example: 5/1 a client pays $10,000 by ACH; 5/3 it is deposited to the firm bank account minus fees; 5/10 the firm initiates the refund; 5/12 that day's payout is $5,000, the refund consumes all of it leaving a $0 payout, and the remaining $5,000 is debited from the firm's bank account.

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