No matter what your pricing structure (free for you or free for your customers) you’ll be refunding your customers for their purchase according to your own refund policy.
First you refund your customers by either:
refunding the customer directly by getting their bank details
or offering the customer a credit note.
Then they pay off their balance for the transaction to us via their iwocaPay dashboard - there’s never extra fees or penalties to settle up with us early.
What happens to the fees you pay when you refund an order?
If you have made iwocaPay Free for your customer (interest-free) and you make a full or partial refund you might be due a rebate from us on the fees you pay.
Here’s how it works:
you tell us about any refunds you make.
we’ll then calculate the rebates due at the end of the calendar month and pay you at the start of the following month to the bank account we have on file.
The amount you get rebated is calculated using the days between us paying you and you telling us a refund was made - which is why it’s important to let us know as soon as possible about any refunds.
Here’s an example: If the fee for a transaction was £30 in a month with 30 days and you tell us about a refund 10 days after funding. We would charge you 10 days worth of fees (£10) and rebate you £20.
Flexible Payouts could be a better solution where you expect lots of adjustments to orders post purchase
If you think there will be lots of changes made to completed transactions paid using Pay Later it might be easier to use ‘Flexible Payouts’.
They let you automatically delay our payout to you up to 14 days past when your customer completes their Pay Later transaction. Giving you time to cancel the transaction if you need to rather than go through the process above. You can always manually trigger a payment from your iwocaPay dashboard if you’d like the funds before the payout period you set.
To set this up just let your Account Manager know you’d like to learn more about Flexible Payouts.
If there is a dispute with your customer you’ll need to work with them directly to resolve the problem
We don’t currently offer any dispute management service or chargebacks. If a customer speaks to us asking for help about a purchase with you we’ll reach out to you and connect you with the customer to resolve the matter.
In line with your contract with us we ask suppliers to:
let us know if/when you have an issue with a customer who has paid with iwocaPay
respond to customers within 2 business days
let us know if there is a refund made so we can calculate and process any rebates due to you.