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Unable to process refund

Christa Mason
Updated

Summary

There are a few stipulations to consider if a refund through the portal is displayed as unavailable or generates an error.

 

Included in this article:

Refund stipulations

  • Refunds may only be made within the Aiwyn Firm Portal by a firm staff with the correct permissions.
  • The refund can only be to the original payment method and the full amount of the payment must be refunded.
  • Partial refunds are not possible. 
  • Refunds cannot be processed through the portal more than 90 days after the original payment.
  • In order to process a refund, the original payment from that refund must first be "paid out" to your bank account.

Refund exceeds payout

In very rare cases, the refund amount is higher than the payout amount for that day. To cover this, and to allow the funds to flow as expected, you must allow Stripe debits to be taken from your Bank Account that is connected to your Stripe account. Failure to do so may cause an issue for all payouts if you ever have a situation where the refunded amount is higher than the payout amount for that day.

For Example:

  1. Client makes payment for $10,000 with ACH and that is deposited into your bank two days later.
  2. A week after the payment is made, they requested a refund from you and you go to the firm portal to request the refund.
  3. Two days later, a payout for ACH payments is for payments totaling $5,000, and the $10,000 refund is also added to this payout, removing the funds and also having a remaining balance to be taken from the firm's bank account in order to cover the amount of the refund.
Date Action Amount
5/1/2023 ACH Payment Made $10,000
5/3/2023 Payment deposited to Firm Bank Account $10,000 (minus fees)
5/10/2023 Firm initiates refund in Firm Portal -$10,000
5/12/2023 ACH Payments deposited in payout $5,000
5/12/2023 Refund debited from ACH payout -$5,000
5/12/2023 ACH Payout amount this day $0
5/12/2023 Remainder Refund amount debited from firm Bank Account -$5,000

 

Below are the payee ids used by Aiwyn and Stripe that should be whitelisted for your account to ensure your bank can be debited in the extremely rare case that the refund amount is higher than the payout amount:

  • 1800948598 - Stripe Payments Company

  • 4270465600 - Stripe Payments Company

 

See also: Refunds

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