Refund Policy and Balance

10 Questions

Where can a supplier refund be found after it has been received?

List of transactions on the cost item

What should be done if a supplier refund has not been received?

All of the above

What is the purpose of a Slack notification when a refund is posted to the cost item?

To notify the agent of the refund

What is the final step in the refund process?

Refunding the member's payment

From where can a refund of the member's payment be initiated?

Revenue item

What is the purpose of releasing a refund from the cost to the balance?

To allow the agent to refund the member's payment

What type of refund is received from suppliers?

Supplier refund to Velocity Black

What is the agent's responsibility after receiving a refund from a supplier?

To action refunds to ensure members receive them promptly

What is the result of canceling a cost item?

The refund is no longer reflected in the available balance

What is required to request or initiate a refund of the member's payment?

All of the above

Study Notes

Refund Requests and Direct Refunds

A refund request or direct refund can only be submitted if the Balance supports the refund, and if there are enough funds on the balance.
Only one refund request can be outstanding at a time for a specific revenue charge.

Refund Amounts

"Amount to refund to original payment method" is the amount that will be refunded to the member using their original payment method.
"Amount to refund to credit" is the amount that will be refunded in credit, instead of the member's original payment method, and will add credit to the member's account.

Refund Request Process

To request a refund, click the "Request Refund" button, which will submit the refund for approval over Slack.
Before submitting, confirm the refund amounts and add a reason for the refund, which will be seen by the approver.

Restrictions and Protections for Refunds

Refunds can only be submitted for amounts supported by the revenue charge.
No refund can be submitted for over the "current amount paid" shown in the pop-up window.
Each refund must be done individually if there are multiple charges or payments, as they may have separate payment methods.

Monitoring Refund Status

After submitting a refund request, check if it has been received by opening the balance and clicking on the cost item used to pay the supplier.
If a supplier refund has not been received, follow up with the supplier and log communication in RHS notes, and create a task to monitor the refund status.
Agents who created the original cost payment should receive a Slack notification when a refund is posted to the cost item.

Revenue Refund

Once a refund is received from a supplier, agents are responsible for actioning refunds to ensure members receive them promptly.
Refunds can be refunded to the member's original payment method or as member credit on their account.